Want to start your own Insurance company in India? Registrationkraft is a leading platform when it comes to offering assistance in IRDAI license registration. Consult Now!
Drafting IRDAI Application.
Assistance in securing Insurance Company Name approval.
Preparing Memorandum and Articles of Association.
Submission of the IRDAI application on your behalf.
Securing IRDAI License from IRDAI.
Ensuring Compliance with Post-registration Requirements.
Looking to register your company in Delhi, Noida, or Gurgaon? RegistrationKraft offers expert assistance to help you navigate the registration process smoothly.
IRDAI stands for Insurance Regulatory and Development Authority of India (IRDAI). It is the regulator of the insurance industry in India, and is responsible for providing insurance licenses to insurance agents, corporate agents, insurance brokers, surveyors and loss assessors.
IRDAI registration refers to the mandatory process that all insurance-related businesses must complete to operate legally in India. The Insurance Regulatory and Development Authority of India (IRDAI) regulates the registration process. Entities like insurance companies, agents, brokers, and third-party administrators must obtain Insurance license before offering insurance services.
The process involves collecting necessary documents, filing application forms and scrutinization by IRDAI. If a business entity or individual conducts any insurance activity without an Insurance license from IRDAI, the same is considered unauthorized and is subject to penalties and legal repercussions.
There are different types of Insurance licenses for different purposes:
An Insurance Marketing Firm (IMF) is a company that solicits, procures and distributes insurance products as well as other financial products through licensed employees. Before a company can provide IMF services, it is essential to get an IMF license from the Insurance Regulatory and Development Authority of India (IRDAI).
An Insurance Broker License is an official authorization granted by IRDAI to business entities. It allows them to operate as intermediaries between insurance providers and clients. With this license, brokers are legally permitted to assist clients in selecting suitable insurance policies from various insurers.
A Corporate Agent License is an official approval that IRDAI grants to an entity to enable it to act as an insurance agent. Upon obtaining this license, the business can get involved in life insurance, general insurance, health insurance and composite insurance.
An insurance agent is an individual authorized to sell and service insurance policies on behalf of an insurance company. To become an insurance agent in India, it is essential to complete the mandatory training prescribed by IRDAI, pass the licensing examination and obtain an Insurance license from IRDAI.
An Insurance Surveyor and Loss Assessor is an individual or entity licensed by IRDAI to assess the extent of loss or damage for insurance claims. They help the insurance companies determine the claims’ legitimacy and value. Insurance surveyors inspect and evaluate the damage or loss that the policyholder/insured individual has claimed.
“I had been planning to launch my own insurance consultancy firm but I wasn’t aware of how to get IRDAI registration. That’s when I came across Registrationkraft. Their team guided me through the entire process, handled all the paperwork and got my license approved..much sooner than I expected. Highly recommend these guys to anyone who wants to step into the insurance sector!!!!”
Mumbai
“As a finance professional, I always knew there was a huge potential in insurance broking. But honestly… I had no clue how to get the IRDAI broker license. Registrationkraft made it so easy for me! It was due to their expert assistance that I got registered with IRDAI so efficiently. I really couldn’t have done it without them.”
Lucknow
“I always dreamt of starting a business as an insurance web aggregator but the IRDAI formalities seemed way too complicated. An old friend of mine told me about Registrationkraft, and I reached out to them ASAP. They took care of everything…from documentation to submission. Now I’m running my licensed insurance platform successfully!”
Bengaluru