Irda refuses to renew licence of Willis India Insurance

Irda has now started taking action against insurance brokers. After completing its investigations involving flouting of norms in several cases, Irda has refused to renew the licence of Willis India Insurance Brokers Pvt, where Willis, the third-largest international insurance broker has 26%. Irda has decided to reject the renewal application of Willis India Insurance saying, In the context of the violations committed by the broker, having regard to the gravity of the same and the facts of the case which has evidence that the broker has clearly failed to adhere to the applicable and relevant regulations while carrying out the ...

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