Insurance Company Registration | Insurance Company License Online Process

1. INSURANCE COMPANY REGISTRATION INSURANCE COMPANY REGISTRATION https://www.jrcompliance.com/insurance- company-registration

2. INDEX 01 WHO IS NOT ELIGIBLE FOR INSURANCE COMPANY REGISTRATION UNDER IRDA? 04 ABOUT US DOCUMENTS REQUIRED FOR REGISTRATION OF INSURANCE COMPANY WHAT IS AN INSURANCE COMPANY? 02 05 WHAT ARE THE OBJECTIVES OF IRDAI? 03 06 INSURANCE COMPANY REGISTRATION PROCESS

3. ABOUT US Since 2013, JR Comppliance has been providing 360-degree compliance services to startups, firms and establishments with the motive to make compliance services unchallenging for everyone. Because the Government of India has established several parameters to ensure the safety of the final consumers, including providing high-quality products to the consumer. That includes completing the prerequisites to survive in a competitive environment because these prerequisites act as fundamental factors that help an establishment to grow and develop. Be it BIS, BEE, TEC, AERB, FSSAI, including Company Registration, Private Company Registration, OPC, NGO, and any other corporate compliance service and business registration, we are equipped with all the resources and experts to provide reliable and competent compliance services, including global services. That’s why we will be responsible for following the systematic registration process, including filing the registration form, documentation, testing (if required), inspection (if required), and coordinating with the authorities for proper follow-up and acknowledgment - we have got everything covered. Our mantra is to provide technical compliance certifications with click access and at a reasonable cost.

4. WHAT IS AN INSURANCE COMPANY? Insurance companies are financial institutions that provide various insurance policies to conserve an individual and establishment against financial risk. As a part of Financial Sector Reform, a Committee on Reforms in Insurance (CRIS) came into existence in 1993, headed by Shri R.N. Malhotra. The objective of the CRIS committee was to open an insurance sector, improve the standard services of the Indian insurance majors, and widen the scope of insurance coverage to the more significant section of the Indian population. After the commencement of CRIS, the Insurance Regulatory Development Authority came into existence under Insurance Regulatory and Development Authority Act,1999 (IRDAI Act) as a regulatory authority to supervise and develop the Insurance sector. Moreover, IRDAI Act also protects the interest of insurance policyholders, and its objective is to control, encourage, and ensure proper growth and development of the insurance sector. To be noted, the Insurance sector has been playing a fundamental role as a component of the economy on account of premiums and scale of investment it collects, including its role in social and economic development by covering personal and business risk. India comprises 57 insurance companies (24 engaging in life insurance and 33 in non-life insurance). Insurance companies are financial institutions that provide various insurance policies to conserve an individual and establishment against financial risk. As a part of Financial Sector Reform, a Committee on Reforms in Insurance (CRIS) came into existence in 1993, headed by Shri R.N. Malhotra. The objective of the CRIS committee was to open an insurance sector, improve the standard services of the Indian insurance majors, and widen the scope of insurance coverage to the more significant section of the Indian population. After the commencement of CRIS, the Insurance Regulatory Development Authority came into existence under Insurance Regulatory and Development Authority Act,1999 (IRDAI Act) as a regulatory authority to supervise and develop the Insurance sector. Moreover, IRDAI Act also protects the interest of insurance policyholders, and its objective is to control, encourage, and ensure proper growth and development of the insurance sector. To be noted, the Insurance sector has been playing a fundamental role as a component of the economy on account of premiums and scale of investment it collects, including its role in social and economic development by covering personal and business risk. India comprises 57 insurance companies (24 engaging in life insurance and 33 in non-life insurance).

5. WHAT ARE THE OBJECTIVES OF IRDAI? It protects the interest and ensures fair treatment of the insurance policyholder. Take measures to enforce the standards effectively. For the benefit of the ordinary person and to ensure long-term acceleration of funds in the economic growth, it provides rapid and well-organized growth of the insurance sector. Ensure to bring adequate self-control in the regular working of the insurance industry, complying with the prudential regulatory requirements. It encourages maintaining the transparency, fairness, and well-organized conduct of the insurance industry. It ensures setting, promoting, monitoring, and implementing the standards of financial integrity, fair dealing, and more regarding those who regulate the market. It ensures insurance coverage facilities in rural and other vulnerable sections of society. Encourage instant settlement of the factual claims, prohibit insurance frauds and other misconducts/malpractices and ensure effective redressal machinery. Maintains the norms regarding regulations of the financial institutions. It provides licenses and establishes norms for insurance intermediaries. Control and supervise the premium rates and terms of non-life insurance covers. Maintaining the solvency margin by the insurance of establishments.

