As specified in regulation 3(a) of the Insurance regulatory and development authority of India, you can (and must) register your Insurance marketing firm to undertake insurance service activities.
An insurance marketing firm, as the name suggests, is a firm that markets insurance services. In the legal terms prescribed to by the IRDA, an IMF or Insurance marketing firm is an entity with the permission to undertake insurance service activities.
With the age of uncertainty has arrived the realization that we need to safeguard our financial futures. By starting an insurance marketing firm, you can take the first step by making people more aware of it. However, don’t get attached to the term “marketing”, for the legal definition of the term as per IRDA is quite nuanced, and can only be understood by the principal officer, who has to undergo 50 hours of insurance marketing firm training.
Why is the training required? An insurance marketing firm is only allowed to exist if it’s registered as per the provisions of IRDAI and the training of principal officer is the topmost eligibility criterion.
If you want to start your own Insurance Marketing Firm, you can reach out to Registrationwala. Registrationwala provides holistic services from application filing to department follow-up, ensuring that your Insurance marketing firm gets registered on time.
The applicant should be a registered business entity under the Ministry of Corporate Affairs. It means that the applicant should either be an LLP, an OPC or a private limited company.
· Certificate of incorporation
· Memorandum of Association
· Articles of Association
· LLP agreement of the applicant is an LLP
· Qualification and details of the principal officer
· Qualification and details of the Financial Service Executive(s)
· Qualification and details of the Insurance Sale Person(s)
· Net worth certificate of the business entity
· Bank account statement
· Three-year business plan
· Details of the IMF infrastructure
· Undertaking by the principal officer
· Photographs of equipment and manpower
· Consent letter of insurance companies that the the applicant proposes to work with
· Gather the required documents
· File the online IMG registration application
· Upload the requisite documents
· Monitor the application as it’s processed and deal with any discrepancies
· Obtain the NOC (No Objection Certificate) to start an Insurance Marketing Firm
Registrationwala provides end to end services for aspirants of Insurance marketing firm. To expedite the process:
· We file the application
· We draft the documents
· Conduct the due diligence with the IRDAI
In the end, we ensure that you don’t have to worry about taking a lot of time in getting the NOC to setup your own Insurance marketing firm.
Call us if you wish to start your firm to promote insurance policies.