IRDA Compliance for Insurance Company

The Site Aggregator License for Insurance is provided by the IRDA (Insurance Regulatory and Development Authority of India). The minimum capital requirement under the specified regulations to apply for the Web Aggregator License is INR 25 Lakhs.

What we offer:

  • Advice on the process for applying for an Insurance Web Aggregator License application
  • Insurance Web Aggregator License Assistance through IRDAI
  • Under the Companies Act, company registration
  • Advisory Services for use for the use of the Insurance Site Aggregator Licence
  • Assistance in filing with the IRDAI the application for the Insurance Web Aggregator Licence.
  • Workflow and SOP advisory
  • Daily follow-up of the Insurance Web Aggregator License application with IRDAI
  • Remittance information and notify you

Apply Now!

Apply Now!

IRDA Compliance to be Followed by Insurance Companies

Enterprises set up in India need to follow several compliances under different laws. Companies have to file annual returns and filings which are required by the government. Businesses must be registered under several authorities to follow several compliances. In the initial stage, the insurance business is established as a company. Under the Registrar of Companies (ROC), the business has to be registered. Various compliances under different laws and regulations are there once the insurance business begins its operations.

All insurance companies must follow IRDA Compliance for Insurance Companies insurance. An insurance company that has expertise in life insurance or general insurance would have distinctive compliances on the basis of the regulatory norms regarding insurance. For insurance companies, IRDA compliance is mandatory so that a company can perform operations in the field of insurance.

IRDA : An Overview

For the governance of the insurance sector, regulatory authority is established. It is called the Insurance Regulatory and Development Authority. It is a statutory body that plays a crucial role in governing the insurance sector, its main objective is to frame the rules and regulations for the insurance company and to keep a check on the workings of the insurance company. The main purpose of Insurance firms’ is to uphold the resources and invest the same somewhere else. Companies that work under the insurance industry have to follow the mind-boggling economic patterns. Reporting, however, is the basic requirement that the authorities ask for from the companies. To fulfill the objective of transparency and accountability, IRDA Compliance for insurance companies is essential. To ensure better governance of the organization, they are obliged to submit their details.

How did the IRDA Form?

Some reforms suggested by the committee:

What is the Need of IRDA Compliance for Insurance Companies?

IRDA compliance for an insurance company is needed so that the company can follow the rules and by-laws which the authority has laid down. Other than this, IRDAI compliance is necessary for the following reasons:

Who has the Authority to Regulate IRDA Compliance for Insurance Companies?

Insurance Regulatory and Development Authority of India (IRDAI) is a primary regulatory authority for IRDA compliance in India for insurance companies. Under the Insurance Act, 1938 and the Insurance Regulatory and Development Authority Act 1999, the law related to insurance is written.

There are other regulatory authorities and laws also that insurance companies have to be compliant with. Under the following authorities, IRDA Compliance for insurance companies comes:

What are the Eligibility Criteria- IRDA Compliance for Insurance Companies?

The company that is willing to conduct the business of insurance must be registered as a company under the companies act.

The insurance company must be registered as a public company with the Companies Act 2013.

The company is required to be compliant with the Insurance Act and Insurance Laws for being registered with the IRDAI and should have the minimum capital requirements.

  1. Requirements for an Insurance Company- 100 Crores (minimum capital amount)
  2. Requirements for Reinsurance Company- 200 Crores (minimum capital amount)

The Procedure of IRDA Compliance for Insurance Companies

There are various IRDA compliance for insurance companies that have to be followed by an insurance company.

Annual Compliance

A business that is established in India has to fulfill a particular set of compliance, filings, and returns as written under the provisions of various tax and corporate laws. In easier terms, compliance means abiding by rules and orders applicable to the entity. Every entity is governed by a certain law and order and that business or firm needs to follow the rule and regulations written in it. The scope and consequences of the company’s relevant laws and regulations must be considered by the management and executive board. There should be a compliance management system that functions as a supporting risk management program, as it can minimize the enforcement risk.

In Annual compliance a specific set of compliance that a company has to fulfill after being incorporated so that it can start and continue its operations. If Non-complied with such compliance it may result in striking off of the company’s name and disqualification of the directors of that particular company.

Why Choose Legal Raasta

30+ Offices in India
10+ Years Experience
Economical and Fast
Money Back Guarantee


Frequently Asked Questions

Yes, an insurance company is required to strictly follow the above compliances. Compliance vary depending upon the business requirements of the insurance company. A company that does not hold any kind of foreign investment or foreign holding does not have to deal with compliances prescribed with FEMA.

Yes, there are a particular set of norms that have to be followed by all the insurance companies, corporate agencies, intermediaries, brokers, and marketers. Any company that is willing to start an insurance brokering business would have complied with the rules related to the formation of a company. In the same way, a company commencing a corporate agency will also have the same compliances related to forming a company.

There are 17 ombudsmen who address grievances regarding insurance all over India.

The different kinds of insurance companies are:
● Property Insurance.
● Life Insurance or Personal Insurance.
● Fire Insurance.
● Liability Insurance.
● Marine Insurance.
● Social Insurance.
● Guarantee Insurance.

The functions performed by IRDAI are as follows:
● Issue of certificate of registration.
● Protects and retains the interest of policyholders.
● Issue license to the agents.
● Specifies the code of conduct for loss assessors and surveyors.
● Promotes efficiency in insurance enterprises.
● Undertakes inspection, conducts inquiries upon insurance companies.

There are different penalties and consequences for not standing up to the rules of insurance regulations. Non-compliance with the rules of the authority- A penalty can be imposed by the authority on the company and civil consequences for the directors to not comply with the laws prescribed by the authority. on-Compliance with Companies 2013- it will call for punishments that the company and the directors of the company have to bear. Non-Compliance with FEMA Regulations- It will attract severe penalties. It will be enforced by an authorized dealer and the RBI.

A significant figure in the balance sheet of a company is accounts payable (AP). If AP rises from a previous period, instead of paying cash, the business buys more products or services on credit.


LegalRaasta was founded on the principle that sophisticated legal and taxation services should be simple, modern, and inexpensive. We can serve our clients more efficiently thanks to cutting-edge practise technology.

By continuing past this page, you agree to our Terms and Conditions Privacy Policy and Refund Policy | Copyright © 2015-2024| All Rights Reserved