Shalaka and Neeraj, a young couple of thirties staying at Powai Mumbai. Shalaka is daughter of a women wing in-charge of political party in Mumbai. Shalaka contacted me along with her husband Neeraj on 1st July, 2019 and requested to help her to get broking i.e. Intermediaries licence for Insurance from IRDA.
- Shalaka has been pursuing the matter for almost more than 2 years to get permission from IRDA.
- The young couple want to start Insurance broking business in Mumbai.
- They have officially applied on 24th Oct, 2018 with Insurance Regulatory Development Authority of India.
She was confused and puzzled because inspite of consistent follow up she is not getting proper response from the authority. She has been trying for almost 2 years to have official permission for such broking BusinessAdd paragraph text here.
On 1st July, 2019 she sent Whats App message to me
M/s Lifemart Insurance brokers Pvt Ltd (Principal Officer-Mr Neeraj Vanjani) applied for a Direct Insurance broking licence on 24th October, 2018 with the IRDAI bearing application number URN: BR-NEW-2506-2018. The Regulator called us for a presentation on 11th March, 2019 and all subsequent queries have been replied to (final query resolution letter attached).
We request your support for Certificate of Registration from IRDAI for Lifemart insurance brokers.
- On 1st July, 2019, I discussed the issue with my friend Shri Prabodh Thakkar (Global Insurance Brokers Pvt. Ltd.) Prabodh bhai is a renowned name in insurance broking business. Several times we have discussion on insurance business in India. He also suggested me about the improvement needed with the Insurance Development Authority and also with the Ministry of Finance for development and for ease of business in insurance sector.
- I took advice of Shri Prabodh Bhai how to pursue the application of Lifemart Insurance Brokers Pvt. Ltd.
- Prabodh Bhai said for a genuine young couple like Shalaka and Neeraj you must help them.
- He asked me to contact the concerned official at IRDA.
I wrote request letter to the concern official of Insurance Regulatory Depository Authority of India (IRDA) on second of July
- For next 3/4 days I pursued the matter with Mr. Sujay Banarjee Member IRDAI Hyderabad and with Shri Randeep Singh Jagpal CGM Intermediaries IRDAI.
- I talked with both these officials on telephone and requested that this young dynamic couple wants to go for Insurance Broking Business. They have vision and plan for action.
- Shri Sujay Banarji has responded very positively to me. He assured me that the issue will be sorted out at the earliest.
The facts are:
- Shalaka and Neeraj decided to start Insurance Broking firm in 2017-18.
- In 2018 they completed the registration process, the firm’s name and also with finance/capital.
- In 2018 they pursued the matter.
- On 24th Oct, 2018 IRDA accepted their application for broker’s new licence for M/s Lifemart Insurance Brokers Pvt. Ltd. In March IRDA asked them to come personally and make presentation about their Business.
- On 11th Mar, 2019 Shalaka and Neeraj made presentation before the regulator.
- The IRDAI raised some queries which was responded by Lifemart Insurance on 5th April, 2019.
- They were pursuing the matter for next 3 months. On 1st July, 2019 Shalaka and Neeraj approached me.
- For one week I pursued the matter with the officials of IRDAI. On 9th July Shalaka telephoned me and said -
“Kirit ji the things we couldn’t able to complete for more than one year/several months you got it done in a week.”
9. Shalaka added the IRDAI has sanctioned us Insurance Broking/ Intermediaries licence.
Shalaka sent me a message
10. On 9th July, 2019 Lifemart received following communication from IRDAI.
Shalaka and Neeraj are very happy that they will be able to have their own Broking firm. I wish both of them. Best wishes for Lifemart Insurance Broker Pvt. Ltd
The Certificate issued by IRDA
Shalaka and Neeraj Vanjani expressing gratitude to Kirit Somaiya