{"id":14084,"date":"2018-09-03T09:53:00","date_gmt":"2018-09-03T09:53:00","guid":{"rendered":"https:\/\/www.legalraasta.com\/blog\/?p=14084"},"modified":"2026-04-08T11:21:57","modified_gmt":"2026-04-08T05:51:57","slug":"nbfc-participation-in-insurance-business","status":"publish","type":"post","link":"https:\/\/www.legalraasta.com\/blog\/nbfc-participation-in-insurance-business\/","title":{"rendered":"Participation of NBFCs in Insurance Business"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_73 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.legalraasta.com\/blog\/nbfc-participation-in-insurance-business\/#Introduction\" title=\"Introduction\">Introduction<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.legalraasta.com\/blog\/nbfc-participation-in-insurance-business\/#Requirements_for_NBFC_participation_in_Insurance_Business\" title=\"Requirements for NBFC participation in Insurance Business\">Requirements for NBFC participation in Insurance Business<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.legalraasta.com\/blog\/nbfc-participation-in-insurance-business\/#Approval_Application_for_NBFC_participation_in_Insurance_Business\" title=\"Approval Application for NBFC participation in Insurance Business\">Approval Application for NBFC participation in Insurance Business<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.legalraasta.com\/blog\/nbfc-participation-in-insurance-business\/#Requirements_of_Equity_Contribution\" title=\"Requirements of Equity Contribution\">Requirements of Equity Contribution<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.legalraasta.com\/blog\/nbfc-participation-in-insurance-business\/#Eligibility_Criteria_for_NBFCs_getting_into_the_Joint_Venture\" title=\"Eligibility Criteria for NBFCs getting into the Joint Venture\">Eligibility Criteria for NBFCs getting into the Joint Venture<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.legalraasta.com\/blog\/nbfc-participation-in-insurance-business\/#Some_other_provisions\" title=\"Some other provisions\">Some other provisions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.legalraasta.com\/blog\/nbfc-participation-in-insurance-business\/#Exemptions\" title=\"Exemptions\">Exemptions<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"Introduction\"><\/span><strong>Introduction<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p>The <a href=\"https:\/\/www.legalraasta.com\/blog\/nbfc-compliances-returns\/\" target=\"_blank\" rel=\"noopener\">Non-banking financial companies (NBFCs)<\/a> are very similar to the conventional Banks to the most extent apart from\u00a0few differences that make them their counterparts. The latest development in the financial markets has made the entrance\u00a0of NBFC in the insurance sector possible. Guidelines\u00a0provided by the Reserve\u00a0bank of India has laid down the entry process and working of NBFCs in the Insurance sector. In this article, we will focus on the NBFC participation in the insurance business.<\/p>\n<p>For <a href=\"https:\/\/www.legalraasta.com\/nbfc-registration\/\"><span style=\"color: #000000;\">NBFC registration<\/span><\/a>\u00a0follow our <a href=\"https:\/\/www.legalraasta.com\/blog\/\" target=\"_blank\" rel=\"noopener\">blog<\/a> to get more updates\u00a0regarding Non-banking financial institutions.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Requirements_for_NBFC_participation_in_Insurance_Business\"><\/span><strong>Requirements for NBFC participation in Insurance Business<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>NBFCs which are registered under Reserve bank of India for carrying out its operations with the net owned fund (NOF) of Rs. 500 lakhs according to the last audited balance sheet must be permitted to undertake insurance business as an agent of insurance companies on a fee basis, without having any participation of risk. Before this, NBFC must take approval from Insurance regulatory and development authority (IRDA).<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Approval_Application_for_NBFC_participation_in_Insurance_Business\"><\/span><strong>Approval Application for NBFC participation in Insurance Business<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>An application with the necessary documents must be made to the Reserve bank of India by the desired NBFC. Besides, particulars duly certified by the\u00a0statutory auditors to the Regional Office of the Department of Non-Banking Supervision must also be attached.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Requirements_of_Equity_Contribution\"><\/span><strong>Requirements of Equity Contribution<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The NBFCs who are planning to step into the business of insurance sector must have the maximum equity contribution of 50% of the\u00a0paid-up equity capital\u00a0of the Insurance Company with whom it has entered into the joint venture. In most of the cases, the Reserve Bank of India may allow a higher equity contribution by a promoter NBFC.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Eligibility_Criteria_for_NBFCs_getting_into_the_Joint_Venture\"><\/span><strong>Eligibility Criteria for NBFCs getting into the Joint Venture<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ol>\n<li>The NBFC should have the Net Worth of not less than 500 crores;<\/li>\n<li>The CRAR of the NBFCs engaged in the activities of loan and investments and holding the public deposits of not less than 15 % and for other NBFCs, it shall be 12 %, whether they hold public deposits or not;<\/li>\n<li>The non-performing assets shall not be more than 5% of total outstanding assets on\u00a0 lease, hire-purchase basis and advance taken together;<\/li>\n<li>The NBFC must have earned profits for the three last continuous years;<\/li>\n<li>The performances of the subsidiary of NBFCs, if any, shall be satisfactory;<\/li>\n<li>Adherence to the regulatory compliances is mandatory.