The Indian Insurance market has witnessed tremendous growth in the last
years and expecting significant growth in the coming years. Today, in India we have a total of
55 players out of which 24 life insurance companies and 31 non-life insurance companies. In this
article, we will have a look at how to register an Insurance company.
Every insurer seeking to carry out the business of insurance in India is required to obtain a certificate of registration from the IRDAI before the commencement of business. The pre-conditions for applying for such registration have been set out under the Insurance Act of 1938 and the various regulations prescribed by the Authority.
The registration for an Insurance company is divided into three parts i.e. R1, R2, R3.
Application for issuance of a requisition for registration:
An applicant can file an application for life Insurance or General Insurance company or Health Insurance Business exclusively or Reinsurance Business.
After receiving an application, the Authority may ask for further information or clarification related to the consideration of an application.
After satisfaction, the Authority may grant approval and the applicant then file a further application in Form IRDAI/R2 for a grant of a certificate of registration.
The Authority may reject the application for issuance of a requisition for a registration form by recording the reason in writing.
An applicant who is aggrieved by the decision shall file an appeal to Securities Appellate Tribunal within 30 days of rejection communication received.
Under the following circumstance the applicant is not eligible to file an application under IRDAI/R1:
Once the authority accepts the application for requisition, the applicant shall apply in Form IRDAI/R2 for the grant of a certificate of registration. The application shall contain the following information:
The following are the causes for the suspension of a license of an Insurance Company:
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