IRDA Licensing Relaxation R5

Insurance Regulatory and Development Authority (Licensing of Insurance Agents) (Amendment) Regulations, 2007 - Amendments in regulation 5

NOTIFICATION F.NO. IRDA/REG./2/ 39/2007, DATED 8-10-2007

In exercise of the powers conferred by section 42 and section 114A of the Insurance Act, 1938 (4 of 1938), the Authority, in consultation with the Insurance Advisory Committee, hereby makes the following regulations to amend the Insurance Regulatory and Development Authority (Licensing of Insurance Agents) Regula­tions, 2000, namely :—

1. (1) These regulations may be called the Insurance Regulatory and Development Authority (Licensing of Insurance Agents) (Amendment) Regulations, 2007.

(2) They shall come into force with effect from 1st Novem­ber, 2007.

2. In the Insurance Regulatory and Development Authority (Licensing of Insurance Agents) Regulations, 2000—

(i) In sub-regulation (1) of Regulation 5 the words, "one hundred hours" and "three to four weeks" shall be substituted by the words "fifty hours" and "one to two weeks" respectively.

(ii) In the proviso to sub-regulation (1) of Regulation 5, the words, "one hundred fifty hours" and "six to eight weeks" shall be substituted by the words, "seventy five hours" and "two to three weeks" respectively.

(iii) In sub-regulation (2) of Regulation 5 the words, "fifty hours" shall be substituted by the words, "twenty five hours".

(iv) In the proviso to sub-regulation (2) of Regulation 5, the words, "seventy hours" shall be substituted by the words, "thirty five hours".

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