Yes. The same individual can be the FSE and the ISP for the Insurance Marketing Firm. However, the individual should meet all the qualifications and the eligibility criteria as per the requirements laid under the IMF Regulations.
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- Arrange all necessary documents, including the application form, supporting documents, and identification proof.
- File an online application and complete the e-form for IMF certification. Enter accurate and complete information to avoid application rejection.
- Submit the required documents in the specified format as instructed by the authorities.
- Pay the application fee and obtain the acknowledgment number for tracking purpose.
- The authorities will thoroughly examine the application for any discrepancies or missing information. If errors are detected, the applicant will be notified and given a time frame to rectify them. Upon successful review, the authorities will grant the IMF registration certificate.
- The applicant firm must possess a valid business registration or incorporation certificate.
- The applicant firm must have a qualified principal officer who meets the educational and experience requirements set by the regulatory body.
- The applicant firm must employ at least one Financial Service Executive and one Insurance Sales Person who hold the necessary certifications and experience.
- The applicant firm must maintain a minimum net worth of Rs 5 lakhs for establishing a single branch of IMF. For multiple branches, the net worth should not be less than Rs 10 lakhs.
- The name of the applicant firm must clearly include the term "IMF" or "Insurance Marketing Firm" to accurately reflect its business activities.
- We help businesses with complex regulatory landscape, ensuring the insurance marketing firm meets all licensing requirements, submits necessary applications, and remains compliant with changing regulations.
- Conducting regular risk assessments to identify and assess the risks to their compliance including identify potential conflicts of interest, operational risks, and reputational risks.
- Get assistance on implementing robust KYC procedures to verify the identities of their customers, assess the risks associated with their business relationships, and monitor transactions for suspicious activities.
- Tracking compliance incidents, identify areas for improvement, and report on their compliance performance to regulatory authorities.
Mr. Manish is highly professional. We get the best service and advice. Very punctual and dedicated team, always stays upfront in informing anything to avoid obligations. Thank you so much.
Raman Shukla
COO at VSERV Infosystems & Founder VSERV Academy
Mr. Manish Mishra's team provided invaluable guidance and expertise in Fintech and NBFC advisory, helping us navigate complex financial regulations and achieve remarkable growth in our business. Their insights are truly a game-changer.
Abhishek M R
Managing Director AMR FINANCE PVT LTD
Mr. Manish, as our Virtual CFO, has been instrumental in propelling our business to spontaneous growth. His expert guidance and strategic insights have transformed our financial landscape, paving the way for remarkable success.
Ajay Kumar
Founder & CEO - Eagabriz Shipping Pvt Ltd
Insurance regulatory and development authority of India (IRDA).
Yes, insurance marketing firms have the capacity to function across various jurisdictions, yet it’s crucial for them to acknowledge and adhere to the regulations within each operational area. Understanding and meeting the distinct licensing, registration, and compliance prerequisites for each jurisdiction is imperative.
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