6. WHO IS NOT ELIGIBLE FOR INSURANCE COMPANY REGISTRATION UNDER IRDA? When the company’s name does not include “insurance company” or “assurance company” as a suffix. An application is withdrawn or canceled by the Authority. If the authority rejects the prerequisite of the application at any point during the previous five financial years on the date of claiming the registration application. holders have placed in us.

7. Documents Required For Registration of Insurance Company An applicant/candidate should be the company formed under the Companies Act 2013. Information of directors such as name, address, and occupation. Statement of a class of insurance. Replica of certifying annual report Indian promoters and Foreign investors for previous five years. Photocopy of certified shareholding agreement between Indian promoters and foreign investors of the candidate or applicant. Certificates of Memorandum of Association and Article of Association. 5-year business accepted by directors of the company. Statement showing source of share capital contribution. Information of the joint venture, such as company name, address, name of directors, etc. In a promoter company, you must submit the previous record of the regulatory interventions and restrictive directions. www.reallygreatsite.com

8. Insurance Company Registration Process A certified replica of Memorandum of Association (MoA) and Article of Association (AOA), where the candidate or applicant will be the company and incorporated under Companies Act, 1956 (1 of 1956). Section 6 of the Act should contain statements reflecting sources of contribution in share capital. A statement concerning the class of insurance. Should include details of directors and principal officers such as name, address, and occupation. Insurance Company Registration Process to Fill IRDA/R1 Form Fill an application by filling the IRDA/R1 form to commence/register a General Insurance/Life Insurance/Health Insurance business. The authority might ask for clarification or additional information after receiving the application. At last, the authority is satisfied with the registration application, and you must apply IRDA/R2 form. Note - The authority rejects your application by giving the reason in writing. Moreover, a resentful applicant can apply to appeal in the Securities Appellate Tribunal within 30 days of receiving the basis for application rejection. Get Free Expert Consultation Insurance Company Registration Process to Fill IRDA/R2 Requisite Registration Application Under IRDA/R2 Must be Accompanied by Under Section 7 of the Act, you are required documentary proof as evidence of deposit needed. In filling the application form of Life Insurance Business or General Insurance Business, you are required to submit the proof of rupees one hundred crores or above of paid-up equity share capital. In case of filling the application for grant of certificate for reinsurance business, you are required to submit the proof of rupee two hundred crores or above paid-up equity share capital. Then, you have to submit an affidavit by the promoters and principal officer certifying the availability of adequate paid-up share capital, excluding preliminary expenses during the formation and registration of the establishment. A statement needs to be submitted reflecting the varied number of shares and issued to every promoter and shareholder regarding the share capital of the applicant/candidate. Again, the promoters’ affidavit needs to be submitted, and the principal promoter of the applicant recognizing paid-up capital is calculated according to regulation 11, which should not increase above 26%. If any, a replica of a certified, published prospectus. A replica of the certified standard forms of the insurer. You have to submit the statement of assured rates, advantages, benefits, terms, and conditions to be provided concerning insurance policies along with a certificate by an actuary (in case of insurance establishment ensuring sound and workable rates, benefits, terms, and conditions). If any, you must submit the certificate of memorandum of understanding between the Indian promoter and foreign promoter. Receipt showing the payment of the fee of the class of business. A certificate of practicing the Chartered Accountant/Company Secretary will show that all the requirements connected with registration, share capital, deposits, and other Act provisions are fulfilled. At last, after proper consideration and meeting the standards mentioned under the Act, you will receive the certificate.

9. CONTACT US Customer Support: 1800121410410 Phone: 01143022315 Email: support@jrcompliance.com Address: K8, Sector 3, Bawana Industrial Area, Delhi - 110039 (India) https://www.jrcompliance.com/