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According to Insurance Regulatory and Development Authority of India (IRDAI) regulations, an Insurance Marketing Firm registration with the IRDAI is mandatory to solicit, procure and service insurance products as well as distribute other financial products.
Without this registration, an IMF cannot undertake insurance services activities. The registration aims to expand insurance access to individuals, especially those residing in the underserved areas of the country.
Registrationwala provides holistic services for IMF registration, from application filing to department follow up. We ensure that your firm gets registered timely in a nearly effortless manner.
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Insurance Marketing Firm License Process
The Insurance Regulatory and Development Authority of India (IRDAI) provides various licenses and registrations to individuals and entities interested in operating in the insurance industry.
Insurance marketing firm registration is granted to entities seeking to solicit or procure insurance products, undertake insurance service activities and distribute other financial products. To obtain IMF registration from IRDAI smoothly, connect with Registrationwala’s IMF registration experts!
An Insurance Marketing Firm, abbreviated as an IMF, is a business entity authorized by the IRDAI to solicit and market insurance products across India on behalf of insurers through Insurance Sales Persons (ISPs).
It also distributes financial products through Financial Resource Executives (FREs). Because of this integrated structure, an IMF is able to offer a wide range of insurance as well as financial services to customers all under one roof.
An Insurance Marketing Firm provides the following categories of services:
Per the IRDAI regulations, an IMF has the permission to procure and solicit insurance products from various insurers. It can tie up with a maximum of six insurers in each category.
An IMF acts as an intermediary that facilitates the distribution of insurance policies and serves as a link between the insured and the insurer.
The IMFs can enter into arrangements and establish strategic alliances with other insurance intermediaries such as surveyors and loss assessors, insurance repositories, TPAs and more. By doing so, the insurance IMF can provide a plethora of other services that some might consider are beyond its domain.
Other services that it provides are as follows:
Providing back-office assistance as per the IRDA IMF guidelines
Assisting the Insurance repositories
Facilitating surveying and loss assessment services via IRDAI-licensed surveyors and loss assessors
Providing other insurance-related services as per the directions of the IRDA
Now, this is where the marketing part of their services comes in. Being a marketing firm, IMF has the power to market the following financial products after obtaining the necessary approvals:
Mutual Funds of SEBI-regulated companies.
Pension products under the regulations of PFRDA.
Other financial products distributed by SEBI-licensed investment advisors in India.
Banking/ financial products of banks/ NBFC regulated by RBI,
Non-Insurance products provided by the Department of Posts, Government of India.
Other financial products.
An OPC Company is a separate legal entity from its members. This is one of the biggest advantages of one person company registration. The separate legal entity status provides protection to the single individual who incorporates the business.
The IMFs have an edge over insurance agents. The insurance agents are tied to one, single IRDAI-authorized company. On the contrary, the IMFs have the freehand to partner with several IRDAI-authorized life, general and health insurance companies. As a result, they’re able to offer customers a wider choice and enhance business revenue.
Since IMFs are authorized by the IRDAI, the insurance industry’s regulator, they are viewed as credible and find it easier to build trust among the customers.
The IMFs are crucial for expanding insurance coverage to rural areas as well as underserved segments within India. They promote financial inclusion and stability.
IMF registration comes with a validity of 3 years from the date of issue.
It is easy for the registered IMFs to add or delete activities within the scope of permitted business.
It is because of these benefits that becoming a top insurance marketing firm in India is not a difficult task - provided you follow all the guidelines carefully.
Check out the eligibility requirements for IMF license:
Apart from the above-mentioned requirements, the applicant must meet the below-stated financial requirements as well:
Each and every IMF must mandatorily appoint a Principal Officer (PO). A PO is basically a key managerial person responsible for monitoring the Insurance Marketing Firm’s operations, compliance and overall functioning.
Their roles and responsibilities under IRDAI guidelines include ensuring regulatory compliance, supervising ISPs and FREs, maintaining proper records and acting as the primary point of contact with the IRDAI and other stakeholders.
A PO must mandatorily undergo the prescribed training and pass the required examination conducted by the Insurance Institute of India (III).
A PO must go through training because it helps them understand insurance rules and make sure that IRDAI rules are followed by the IMF. The training prepares the POs so they can ultimately run the IMF properly, and supervise ISPs and FREs in a responsible manner while protecting the rights of policyholders.
This section gives you the first half of the answer to the question - how to start an insurance marketing firm in India?
In regards to an insurance marketing firm, IRDA has put forth strict standards when it comes to documents. Therefore, you must ensure that all the documents that we have mentioned are precise and as per the rules and regulations of the department.
Do you want to know how to start an insurance marketing firm in India? Below, we’ve explained the entire process for you.
First and foremost, you need to choose the name of your insurance marketing firm. The name must explicitly include ‘IMF’ or ‘Insurance Marketing Firm’. After that, you must secure an NOC from IRDAI for the name you have chosen.
After securing the NOC, it will remain valid for a period of 6 months only. Within this period, you must register your business with the ROC under the MCA using the chosen business name for which you obtained the NOC. You can register your business as a Pvt. Ltd. company under the Companies Act, 2013, or as a Limited Liability Partnership under the LLP Act, 2008.
The business entity must appoint a Principal Officer (PO) and an Insurance Sales Person (ISP). The PO must be a graduate and have 4-5 years of experience in the insurance industry. An ISP must be 12th pass and have 3-4 years of experience. Both the PO and ISP must undergo 50 hours of training conducted by the Insurance Institute of India (III).
After completion of the prescribed training, the PO and ISP must pass the examination conducted by III and obtain the passing certificate.
After that, an application must be submitted to IRDAI. All the important documents of the IMF, including the MoA, AoA, details of the PO and ISP, DIN, etc., must be submitted along with it.
IRDAI will review the application and documents to check whether they align with all the requirements. If satisfied, it will issue the IMF license to the business entity. The license will remain valid for 3 years from the date of issue. For renewal, the license must be applied for 30 days prior to the current license expiry.
Registrationwala provides end-to-end services for those who want to establish an IMF in India. To expedite the process:
In the end, we ensure that you don’t have to worry about taking a lot of time in getting the NOC to set up your Insurance marketing firm. Call us if you wish to start your firm to promote insurance products and become a top insurance marketing firm in India.
An IMF is an IRDA-authorized insurance intermediary that provides a multitude of insurance services, including: (i) Soliciting and procuring insurance products, (ii) Providing insurance services and (iii) Marketing insurance products.
The IMF license is a legal permit issued by IRDAI to allow an entity to function as an insurance marketing firm in India.
The IMF registration certificate is valid for 3 years.
You can sell multiple insurance and financial products, serve more customers and grow your business online.
ISP in insurance stands for “Insurance Sales Person”. It refers to an individual employed by an IMF to solicit/procure insurance products.
The minimum net worth requirement for an IMF license is Rs. 5 lakhs for a single branch. In case of multiple branches, the minimum net worth requirement is Rs. 10 lakhs.
An IMF can partner with up to 6 insurance companies each in the life, general and health insurance categories.
The PO must be a graduate. They are expected to have a few years of experience in the insurance industry. Additionally, they must’ve undergone mandatory training and passed the examination conducted by Insurance Institute of India (III). They must have a professional clean record as well.
The application fee for an IMF license is Rs. 5,000. This amount is non-refundable.
A Financial Service Executive (FSE) is an individual appointed by an IMF to market certain financial products.
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