ICICI Prudential Life Insurance Co. Ltd
Renewal of Licence

Sir,

I hold life insurance agency from ICICI Prudential Life Insurance Co. Ltd. and, a valid licence issued by The Insurance Regulatory & Development Authority, which was issued in 2003 and, after having been renewed once in the year is now valid till 26-07.

The Licence No. is 7521268210.

When I approached the office of ICICI Prudential Life Insurance Co. Ltd., Ghaziabad for the purposes of the renewal of my licence and, completed the necessary formalities, like, depositing the fees etc, . I was told that since my licence was a "Composite Licence" - I hold an agency from "The Oriental Insurance Co. Ltd.", Thapar Plaza Building, G.T. Road, Ghaziabad, vide licence no. : 3121268210 - I was required to obtain a NOC from the general insurance company for the purposes of the renewal of my licence.

Such a requirement was not asked for from me when I got the licence renewed in the year 2006.

However, when I approached the general insurance company for issuing me the NOC, they refused, categorically, to entertain my request.

Further, when I apprised, the officials of ICICI Prudential Life Insurance Co. Ltd.of the fact that the general insurance company was not issuing me the NOC and, requested them to renew the licence for "Life" only, they expressed their inability to do so.

As a consequence, I was forced to ask them to give an extract of the IRDA Act, which clearly stipulates that if an agent holds a "Composite Licence" and, if the agent applies to a Life Insurance Company for the renewal of the licence, the agent needs to obtain a NOC from the general insurance company, mentioning the section, clause and / or sub-clause of the said act which lays down such conditions.

However, I have not received any response from the company. In fact, I had mentioned in my communication with the company that if I did not get any response from the company within 48 hours from the time of my communication with them, that there was such a requirement as per the Act, I would presume and assume that there was no such requirement which needed to be fulfillled.

Therefore, I request you kindly to take cognisance of the matter and redress my grievance at the earliest so that my licence does not get lapsed.

Company: ICICI Prudential Life Insurance Co. Ltd
Country: India

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