IRDAI vide circular dated 14th June 2023 has repealed redundant circulars issued on following subjects on respective dates:
- Limits on payment of commission or brokerage on general insurance business dated 4 December 2006.
- Limits on payment of commission or brokerage on general insurance business dated 25/Aug/2008.
- Claim consultancy by insurance brokers dated 7/Dec/2011.
- Circular regarding Broking Business dated 11/Oct/2013.
- Furnishing of Office Addresses dated 18/Jun/2014.
- Furnishing of Business figures and remuneration dated 18/Jun/2014.
- Sale of insurance products through online and/or by tele-marketing mode dated 12/Aug/2014.
- Filing of returns through Business Analytics Project(BAP) dated 21/Oct/2014.
- Appointment of Auditors by the Insurance Brokers dated 30/Oct/2014.
- Filing of returns through Business Analytics Project (BAP) dated 17/Dec/2014.
- Guidelines on Indian owned and controlled for Insurance Intermediaries dated 20/Nov/2015.
- Approach in case of non-compliance of IRDA’s (Insurance Broker) Regulations, 2015 dated 15/Jan/2016.
The circulars are withdrawn to rationalize, streamline the regulatory framework, enhance clarity and reduce complexity in compliance requirements.
