WHEREAS, M/S. K.S. Insurance Broking Pvt. Ltd., (hereinafter referred to as the ‘Broker’) having its Registered Office at New No. 15, Venkatraman Street, R.A. Puram, Chennai- 600 028 has been granted license by the Authority to act as a Direct Broker [General Insurance] vide License No. 242 on 19th day of January, 2004 pursuant to the provisions of the IRDA (Insurance Brokers) Regulations, 2002.
WHEREAS, vide its letter dated 30.11.2006, the Broker expressed that it will not apply for renewal of the license and requested the Authority to permit it to surrender the license granted.
WHEREAS, the Broker has also undertaken to service the existing clients whose policies are in force for a period of six months as required under Regulation 40 of the IRDA (Insurance Brokers) Regulations, 2002.
WHEREAS, the Broker vide its letter dated 07.05.2007 submitted the original license No.242 for cancellation.
NOW THEREFORE, pursuant to the request made by the Broker for voluntary surrender of the Direct Broking [General Insurance] License, the Authority hereby cancels the Direct Broker License No. 242 granted to M/S. K.S. Insurance Broking Pvt. Ltd., with immediate effect.
(K.K.Srinivasan)
Member