The company is soliciting Surety Insurance policies including Bid Bond, Advance Payment Bond, Performance Bond, Court Bond, Customs Bond from the public especially from business like Construction and Import/Export
Hyderabad:
Insurance regulator IRDAI has cautioned that one unregistered entity called `Surety Seven’ (www.Suretyseven.com) is illegally providing or soliciting Surety Insurance.
“No registration has been granted to Surety Seven for undertaking Surety Insurance or solicitation of Surety Insurance business,’’ said the IRDAI on Wednesday.
The company is soliciting Surety insurance policies including Bid Bond, Advance Payment Bond, Performance Bond, Court Bond, Customs Bond from the public especially from business like Construction and Import/Export, said the IRDAI.
Clarification:
I would like to bring to your knowledge that Surety Seven Technology Private Limited is a Tech startup that is involved in building Software that is used for data processing and streamlining the underwriting for various Insurance products including Surety Bonds. We work with key players to promote and educate the Indian financial market about Surety Bonds and similar financial products.
My background in engineering and international experience in the Insurance (Surety) sector propelled me to build this tech startup that solves the problems plaguing the Surety Insurance market in India. Consequently our startup Surety Seven Technology Private Limited was born.
I would like to add that IRDAI has never reached out to us before issuing a CAUTION CIRCULAR against our company. We have made a representation to the IRDAI, through mail, contesting the circular issued but yet to hear back from them. Instead of getting appreciated for doing this unique work that can potentially benefit the entire Surety market in India, we feel rather disappointed with the circular issued by IRDAI against our company.
I can always be reached at my mob no. 9911557724 for any clarification in this regard.
Regards
Pranjal Aneja
CEO & Founder
Surety seven technology private limited
Hi Pranjal,
You must note that Insurance itself is a specialised domain, hence need certain license to promote it as per regulatory guidelines jn India. If you feel that you are confident enough about your technology and services, you should intearct with IRDAI officials and obtain an appropriate license suitable to your domain first and then promote yourself.
Its imperative to share that in medical domain, sometimes an OT(operation theater) technician becomes an expert in surgery over a period of time, but this does not mean that he gets the license to perform surgery like qualified surgeons. For this purpose certain set of qualifications along with License has to be obtained as per industry guidelines.
Hope you take this in a positive manner and take your required steps accordingly with the Regulator.
Regards
Rajnish