IRDA cancels agency license of Abira Insurance due to violations of rules

The insurance regulator cancelled corporate agency license of Abira Insurance as it found the agency violating the rules mentioned by IRDA

Hyderabad: The Insurance Regulatory and Development Authority (IRDA) has cancelled the corporate agency license of Abira Insurance Services Ltd-a group concern of Golden Trust Financial Services-due to violation of rules mentioned by the regulator.

On 6 October 2006, Life Insurance Corp of India (LIC) granted corporate agency license to Golden Trust Financial. However, some people from the Golden Trust Group floated Abira Insurance to obtain another corporate agency license from Max New York Life Insurance without disclosing its deal with LIC. According to IRDA, this amounts to violation of Clause 5 of guidelines on licensing of corporate agents.

Abira Insurance, however denied the charges and stated that it is an independent entity without belonging to any group and exclusively engaged in distribution of insurance products of Max New York Life.

On examination of reply of Abira and other related documents, IRDA observed that the group has obtained corporate agency licenses from both LIC and Max New York Life for three of its units, Golden Trust Financial Services, Golden Trust Multi Services & Abira Insurance.

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