WHEREAS, M/S. SMS INSURANCE SERVICES PVT LTD. (hereinafter referred to as the `Broker`) having its Registered Office at 2 nd Floor, Tarasing Market (West Wing), Above Sangli Bank, Nanded-431601 have been granted license by the Authority to act as a Direct Insurance Broker, vide License No. 279 on 26-10-2004 for a period of three years i.e from 26-10-2004 to 25-10-2007, pursuant to the provisions of the IRDA (Insurance Brokers) Regulations, 2002 (herein after referred to as the ‘Regulations’).

WHEREAS, the Broker has not made the renewal application in Form A to the Authority as required under Regulation 13(1) of the said Regulations and the validity of direct Broker License No 279 issued to M/S. SMS Insurance Services Pvt Ltd expired on 25 th October, 2007.

WHEREAS, the Authority in view of the Broker’s failure to apply for renewal of direct Broker license No 279 as per Regulation 13(1) of the said Regulations, passed an order dated 11 th January, 2008 declaring that the validity of direct Broker license No 279 expired with effective from 25 th October, 2007 and accordingly the company shall cease to act as an insurance Broker.

WHEREAS, the Broker vide letter dated 18 th February, 2008 communicated to the Authority that it has opted not to renew the license and vide its letter dated 5 th June, 2008 confirmed closing down of operations and surrendered the original license No.279.

WHEREAS, the Broker has also undertaken to service the contracts already concluded as required under Regulation 40 of the said Regulations.

NOW THEREFORE, in view of the foregoing, the Authority hereby cancels the Direct Broker License No. 279 granted to M/S. SMS Insurance Services Pvt Ltd with immediate effect.

(Suresh Mathur)
Joint Director