The Authority had suspended the broking license of the above broker on 13th July 2005 for having failed to obtain a professional indemnity insurance policy.

The broking has since obtained the PI policy from United India Insurance Company Limited for Rs 50, 00,000/- and submitted a copy of the same to the Authority vide their letter dated 15th July 2005.

The broking company has further given an undertaking vide their letter dated 5th September 2005 that it will promptly comply with the requirements stipulated under IRDA(Insurance Brokers)Regulations 2002 and also respond immediately to the communications received from the Authority.

In view of the above, the Authority hereby revokes the suspension of the license NO 238/04 and permits the broking company M/S Vision Insurance Risk Analysis Management & Brokers Private Limited) to carry on its normal activities as a direct insurance broker with immediate effect.

(PC James)
Executive Director