The correct answer is: D. Agency licence in all cases is issued by the IRDA through the Designated Person of the Insurer.
The Insurance Regulatory and Development Authority of India (IRDA) is the regulatory body for the insurance industry in India. It was established in 1999 by the Insurance Regulatory and Development Authority Act, 1999. The IRDA is responsible for regulating and developing the insurance industry in India. It issues licenses to insurance companies, intermediaries, and other entities involved in the insurance industry.
The IRDA issues agency licenses to individuals who wish to act as agents for insurance companies. To obtain an agency license, an individual must meet certain eligibility criteria, including having a minimum educational qualification, passing an examination conducted by the IRDA, and having a good character.
The IRDA issues agency licenses through the Designated Person of the Insurer. The Designated Person is a senior official of the insurance company who is responsible for ensuring that the company complies with all applicable laws and regulations. The Designated Person is also responsible for overseeing the activities of the company’s agents.
The IRDA has the power to suspend or cancel an agency license if it finds that the licensee has violated any applicable laws or regulations. The IRDA also has the power to impose penalties on license holders who violate the law.
The IRDA’s website has more information on the agency licensing process.
Option A is incorrect because the IRDA issues agency licenses, not insurance companies.
Option B is incorrect because the SEBI is the regulatory body for the securities market in India, not the insurance industry.
Option C is incorrect because the Life Insurance Council is a trade association of life insurance companies in India, not a regulatory body.