IRDA/DB240/03

11^th December, 2006

CANCELLATION OF BROKER LICENSE

Whereas M/s.Sapthagiri Insurance Services Pvt. Ltd. (hereinafter referred to as the ‘Broker’) having its Registered Office at D.No. 1-3-2, C/19, Penugonda Road, Hindupur -515 201 have been granted license by the Authority to act as a Direct Insurance Broker, vide License No. 270 on 22^nd day of July, 2004 pursuant to the provisions of the IRDA (Insurance Brokers) Regulations, 2002 (herein after referred to as the ‘Regulations’).

Whereas vide their letter dated 03.01.2006, the Broker expressed its desire to surrender the license and requested the authority to permit them to surrender the license granted.

Whereas the Broker has also undertaken to service the existing clients whose policies are in force for a period of six months as required under Regulation 40 of the said Regulations.

Whereas the broker vide its letter dated 08.11.2006 submitted the original license No.270 for cancellation.

Now, therefore, pursuant to the request made by the broker for voluntary surrender of the direct broking license, the authority hereby cancels the Direct Insurance Broker License No. 270 granted to M/s. Sapthagiri Insurance Services Ltd.

Accordingly, the Broker ceases to carry on the business of Insurance Broker.

This is issued with the previous approval of the Competent Authority.

(Suresh Mathur)

Joint Director