What is a Corporate Agent License in India?
As per the IRDAI (Insurance Regulatory Development Authority of India) regulations of 2015, the registration of Corporate Insurance agents has been made mandatory. The regulations came into force on the 1st of April 2016, and since then, multiple corporate agents have been registered under the aforementioned provision.
Corporate Agents are companies, cooperative societies, LLPs, NGOs, Rural banks or Micro Finance Lending Organizations that participate in soliciting, producing or servicing of the insurance business of life insurers, general insurers and health insurers.
There are 4 types of Corporate Agents in India
- Corporate Agent (Life)
- Corporate Agent (General)
- Corporate Agent (Health)
- Corporate Agent (Composite)
Eligibility Criteria for Corporate Agent Registration in India
Following are the conditions that the corporate agent must meet for getting the registration:
- The applicant should be any of the following entities:
- A company registered as per the Companies Act
- A Limited Liability Partnership registered under the LLP Act
- A Co-operative Society registered under the Co-operative Societies Act.
- A regional rural bank established under Section 3 of the Regional Rural Banks Act.
- An NGO or a Micro Lending Finance Organization covered under Cooperative Societies Act.
- The applicant must have the necessary infrastructure to roll out their activities. It consists of:
- Adequately trained manpower
- Adequate Office Space
- Adequate Equipment
- The applicant entity's principal officer should be a graduate and should have completed at least 50 hours of training from an institution approved by IRDA.
- The applicant should not have violated any code of conduct mentioned in the regulations.
- The applicant should have been declared "Fit and Proper" by the appropriate authority.
Net worth Requirements:
- The applicant must have minimum share capital or contribution of INR 50 Lakh.
Documents required for Corporate Agent Registration in India
- Certificate of Incorporation or the LLP/Cooperative SocietyCompanies as per their respective administrative acts.
- Details of the proposed or existing branch offices.
- Details of the principal officer of the applicant organization.
- Details of the directors/partners of the applicant organization
- Organizational chart showing functional responsibilities of each department of applicant organization.
- Networth Certificate of the applicant certified by a Chartered Accountant.
- Declaration of Fit and Proper Criteria
- Receipt of the application fee
Process of Corporate Agent Registration in India
The process of registering the corporate agents with the IRDAI for acting as exclusively insurance intermediaries are as follows:
- Document preparation.
- Filing the application in the online mode and paying the requisite application fee.
- Complying to the additional demands of the IRDAI (if the authority asks for them)
- Acquiring the Certificate of registration for the corporate agent.
Our Assistance in getting you Corporate Agent Registration in India
Registrationwala provides end to end assistance in matters of corporate agent registration. Our services include:
- Document Preparation
- Application filing
- Department follow-up
- Application monitoring
Reach out to Registrationwala if you wish to become a corporate agent.