Online edition of India's National Newspaper
Saturday, Aug 21, 2004

About Us
Contact Us
Business
News: Front Page | National | Tamil Nadu | Andhra Pradesh | Karnataka | Kerala | New Delhi | Other States | International | Opinion | Business | Sport | Miscellaneous |
Advts:
Classifieds | Employment | Obituary |

Business Printer Friendly Page   Send this Article to a Friend

IRDA gets tough with broking firms

By Our Special Correspondent

CHENNAI, AUG. 20. Insurance broking companies must inform the regulator of any change in the position of Principal Officer (PO) sans any delay.

In a warning to broking firms, the Insurance Regulatory and Development Authority (IRDA) asserted that the "position of Principal Officer of an insurance broking company cannot be kept vacant." The broking company, it said, should ensure that an eligible substitute was in place before it relieved the current principal officer.

The IRDA has chosen to adopt a tough stance as it found principal officers of licensed insurance broking companies were engaged in other activities as well. Instances had come to its notice where principal officers had left the services of the broking companies and the same was not brought to the regulator's notice immediately but after a lapse of considerable time. In some cases, the IRDA said, the principal officer was deputed to look after other assignments in the group companies as well.

It had also come to IRDA's notice that broking companies had appointed personnel from other broking companies without the incumbent principal officer resigning from his earlier position.

In some cases, the broking companies failed to notify the Authority on the change in position of principal officer. The IRDA said the post of principal officer was a full-time one. He acted as the interface between customers and insurers.

Printer friendly page  
Send this article to Friends by E-Mail

Business

News: Front Page | National | Tamil Nadu | Andhra Pradesh | Karnataka | Kerala | New Delhi | Other States | International | Opinion | Business | Sport | Miscellaneous |
Advts:
Classifieds | Employment | Obituary | Updates: Breaking News |

BL Mumbai Launch


News Update


The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | Home |

Copyright 2004, The Hindu. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu