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IRDAI Insurance License Registration

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!

RegistrationKraft’s Assistance in Insurance License Registration

Here’s what we assist our clients with:
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Drafting IRDAI Application.

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Assistance in securing Insurance Company Name approval.

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Preparing Memorandum and Articles of Association.

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Submission of the IRDAI application on your behalf.

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Securing IRDAI License from IRDAI.

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Ensuring Compliance with Post-registration Requirements.

Start Your Company with RegistrationKraft

Looking to register your company in Delhi, Noida, or Gurgaon? RegistrationKraft offers expert assistance to help you navigate the registration process smoothly.

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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.  

What is IRDAI Registration?

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.

Types of Insurance License

There are different types of Insurance licenses for different purposes:

Insurance Marketing Firm License
Insurance Marketing Firm License

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).

Insurance Broker License
Insurance Broker License

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.

Corporate Agent License
Corporate Agent License

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.

Insurance Agent License
Insurance Agent License

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.

Insurance Surveyor and Loss Assessor License
Insurance Surveyor and Loss Assessor License

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.

Eligibility Criteria for Insurance License Registration

The eligibility criteria for Insurance license registration differs depending on the exact type of registration you require. Let’s check out the eligibility criteria for each type of license that IRDAI issues:

1. For IMF License

  • The applicant must be a company or LLP.
  • It should meet the minimum capital requirement as prescribed by the IRDAI.
  • A minimum of two Principal Officers trained and certified by IRDAI-approved institutes.
  • The firm must have a well-defined organizational structure, office infrastructure and qualified staff members.

2. For Insurance Broker License

  • The applicant must be a company, LLP or a cooperative society registered under relevant Acts.
  • The minimum capital requirement varies by category: (i) Direct Broker: Rs. 75 lakh, (ii) Reinsurance Broker: Rs. 4 crore and Composite Broker Rs. 5 crore
  • A minimum of two qualified Principal Officers with relevant experience and certifications.

3. For Corporate Agent License

  • Must be a company, cooperative society, bank, NBFC or any other eligible institution.
  • Must meet the minimum capital requirement of Rs. 50 lakh.
  • Must have at least one trained and certified Designated Person (DP).

4. For Insurance Agent License

  • The individual must be 18+ years of age.
  • Should have passed at least 10th standard (for rural area) or 12th standard (urban area).
  • Must complete the IRDAI-mandated training.
  • Must pass the IRDAI agent exam conducted by Insurance Institute of India.

5. For Insurance Surveyor and Loss Assessor License

  • Must possess a degree/diploma in engineering, accounting, law, insurance, or other approved qualifications.
  • Must complete practical training from an IRDAI-approved training institute.
  • Must pass the IRDAI surveyor exam.
  • Must register through the IRDAI BAP portal and obtain approval.

Documents Required for IRDAI License

Depending on the exact IRDAI license you want to secure, the list of documents varies. Check out the exact documents required for each type of IRDAI license:

1. For IMF License

  • Duly Filled Application Form A
  • Certificate of Incorporation/LLP registration
  • PAN card of the firm
  • Proof of office address
  • Principal Officer’s qualification, training & exam certificates
  • Board resolution authorizing the application
  • Fit and proper declaration for Principal Officer
  • Organizational structure and business plan

2. For Insurance Broker License

  • Duly filled Application using FORM B of Schedule I 
  • Certificate of Incorporation
  • Memorandum and Articles of Association (MOA & AOA)
  • Net worth and capital confirmation by a practicing CA
  • Principal Officer’s qualification, training and exam certificates
  • Fit & proper declaration for key personnel
  • Business plan

3. For Corporate Agent License

  • Duly filled Application using CA Form
  • Certificate of incorporation or registration
  • Board resolution authorizing corporate agency application
  • PAN and TAN details
  • Infrastructure and staff details
  • Designated Person’s qualification, training and exam certificates
  • Fit and proper declaration

4. For Insurance Agent License

  • Form IRDA-Agents-VA (Application form)
  • Proof of identity (Aadhaar, PAN, Passport)
  • Proof of address (Utility bills, Aadhaar, etc.)
  • Educational qualification certificate
  • Certificate of IRDAI training completion
  • Exam pass certificate
  • Passport-sized photographs
  • Declaration of no criminal record or disqualification

5. For Insurance Surveyor and Loss Assessor License

  • Duly Filled Application using FORM-IRDA-1-AF
  • Proof of educational qualification
  • Certificate of practical training completion
  • ID and address proof
  • Passport-sized photographs
  • Declaration of no criminal record or disqualification
  • Surveyor exam’s passing certificate
  • Experience details of the applicant

Why Choose Us

Here’s why choosing Registrationkraft for IRDAI License Services is a good idea:

Registrationkraft is a leading platform when it comes to offering assistance in IRDAI license registration. We have helped thousands of individuals as well as business entities to secure IRDAI’s approval, enabling them to provide insurance products and services.  By choosing us, you can get help in securing IRDAI registration in the following manner:
  • We will help in drafting the IRDAI application
  • Our assistance will make it easier to secure insurance company name approval 
  • On your behalf, we will prepare the Memorandum and Articles of Association
  • We will help you collect/prepare necessary documentation
  • Submission of the application with IRDAI on your behalf
  • We shall secure IRDAI’s approval for you, so you can legally provide insurance services.

What Our Clients Say

Frequently Asked Questions

The Insurance Regulatory and Development Authority of India (IRDAI) is responsible for registering insurance intermediaries like insurance brokers, insurance agents and corporate agents in the country.
To secure an IRDAI license for becoming an insurance agent, you must file Form IRDA-Agents-VA with IRDAI.
An insurance agent license is issued to individuals who sell insurance products on behalf of a single insurer, whereas a corporate agent license is issued to entities such as companies or firms that can represent up to three insurers each in life, general, and health insurance segments.
No, IRDAI requires an insurance marketing firm to be registered as a company or an LLP. Sole proprietorships are not eligible to operate as IMFs.
The Insurance Institute of India conducts the examinations for insurance agents as well as insurance surveyors and loss assessors.

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