Sub : CANCELLATION OF BROKER LICENSE NO-170.

WHEREAS, M/S. MF Insurance & Reinsurance Services, (hereinafter referred to as the ‘Broker’) having its Registered Office at 4B-Jeevan Asha, 60-A, G. Deshmukh Marg, (Pedder Road), Mumbai-400 026 has been granted license by the Authority to act as a Composite Broker vide License No. 170 on 30 th day of May, 2003 pursuant to the provisions of the IRDA (Insurance Brokers) Regulations, 2002.

WHEREAS, the Authority, in exercise of powers granted under Regulation 35 of the IRDA (Insurance Brokers) Regulations, 2002, pending further enquiry, has suspended the license of the Broker vide its order dated 9 th February, 2007.

WHEREAS, the Authority received a letter dated 23-05-2007 from the President & Proprietor of M/S. MF Insurance & Reinsurance Services, expressing their decision to voluntarily surrender their Broking License and submitted the original license No.170 for cancellation.

NOW THEREFORE, the Authority after carefully examining the matter and pursuant to the request made by the Broker for voluntary surrender of the Composite Broking License hereby accepts the surrender of license and cancels the Composite Broker License No. 170 granted to M/S. MF Insurance & Reinsurance Services with immediate effect.

The Broker is advised to comply with following procedure.

1. An undertaking from the proprietor to service the existing clients whose policies are in force for a period of six months from date of suspension order i.e.9 th February, 2007 as required under Regulation 40 of the IRDA (Insurance Brokers) Regulations 2002.
   
   
2. Confirmation from the Broker that no fresh business has been placed after 09-02-2007.
   
   
3. Details of every event that has come to the company’s notice where your company may become liable to pay damages or compensation to clients, whether covered by the professional indemnity policy or not, giving the following information.
   
   
   • Date of period of occurrence.
     
   • Name of client concerned.
     
   • Nature of event likely to give rise to a claim
     
   • Brief description of basis of claim
     
   • Intimated or estimated amount of claim
     
   • Amount provided by the broker in its books for the claim
     
   • Present status of claim
     
     
4. Remittance of annual fee due in the year 2006-07.

(K.K.Srinivasan)
Member