Plans

The Insurance Regulatory Development Authority (IRDA) on Thursday canceled the Insurance Brokers License which was granted to M/S. SNK INSURANCE BROKERS PVT. LTD. (Earlier known as SNK General Insurance Pvt. Ltd.).

The transcript or IRDA order is as under::

“WHEREAS M/S. SNK INSURANCE BROKERS PVT. LTD. (Earlier known as SNK General Insurance Pvt. Ltd.) (hereinafter referred to as the ‘Broker’), having its Registered Office at ‘SNK House”, 31-A, Adarsh Society, Opp. Seventh Day Adventist High School, Athwalines, Surat 395 001, has been granted license by the Authority to act as a Direct Broker vide License No.322 w.e.f. 12-01-2006 for a period of three years pursuant to the provisions of the IRDA (Insurance Brokers) Regulations, 2002.

WHEREAS, the Broker vide letter dated 08th December, 2008 submitted their application for renewal of direct broking license to the Authority.

WHEREAS, the Authority vide letter dated 21st April, 2010 served a show cause notice to the Company as to why the renewal of license should not be declined for various violations of Broker Regulations/Circulars of the Authority.

WHEREAS, the Broker vide letter dated 15th December, 2010 communicated to the Authority that the Board of Directors of the Company have unanimously resolved to surrender the broker license.

WHEREAS, the Broker has given an undertaking vide letter dated 21st February, 2011 to service the existing clients whose policies are in force for a period of six months from date of cancellation of license as required under Regulation 40 of the IRDA (Insurance Brokers) Regulations, 2002 within which it shall make suitable arrangements with another licensed broker to service the contracts already concluded.

WHEREAS, the Broker vide letter dated 23rd December, 2008 submitted the original license No.322.

NOW THEREFORE, pursuant to the request made by the Broker for surrender of Broker license, the Authority hereby cancels the Direct Broker License No.322 granted to M/s. SNK Insurance Brokers Pvt. Ltd.