<p>"... The application of the broker (WIIB), seeking grant of renewal of license that was earlier granted to them to carry out the functions as a Composite Insurance Broker, be rejected," IRDA said in an order.<br /><br />Willis India Insurance Brokers provides insurance broking and risk management services in India.<br /><br />IRDA further said that the broker has clearly failed to adhere to the applicable and relevant regulations while carrying out activities as an insurance broker and has acted in a manner prejudicial to the interests of policyholders.<br /><br />Willis India Insurance Brokers is a joint venture between Baichand Amoluk Consultancy Services (BACSPL), with a majority shareholding of 74 per cent, and Willis Europe BV, with a shareholding of 26 per cent.<br /><br />Willis India Insurance Brokers was given a licence in 2003 for three years, which was later extended till April 2, 2010.<br /><br />In 2008, the Insurance Regulatory and Development Authority (IRDA) had received a complaint from the Export Credit Guarantee Corporation of India alleging that the majority shareholder of the broker, BACSPL, had wrongfully withheld sums amounting to Rs 5.08 crore.<br /><br />The broker was stated to have failed to maintain the 'insurance bank account' properly. There existed a huge difference between the balances disclosed for 2007-08 and 2008-09 and the respective balances as reflected in the respective financial statements maintained by the broker, IRDA said.<br /><br />"These facts came into light only after the authority received the complaint from ECGC in this regard. Non- disclosure of material information in the application made to the regulator to obtain licence as an intermediary has to be viewed seriously," IRDA added.</p>
<p>"... The application of the broker (WIIB), seeking grant of renewal of license that was earlier granted to them to carry out the functions as a Composite Insurance Broker, be rejected," IRDA said in an order.<br /><br />Willis India Insurance Brokers provides insurance broking and risk management services in India.<br /><br />IRDA further said that the broker has clearly failed to adhere to the applicable and relevant regulations while carrying out activities as an insurance broker and has acted in a manner prejudicial to the interests of policyholders.<br /><br />Willis India Insurance Brokers is a joint venture between Baichand Amoluk Consultancy Services (BACSPL), with a majority shareholding of 74 per cent, and Willis Europe BV, with a shareholding of 26 per cent.<br /><br />Willis India Insurance Brokers was given a licence in 2003 for three years, which was later extended till April 2, 2010.<br /><br />In 2008, the Insurance Regulatory and Development Authority (IRDA) had received a complaint from the Export Credit Guarantee Corporation of India alleging that the majority shareholder of the broker, BACSPL, had wrongfully withheld sums amounting to Rs 5.08 crore.<br /><br />The broker was stated to have failed to maintain the 'insurance bank account' properly. There existed a huge difference between the balances disclosed for 2007-08 and 2008-09 and the respective balances as reflected in the respective financial statements maintained by the broker, IRDA said.<br /><br />"These facts came into light only after the authority received the complaint from ECGC in this regard. Non- disclosure of material information in the application made to the regulator to obtain licence as an intermediary has to be viewed seriously," IRDA added.</p>