IL & FS INVESTSMART INSURANCE BROKERS LTD (hereinafter referred to as the Broker`) having its Registered Office at Dhana Singh Processor Premises, 2nd Floor, J.B Nagar, Andheri-Kurla Road, Andheri (E), Mumbai- 400 059 have been granted license by the Authority to act as a Direct Insurance Broker, vide License No. 304 on 7-6-2005, pursuant to the provisions of the IRDA (Insurance Brokers) Regulations, 2002. The license expired on 06.06.2008 was extended for a period of 1 year i.e., upto 06.06.2009. WHEREAS, the Broker vide letter dated 29th October, 2009 conveyed the plans to surrender their Direct Broker License and vide its letter dated 13th April, 2010 submitted the requirements and the original license No.304 for cancellation. WHEREAS, Regulation 40 of the IRDA (Insurance Brokers) Regulations, 2002, require the Broking Company shall continue to service the contracts already concluded through him for a period of six months within which suitable arrangements shall be made by him for having the contracts attended to by another licensed insurance broker and in compliance thereof M/S. IL & FS Investsmart Insurance Brokers Ltd has confirmed having made arrangements with another licensed broker to service the contracts already concluded. NOW THEREFORE, pursuant to the request made by the Broker for surrender of Broker License, the Authority hereby cancels the Direct Broker License No. 304 granted to M/S. IL & FS Investsmart Insurance Brokers Ltd. Sd/- .
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