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Our Bureau

Hyderabad , Oct. 13

THE Insurance Regulatory and Development Authority (IRDA) has suspended the broking licence of the Mumbai-based Pegasus Insurance Brokers Pvt Ltd (PIBPL) for its failure to adhere to the norms pertaining to disclosure and conduct of business prescribed by the Authority.

According to IRDA, though the Principal Officer of the broking firm, Mr Bhaskar De, expired in January this year, the broking company failed to bring this fact to the notice of the Authority and functioned without a Principal Officer.

In a suspension notice issued on Wednesday, IRDA has also said the broking company functioned without trained manpower as required.

More Stories on : Regulatory Bodies & Rulings | Insurance

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