Login
About us
Learning
Media
Our Team
Partner With Us
Contact us
Talk an Expert
What is IRDA License?
Earlier Insurance sector was governed by the Controller of Insurance under the Insurance Act, 1938. However, IRDA was introduced in the Insurance sector as most of the earlier provisions were outdated and irrelevant in the present context.
Scope of IRDA
The IRDA regulations contains the following point of importance in the field of insurance:-
1. The procedure for obtaining license of insurance from IRDA.
2. The procedure of obtaining approval of insurance products from IRDA.
3. The procedure for appointment of insurance intermediary.
1. The procedure for obtaining license of insurance from IRDA.
2. The procedure of obtaining approval of insurance products from IRDA.
3. The procedure for appointment of insurance intermediary.
FAQ
Common List Of Questioner That Our Customer Ask From Us -Solved !
Procedure of granting License to companies to start insurance business ?
For every entity it is important to take certificate from the Authority before starting any Insurance business. The license for various classes of insurance can be obtained from IRDA. the License from IRDA is mandatory to run Insurance Business
Process for Application of Registration Certificate before IRDA ?
First Stage
An Application for Registration certificate shall be made to IRDA in a prescribed form IRDA/R1, the Application shall be supported by the following documents:-
1. The certified copy of Memorandum of Association and Articles of Association.
2. The full profile including the name, address and occupation of all the Directors and shareholders of the company.
3. The statement regarding the class of insurance business proposed to be carried on.
4. The statement regarding the sources of capital funds.
The initial application will be screened by IRDA and additional information may be asked for. Even a principal officer may be appointed by the authority for seeking any information or clarification on their behalf.
Second stage of IRDA License
Once being satisfied about the information and documents provided along with the form IRDA/R1, the Authority may ask for an additional application in the prescriber form IRDA/R2 which shall be accompanied with the following documents-
1. Every deposit either in cash or in securities, partly in cash and partly in securities.
2. The statement showing declaration form the principal officer about fulfilment of minimum capital requirement. The capital requirement shall be 20 crores for reinsurance business and 10 crores for the Life insurance and general insurance.
3. The copy of the certified public prospectus and the policy reforms of the insurer.
4. Statement depicting assured rate, advantages, terms and conditions associated with the insurance policies.
5. Actuary certificate regarding rate of interest.
6. Deposit of INR 50,000/- for each class of business.
7. If any forign promoter is involved then the certified copy of MOU between the Indian and Foreign promoter.
8. Any other documents asked by Authority.
An Application for Registration certificate shall be made to IRDA in a prescribed form IRDA/R1, the Application shall be supported by the following documents:-
1. The certified copy of Memorandum of Association and Articles of Association.
2. The full profile including the name, address and occupation of all the Directors and shareholders of the company.
3. The statement regarding the class of insurance business proposed to be carried on.
4. The statement regarding the sources of capital funds.
The initial application will be screened by IRDA and additional information may be asked for. Even a principal officer may be appointed by the authority for seeking any information or clarification on their behalf.
Second stage of IRDA License
Once being satisfied about the information and documents provided along with the form IRDA/R1, the Authority may ask for an additional application in the prescriber form IRDA/R2 which shall be accompanied with the following documents-
1. Every deposit either in cash or in securities, partly in cash and partly in securities.
2. The statement showing declaration form the principal officer about fulfilment of minimum capital requirement. The capital requirement shall be 20 crores for reinsurance business and 10 crores for the Life insurance and general insurance.
3. The copy of the certified public prospectus and the policy reforms of the insurer.
4. Statement depicting assured rate, advantages, terms and conditions associated with the insurance policies.
5. Actuary certificate regarding rate of interest.
6. Deposit of INR 50,000/- for each class of business.
7. If any forign promoter is involved then the certified copy of MOU between the Indian and Foreign promoter.
8. Any other documents asked by Authority.
What is possibility of Grant of Registration certificate for Insurance business in India ?
If the Authority is satisfied with the documents which are provided, then they will issue a certificate of Registration.
What are the conditions for Refusal of registration for Insurance operations?
If Authority is not satisfied with the documents then they can refuse the Application on following grounds-
1. Inadequate or improper information
2. Delay in providing information
3. Non-fulfillment of capital requirement
4. Improper conduct of the management
5. Any other as decided by the authority
1. Inadequate or improper information
2. Delay in providing information
3. Non-fulfillment of capital requirement
4. Improper conduct of the management
5. Any other as decided by the authority
