ORDER IN RESPECT OF M/s APNAINSURANCE BROKERS PRIVATE LIMITED

 

M/s Apnainsurance Brokers Private Limited (the applicant entity) had submitted an application dated Nil (received on 21.06.2010) (the application) under the provisions of [RDA (Insurance Brokers) Regulations, 2002 (the Brokers Regulations) seeking grant of a license to act as a Direct Broker.

 

The Insurance Regulatory & Development Authority (the Authority) had sought further information through the following reference:

Reference No. IRDA/DB 478/MK/02/ 12 dated 11.09.2012.

 

The applicant entity failed to provide the additional information sought for by the Authority. A last opportunity to furnish full information as sought in reference sent by the Authority was given vide Reference No. IRDA/DB 478/MK/03/13 dated 17.05.2013.

 

The applicant entity has replied to Reference No. IRDA/DB 478/MK/03/13 dated 17.05.2013 vide its letter dated 22.05.2013, expressing therein its inability to furnish the information as was sought for vide Reference No. IRDA/DB 478/MK/02/12 dated 11.09.2012, mainly on the following grounds:

 

That one of its directors & shareholders (read Shri Harsh Vardhan Roongta) holds a minority stake in M/s Apnapaisa Pvt. Ltd., the associate/group entity of the applicant entity, in respect of whom the information was sought.

 

All of the directors & shareholders of M/ s Apnapaisa Pvt. Ltd. Are bound by the confidentiality agreement. Further, the board of M/s Apnapaisa Pvt. Ltd. has refused to waive the confidentiality clause beyond the information that has already been provided due to the sensitive commercial nature of the information provided.

 

As regards Point No. 4(i), contrary to the statement made by the applicant per its audited balance sheet for the FY 2011-12, Shri Harsh VardhanRoongta holds 94.23% stake in it.

As regards Point No. 4(ii), the Authority does not find merit in not sharing the information with it on the grounds of the information being confidential and of sensitive commercial nature.

 

It may be noted that in terms of Regulation 8(1) of the Brokers Regulations, the Authority may require an applicant to furnish any further information or clarification for the purpose of disposal of the application, and, thereafter, in regard to any other matter as may be deemed necessary by the Authority.

 

In view of the above, the Authority is of view that the applicant entity has failed to complete its application in all respect as directed by the Authority.

Whereas, the Authority in its letter Reference No. IRDA/DB 478/MK/03/ 13 dated 17.05.2013 also intimated the applicant entity that in case it failed to submit the additional information needed to complete its application within two weeks of its receipt, 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.

 

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.

(T S Vijayan)

Chairman

IRDA

 

ORDER IN RESPECT OF M/s.MANSUKH INSURANCE BROKERS PRIVATE LIMITED

 

M/s.Mansukh Insurance Brokers Private Limited (the applicant entity) had submitted an application dated 31.08.2008 (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 reference:

Reference No. IRDA/DB 419/08 dated 21.04.2010.

 

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 419/MK/01/13 dated 17.05.2013.

 

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 419/MK/01/13 dated 17.05.2013 also intimated the applicant entity that in case it failed to submit the additional information needed to complete its application within two weeks of receipt, 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 419/MK/01/13 dated 17.05.2013.

 

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.

 

(T S Vijayan)

Chairman

IRDA

 

ORDER IN RESPECT OF M/s FLOURISH REINSURANCE BROKING PRIVATE LIMITED

 

M/s Flourish Reinsurance Broking Private Limited (the applicant entity) had submitted an application dated 28.12.2011 (the application) under the provisions of IRDA (Insurance Brokers) Regulations, 2002 (the Brokers Regulations) seeking a license to act as a Reinsurance Broker.

 

The Insurance Regulatory & Development Authority (the Authority) had sought further information through the following reference:

Reference No. IRDA/RB 509/MK/02/12 dated 12.12.2012.

 

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/RB 509/MK/03/13 dated 17.05.2013.

 

The applicant entity has not responded even to this reference so far. 5. 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/RB 509/MK/03/13 dated 17.05.2013 also intimated the applicant entity that in case it failed to submit the additional information needed to complete its application within two weeks of receipt, 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/RB 509/MK/03/ 13 dated 17.05.2013.

 

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.

 

(T S Vijayan)

Chairman

IRDA