Minimum Information Policy

1) Background
 Insurance Regulatory and Development Authority of India (“IRDAI”) has issued
Minimum Information Required for Investigation and Inspection) Regulations,
2020, wherein all the insurance intermediaries are directed to frame a Board
approved Policy for Minimum Information Required for Investigation and
Inspection by the Regulator.

2) Objective

This policy will help A Insurance Broking Pvt. Ltd. to ascertaining critical data
and maintain necessary records.

Records maintenance and retention will be as determined after consideration of

Company’s internal and regulatory requirement including Minimum Information
required for Investigation and Inspection Regulations, 2020.

The policy aims to ensure maintenance of all data, records and other data as
appropriate in electronic or in physical form.

3) Short Title and Applicability

a. This policy shall be effective from the date of approval by the Board.
b. This policy shall be applicable to all departments of the Company.

4) Definitions

a. “Act” means the Insurance Act, 1938 as amended from time to time.
b. “Authority” means Insurance Regulatory & Development Authority of
India established under sub section (1) of Section 3 of the Insurance
Regulatory and Development Authority Act, 1999 (41 of 1999)
c. “Electronic Form” means the form as defined in Section 2(1)(r) of the
Information Technology Act, 2000 as amended from time to time.
d. “Investigating Officer” means any person directed by the Authority under
section 33 of the Act to investigate or inspect the affairs of any insurer or
intermediary or insurance intermediary, as the case may be
e. “Minimum Information” means information which are required to be
maintained by the insurers, intermediaries or insurance intermediaries
as specified by these Regulations.
f. “Specified” means specified by the Authority from time to time, by issue
of Circulars, Guidelines or Instructions for the purpose of these
Regulations;
g. “Record” includes the information maintained either in physical form or
electronic form or both;
h. “A” or “Company” means A Broking Pvt. Ltd.

5) Modification to the Policy

The policy shall be modified only with the approval of the Board of the Company
CHAPTER 2 – GUIDING PRINCIPLES
It is essential that information proprietary to A Broking are managed in a manner
that ensures compliance with legal, regulatory and business requirements.
Following are the guiding principles that shall be followed:
1. Information is a valued asset: A views information as critical, necessary to
perform and evidence business activities.
2. Authentic & reliable: maintained information should be authentic in
nature. The integrity of the information should remain intact throughout
lifecycle.
3. Availability and accessibility – for all regulatory and business purpose the
information/data should be readily available and easily accessible.
4. Archival of Information: when information is no longer required, archive
the information as appropriate and retain until retention as per regulatory
and business requirements have been met.
5. Purging of information securely: purging of information in a secure,
timely and appropriate manner.
6. Storage of information: information (electronic or physical) should be
stored in a secure manner as per the requirement of the Company.

CHAPTER 3 – PROVISIONS APPLICABLE TO A BROKING

A shall maintain records as per mention below:
1. All records, information, data, documents, books or registers required to be
maintained under the extant provisions of the Act, rules, regulations,
guidelines, circulars or directions applicable and provisions of other law, as
applicable to its business and
2. A shall maintain all the relevant information, documentations and related
papers with respect to the specific function, which it carries.
3. A shall maintain all applicable information as specified in regulations issued
by Insurance Regulatory and Development Authority of India (“IRDAI”) with
regards to “Minimum Information Required for Investigation and Inspection
Regulations, 2020 from time to time.

CHAPTER 4 – MAINTENANCE OF RECORDS:

The records shall be maintained and stored in a electronic and/or physical form in
compliance with applicable laws, regulations, and business needs. The records
shall be maintained in an organised manner so that they can be retrieved easily
from time to time.