To

The Principal Officer,
M/S.Armour Consultants Pvt Ltd.,
No.2A, Prakasam Road , T.Nagar,
CHENNAI- 600 017.

Dear Sir,

ORDER

Sub : CANCELLATION OF BROKER LICENSE NO 103.

WHEREAS, M/S. Armour Consultants Pvt Ltd., (hereinafter referred to as the ‘Broker’) having its Registered Office at 123, Angappa Naicken Street, Chennai 600 001 has been granted license by the Authority to act as a Direct Broker vide License No. 103 on 30 th day of January, 2003 pursuant to the provisions of the IRDA (Insurance Brokers) Regulations, 2002.

WHEREAS, the Authority, in exercise of powers granted under Regulation 29 of the IRDA (Insurance Brokers) Regulations, 2002, appointed its officers to conduct inspection of the Broker and whereas the findings of inspection report were communicated to the Broker under Regulation 32(1) of the IRDA (Insurance Brokers) Regulations, 2002 for his information and comments and whereas the explanation of the Broker to the findings of inspection report has been received and it is under examination.

WHEREAS, the Broker in the meantime vide its letter dated 7.01.2008 conveyed its decision to cease insurance broking activities and surrender their Direct Broker License and whereas, the Broker submitted the original license No.103 for cancellation w.e.f. 01.03.2008.

WHEREAS, the Broker has given an undertaking to service the existing clients whose policies are in force for a period of six months from date of cancellation of license i.e. 1 st March, 2008 as required under Regulation 40 of the IRDA (Insurance Brokers) Regulations, 2002, within which it has to make suitable arrangements with another licensed broker to service the contracts already concluded.

NOW, THEREFORE, pursuant to the request made by the Broker for voluntary surrender of the license, the Authority hereby cancels the Direct Broker License No. 103 granted to M/S. Armour Consultants Pvt Ltd, with effect from 01-03-2008 .

The Broker is advised to re mit the annual fee payable for the year 2007-08 after finalization of accounts and as prescribed under Schedule II of IRDA (Insurance Brokers) Regulations, 2002 and as amended vide IRDA (Insurance Brokers)(Amendment) Regulations, 2007.



(Prabodh Chander)
Executive Director