225 broking companies have been operating in the market. The brokers have been functioning for over 3 years now and the Authority considered it desirable to constitute an Expert Committee to review the Regulations governing the licensing of brokers in the light of the experience of IRDA in the past three years and for making such recommendations as considered necessary to strengthen the role of brokers, more particularly in the context of the de-tariffing of non-life insurance being proposed by the Authority. Accordingly, a Committee was constituted with Shri G.K.Raman, Chairman, Royal Sundaram Alliance Insurance Company Ltd., as the Chairman of the Committee with members drawn from the industry.
The Committee has submitted its Report on 14th November 2006. The report has been placed on IRDA’s website at http://www.irdaindia.org.
The Authority would be happy to receive comments/observations on the Report of the Raman Committee. You are requested to send your views either by e-mail: (mmsiddiqui@irdaonline.org) or by post to the Authority to the following address,
M M Siddiqui,
Consultant & Special Officer,
Insurance Regulatory and development Authority,
3rd Floor, Basheer Bagh, Hyderbad-500004
The Authority would like to receive the suggestions/comments not later than 31st January,2007
.
-Sd-
(C.S.Rao)
Chairman