Circular No. IRDA/BRK/ORD(REJ)/01/DB 467 dated 23.11.12 Order in respect of M/S Choice Insurance Brokers Pvt. Ltd.

M/s Choice Insurance Brokers Private Limited (the applicant entity) had submitted an application dated 15.02.2010 (the application) under the provisions of IRDA (Insurance Brokers) Regulations, 2002 (the Brokers Regulations) seeking a license to act as a Direct Broker.
The Insurance Regulatory & Development Authority (the Authority) had sought further information through the following references :

The applicant entity failed to provide the additional information sought by the Authority. A last opportunity to furnish full information as sought in references sent by the Authority was given vide Reference No.IRDA/DB 467/MK/01/12 dated 20.07.2012.
The applicant entity has not responded even to this reference so far.
In view of the above, the Authority is of view that the applicant entity is not interested any further in taking up its application seeking a license to act as a Direct Broker.
Whereas, the Authority in its letter Reference No.IRDA/DB 467/MK/01/12 dated 20.07.2012 also intimated the applicant entity that in case it failed to submit the additional information needed to complete its application, the Authority, in terms of Regulation 7 of the Brokers Regulations, will be constrained to reject the application submitted by it without any further notice.
Whereas the Authority is yet to receive any response from the applicant entity to its letter Reference No.IRDA/DB 467/MK/01/12 dated 20.07.2012.
Hence, the Authority, in exercise of the powers vested with it, in terms of Regulation 7 of the Brokers Regulations, hereby rejects the application submitted by the applicant entity.

Dated 23.11.2012

Place : Hyderabad

Sd/- J. Hari Narayan

Chairman