<\/li>\n<\/ol>\n<h3><span class=\"ez-toc-section\" id=\"Some_other_provisions\"><\/span><strong>Some other provisions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>When the contribution of a foreign partner is 26% of the equity with the approval of IRDA\/FIPB then the participation of more than one NBFC in the joint venture is allowed.<\/li>\n<li>No NBFC will conduct such business departmentally. It is not allowed even for the subsidiary or company of the same group of an NBFC engaged in the business of a non-banking financial institution or banking shall be allowed to join the insurance company on the basis of their risk participation.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Exemptions\"><\/span><strong>Exemptions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Requisite permission by the concerned NBFCs shall be obtained from IRDA and the IRDA.<\/li>\n<li>Any restrictive policies shall not be adopted by NBFCs.<\/li>\n<li>All the public disclosure material distributed by the concerned NBFC shall state very clearly that the subject of participation by an NBFC\u2019s customer in insurance products is purely on a voluntary basis.<\/li>\n<li>The premium to be payable on the insurance shall be made directly to the insurance company without taking the NBFC into the picture.<\/li>\n<li>The risks associated with the business of insurance conducted by the NBFC shall not be transferred into the business of NBFC.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>For additional details regarding <a href=\"https:\/\/www.legalraasta.com\/nbfc-registration\/\" target=\"_blank\" rel=\"noopener\">NBFC Registration<\/a>,<a href=\"https:\/\/www.legalraasta.com\/blog\/classification-of-nbfcs-in-india\/\" target=\"_blank\" rel=\"noopener\"> Classification of NBFC<\/a>, <a href=\"https:\/\/www.legalraasta.com\/blog\/regulations-for-nbfcs\/\" target=\"_blank\" rel=\"noopener\">Regulations governing NBFC<\/a> you can visit our website: Legal Raasta<\/p>\n<p>Ring us on 8750048585 or send your query on Email: <a href=\"mailto:contact@legalraasta.com\" target=\"_blank\" rel=\"noopener\">contact@legalraasta.com<\/a><\/p>\n<blockquote>\n<p>Related Articles:<\/p>\n<p><a href=\"https:\/\/www.legalraasta.com\/blog\/annual-compliance-nbfcs-india\/\" target=\"_blank\" rel=\"noopener\"><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Annual Compliance of NBFCs in India&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:573,&quot;3&quot;:[null,0],&quot;5&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:[null,2,0]},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;6&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:[null,2,0]},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;7&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:[null,2,0]},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;8&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:[null,2,0]},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;12&quot;:0}\">Annual Compliance of NBFCs in India<\/span><\/a><\/p>\n<p><a href=\"https:\/\/www.legalraasta.com\/blog\/obligations-under-pml-rules-nbfcs\/\" target=\"_blank\" rel=\"noopener\"><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Fulfilled obligations under PML Rules: RBI to NBFCs&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:573,&quot;3&quot;:[null,0],&quot;5&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:[null,2,0]},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;6&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:[null,2,0]},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;7&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:[null,2,0]},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;8&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:[null,2,0]},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;12&quot;:0}\">Fulfilled obligations under PML Rules: RBI to NBFCs<\/span><\/a><\/p>\n<p><a href=\"https:\/\/www.legalraasta.com\/blog\/withdrawing-exemptions-for-government-nbfcs\/\" target=\"_blank\" rel=\"noopener\"><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;RBI hitting on Government owned NBFCs \u2013 Withdrawing Exemptions!&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:573,&quot;3&quot;:[null,0],&quot;5&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:[null,2,0]},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;6&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:[null,2,0]},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;7&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:[null,2,0]},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;8&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:[null,2,0]},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;12&quot;:0}\">RBI hitting on Government owned NBFCs \u2013 Withdrawing Exemptions!<\/span><\/a><\/p>\n<p>&nbsp;<\/p>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Introduction The Non-banking financial companies (NBFCs) are very similar to the conventional Banks to the most extent apart from\u00a0few differences that make them their counterparts. The latest development in the financial markets has made the entrance\u00a0of NBFC in the insurance sector possible. Guidelines\u00a0provided by the Reserve\u00a0bank of India has laid down the entry process and working [&hellip;]<\/p>\n","protected":false},"author":15,"featured_media":14103,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[141],"tags":[349,348,347],"class_list":["post-14084","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-nbfc","tag-nbfc-in-insurance-business","tag-nbfc-participation-in-insurance-business","tag-participation-of-nbfcs-in-insurance-business"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>NBFC participation in Insurance Business | LegalRaasta<\/title>\n<meta name=\"description\" content=\"Reserve\u00a0bank of India has laid down the entry process and working of NBFCs in the Insurance sector to promote NBFC 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