Summary
- The Insurance Regulatory and Development Authority of India (IRDAI) has rejected M/s Anatoly Insurance Brokers Pvt. Ltd.'s application for registration as a Direct Insurance Broker due to undisclosed promoter associations.
- Promoter Devender Singh's ties to Kaveri Informatics Pvt. Ltd., which faced regulatory violations, were not disclosed in the application submitted on July 11, 2024.
- IRDAI found that this omission was material and relevant to assessing Singh's fit and proper status under the IRDAI (Insurance Brokers) Regulations, 2018.
- Anatoly can appeal the decision to the Securities Appellate Tribunal or submit a fresh application after one year from the order's effective date.
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