IRDAI repeals redundant circulars

IRDAI vide circular dated 14th June 2023 has repealed redundant circulars issued on following subjects on respective dates:

1. Limits on payment of commission or brokerage on general insurance business dated 4 December 2006.
2. Limits on payment of commission or brokerage on general insurance business dated 25/Aug/2008.
3. Claim consultancy by insurance brokers dated 7/Dec/2011.
4. Circular regarding Broking Business dated 11/Oct/2013.
5. Furnishing of Office Addresses dated 18/Jun/2014.
6. Furnishing of Business figures and remuneration dated 18/Jun/2014.
7. Sale of insurance products through online and/or by tele-marketing mode dated 12/Aug/2014.
8. Filing of returns through Business Analytics Project(BAP) dated 21/Oct/2014.
9. Appointment of Auditors by the Insurance Brokers dated 30/Oct/2014.
10. Filing of returns through Business Analytics Project (BAP) dated 17/Dec/2014.
11. Guidelines on Indian owned and controlled for Insurance Intermediaries dated 20/Nov/2015.
12. 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The circulars are withdrawn to rationalize, streamline the regulatory framework, enhance clarity and reduce complexity in compliance requirements.