Regulator cancels Pritam Insurance Brokers licence

CHENNAI - The Insurance Regulatory and Development Authority (IRDA) Thursday formally cancelled the licence of Pritam Insurance Brokers - now known as Mount Shikhar Insurance Brokers.

The broking company agreed to service its existing clients for six months and make necessary arrangements for them.

Pritam Insurance Brokers sought renewal of its licence under the new name in 2008 which the IRDA refused to consider in 2009.

In March 2010, Mount Shikhar informed the IRDA that it was winding up the broking operations.

Last month, the IRDA had refused to renew the broking licence of Willis India Insurance Brokers on the grounds of violation of norms.