Renewal of Certificate Process for IIIOs
Introduction
In order to renew their certificate, IIIOs (Insurance Intermediaries) must follow certain procedures and guidelines defined by the Authority. This article provides an overview of the renewal process, including the necessary documents and fees, as well as the consequences of not renewing the certificate on time.
Timely Submission of Renewal Application
The IIIO must submit the application for renewal of their certificate along with the specified renewal fee at least ninety (90) days before the certificate's expiry date. If the renewal application does not reach the Authority thirty (30) days before the registration ceases to remain in force, but still reaches before the registration expiration date, the IIIO will be required to pay an additional fee as a penalty.
In case the IIIO fails to submit the renewal application within thirty (30) days from the date the registration ceases to remain in force, the application may still be considered if it is filed within a period of sixty (60) days, along with the applicable additional fee. The Authority will review the reasons for the delay and may approve the application with penalties, if satisfied with the provided explanation.
If a renewal application is received after sixty (60) days from the date the registration ceases to remain in force, it will only be considered after a lapse of twelve (12) months from the date of the late application submission. During this period, the IIIO's certificate will cease to exist, and they will not be able to solicit any new business. However, they are allowed to service existing policies until the contract's expiry.
Application Process and Training Requirements
The IIIO must adhere to the provisions stated in Regulations 6 and 7, which are applicable to both the initial registration and the renewal of registration. Additionally, before seeking a renewal of the certificate, the Branch Head/Principal Officer, Broker Qualified Persons, or a Specified Person of the IIIO must have completed the required training as specified by the Authority.
Additional Information Requirement and Duties
During the processing of the renewal application, the Authority may request additional information or documents from the IIIO. It is the responsibility of the applicant to submit the required information/documents within the specified time as mandated by the Authority.
Authority's Decision on Renewal
Once satisfied that the applicant fulfills all the necessary conditions for the renewal of the certificate, the Authority will renew the certificate for a further period of three (3) years, following the format specified in SCHEDULE-V of these regulations.
In the event that the certificate is cancelled, surrendered, or the renewal is rejected by the Authority, the applicant may file a fresh application for registration only after one (1) year from the effective date of such cancellation/surrender/refusal of renewal.
Procedure in case of Non-Renewal
If, after considering the renewal application, the Authority determines that registration cannot be granted, they will communicate the deficiencies to the applicant, allowing them thirty (30) days to rectify the identified issues.
If the applicant fails to rectify the deficiencies to the satisfaction of the Authority within the specified time, the Authority may refuse to grant the renewal of the certificate. The Authority will communicate the refusal to the applicant, providing the reasons for such refusal. However, the Authority will ensure that the applicant has the opportunity to make written submissions on the grounds for the proposed refusal.
The renewal of the certificate for IIIOs involves adherence to specified procedures, timely submission of the renewal application with the required fee, and fulfilling the training requirements. It is essential for IIIOs to comply with the Authority's guidelines to ensure a smooth renewal process and avoid any disruptions to their insurance business.
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