INSURANCE COMPANY REGISTRATION
An insurance company license gives the person an authority to seek and sell insurance items. State insurance commissioner is responsible to issue the license for the purpose of seeking and selling the insurance and is isolated into various insurance types, including life and inability, health, auto or worker’s compensation.
Controller of Insurance managed the insurance sector of our country under the Insurance Act 1938. But the formation of IRDA has brought significant changes in the insurance sector. Development of IRDA caused individuals to feel the necessity of renewal in the field of insurance company license. Earlier provisions of the insurance sector were outdated and beside the point.
It is compulsory for all elements to gain a Certificate from the Authority before applying any insurance company license. The permit to be obtained for different classes of insurance can be acquired from the IRDA, for instance Life Insurance, Fire Insurance, Marine Insurance and so forth. In any case, it is to be remembered that the life insurance business will not be joined with some other sort of insurance business.
Procedure for Registration Insurance Licence in India
- Application for Registration of Licence: Application consist following documents and information as follows
- COI, MOA & AOA
- Director KYC
- Last Five-Year Director and Promoter Financial/ITR report of the Company
- Company Projection of Five Years
- Nature of Business such Life Insurance, Health Insurance, General Insurance, or Reinsurance Business
- Scrutiny of Documents: After receiving an application, the authority may ask further documents, information and clarification regarding submitted documents
- Grant or Reject Application: After Verification of application, the authority may grant registration of Insurance Business or reject the application by recording the reason in writing
- An Applicant who is aggrieved by the decision of authority shall file appeal to Securities Appellate Tribunal within 30 days of rejection of application
Disqualified applicant who are debarred for Insurance Licence
- Authority has rejected the application
- If investors has decided to leave the project for any reason
- The Authority has dismissed the application for registration pulled back by the candidate under any conditions whenever during the former two monetary years from the date of order for registration application;
- If the Authority has abandoned your Certificate of Registration
- In case applicant name does not have insurance or assurance in Business Name