The attention of the members is drawn to the article on "Insurance - A Booming Professional Opportunity" authored by Shri N D Gupta the then Chairman, Professional Development Committee, ICAI and published in the Institute's Journal, 'The Chartered Accountant' in June 2003 Issue at pages 1195 - 1200 and as also the mention made in the Institute's Website "www.icai.org" under "Resources - Insurance" which states that:

"The Chartered Accountants can engage themselves in the process by entering into agreement with the Insurance companies to function as the Direct Sellers of their products and charge commission in lieu of the services so rendered from them. The area promises attractive scope for the constituents of the profession."

It may be clarified that in view of the existing provisions of the Chartered Accountants Act, 1949 and the Regulations framed thereunder, acting as Agent/Broker to the Insurance Companies is not open to the members of the Institute in practice. The said article and the aforesaid mention in the Institute's Website are applicable only to those members who are not holding certificate of practice.