Re: CANCELLATION OF BROKER LICENSE NO 327. WHEREAS, M/S. VICTORY INSURANCE BROKERS PVT. LTD (hereinafter referred to as the ‘Broker’) having its Registered Office at Shree Ram Mills Premises, 3rd Floor, Ganpatro Kadam Marg, Worli, Mumbai-400 013 have been granted license by the Authority to act as a Direct Insurance Broker, vide License No. 327 on 12-04-2006 pursuant to the provisions of the IRDA (Insurance Brokers) Regulations, 2002. (Hereinafter referred to as the `Regulations`) The said license has already expired on 11.04.09. WHEREAS, the Broker vide letter dated 24.03.2010 conveyed that they would like to surrender their Direct Broker License and requested to cancel the license. WHEREAS, the Broker vide its letter dated 09.04.2010 has submitted the requirements including the original license No.327 for cancellation. WHEREAS, the Broker has given an undertaking 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, within which it shall make suitable arrangements with another licensed broker to service the contracts already concluded. NOW THEREFORE, pursuant to the request made by the Broker for surrender of Broker License, the Authority hereby cancels the Direct Broker License No. 327 granted to M/S. Victory Insurance Brokers Pvt. Ltd. The Broker is advised to remit the annual fee payable for the year 2009-10 after finalization of accounts for 2009-10 and as prescribed under Schedule II of Regulations and as amended vide IRDA (Insurance Brokers) (Amendment) Regulations, 2007. Sd/- .
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