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The IRDA has allowed for the registration of insurance marketing firms so that entrepreneurs and insurance agents can start their own insurance distribution company. As per the Registration of Insurance Marketing Firm Regulations, 2015, an “Insurance Marketing Firm” is defined as an entity registered by the IRDA to solicit or procure insurance products, to undertake insurance service activities and to distribute other financial products.
The Insurance Regulatory and Development Authority of India (IRDA) through the IRDA Registration of Insurance Marketing Firm Act 2015 has introduced the concept of “Insurance Marketing Firm” in India. Insurance Marketing Firms are an entity registered in India that are allowed to solicit or procure insurance products, to undertake insurance services and to distribute other financial products. With the Government of India raising the FDI in insurance, the insurance industry is set to witness robust growth in the coming years and there exists tremendous potential for those starting an insurance marketing firm. In this article, we look at the procedure for starting an insurance marketing firm in India.
To obtain IRDA registration for an Insurance Marketing Firm, the following eligibility criteria must be fulfilled:
New Business Registration within 7 working days without visiting Government Departments. Hassle Free Company Incorporation + Free Consultancy on GST, Income Tax, ROC & Accounting. Best Rates (all inclusive), Quality and Trusted Service is guaranteed.
A Private Limited Company is the most popular type of corporate entity in India. It is registered as per the compliance and regulatory guidelines of the Ministry of Corporate Affairs. In this article, we will be going over the entire process of registering a Pvt. Ltd. Company in India, step-by-step and explaining the compliance measures one at a time.
Obtaining all these documents is really a challenge, so seek the help of professionals.
Registering a Company is quick, easy, and can be done online with Professional Utilities in 3 simple steps
No, new company registration is a fully online process. As all documents are filed electronically, you would not need to be physically present at all. You would need to send us scanned copies of all the required documents & forms.
The payment of remuneration and/ or reward to an Insurance Marketing Firm by an insurer is as per Insurance Regulatory and Development Authority of India (Payment of commission or remuneration or reward to insurance agents and insurance intermediaries) Regulations, 2016 (as amended from time to time).
In addition, the Insurance Marketing Firm may receive reimbursement of expenses from Life insurers towards recruitment, training and mentoring of their ISPs. This reimbursement shall not exceed 50% of first year commission and 10% of renewal commission received by the IMF in case of Life insurers.
Any change in the engagement with the insurers shall be governed by the terms of the agreement entered into between the Insurance Marketing Firm and the insurer, with suitable arrangements for servicing existing policyholders by the concerned insurer, in case of cancellation/termination/discontinuity of agreement.