What is registration process ?
An Application by an Underwriter for a grant of certificate is made in Form A accompanied by non- refundable fees.
However the Board may require the underwriter to submit further information in order to consider the application. It may take the following things as criteria for consideration of the application.
1.Necessary infrastructure, office space, equipments’, manpower.
2.Any past experience in underwriting or has in employment minimum 2 persons who have such experience.
3.Any such persons directly or indirectly connected with applicant has not been granted certificate earlier.
4.Fulfills the capital adequacy norms.
5.Is a fit and proper person.
Therefore, after getting satisfied by the eligibility of the application, shall send an intimation to applicant, and then will issue certificate of registration or license to act as an underwriter in Form B.
Certificate shall be valid for a period of 5 years.
What Is Registration Fees Involved In This ?
1. The amount of non-refundable fees to be paid along with the Application for registration shall be Rs. 25000/- .
2. Every underwriter shall pay fees of thirteen Lakh Thirty Three Thousand and Three Hundred Rupees at the time of grant of certificate of initial registration.
3. If the underwriter wants to renew his term for permanent registration, fees of Five Lakh Rupees shall be paid.