How to Withdraw from a Partnership in India
Starting a new business with a partner is exciting, isn’t it? But, as seen at times, things do not always quite go as expected. Any of the partners, voluntaril ...
Foreign Insurance Company Compliances
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- Global Expertise: Benefit from the international experience and expertise brought by foreign insurers.
- Diverse Product Offerings: Access a wide range of insurance products tailored to diverse customer needs.
- Innovative Solutions: Tap into innovative insurance solutions developed through global insights and technologies.
- Enhanced Competition: Foster a competitive market, encouraging better services, pricing, and options for policyholders.
- Risk Diversification: Contribute to risk diversification in the Indian insurance sector, promoting stability.
- Technology Integration: Introduce advanced technologies and digital tools for improved customer experiences.
- Knowledge Exchange: Facilitate knowledge exchange between global and local insurance markets.
- Economic Growth: Contribute to the economic growth of the country by attracting foreign investments.
- Capacity Building: Enhance the overall capacity of the insurance industry through collaboration and partnerships.
- Regulatory Compliance: Adhere to international standards while ensuring compliance with local regulations for a balanced approach to insurance services.
- Obtain approval from the Insurance Regulatory and Development Authority of India (IRDAI) to operate in the Indian insurance market.
- Ensure compliance with IRDAI regulations and guidelines for foreign insurers.
- Demonstrate financial stability and meet prescribed capital requirements.
- Establish a local operational infrastructure, which may include a branch office or subsidiary.
- Employ qualified personnel with expertise in various aspects of insurance operations.
- Seek approval from IRDAI for insurance products to ensure they meet regulatory standards.
- Demonstrate a good track record, integrity, and ethical business conduct.
- Neither the applicant nor key personnel should have faced adverse regulatory actions.
- Fulfill any requirements related to maintaining a local presence in India.
- Commit to submitting regular reports to IRDAI, providing necessary information about financial status and operations.
- Our team provides a thorough grasp of IRDAI's intricate regulatory framework, covering the Insurance Act, 1999, along with various regulations and circulars. We elucidate licensing prerequisites, solvency norms, investment restrictions, and reporting obligations.
- We guide FICs through the registration and licensing process, meticulously handling applications, ensuring regulatory compliance, and facilitating communication with IRDAI.
- Our expertise assists FICs in managing solvency ratios and complying with IRDAI's investment regulations. We offer guidance on asset allocation, risk assessment, and regulatory reporting pertaining to solvency and investments.
- We facilitate the selection and appointment of a Statutory Auditor registered with IRDAI, proficient in auditing insurance companies and well-versed in IRDAI's auditing standards.
- Our team ensures timely and accurate preparation and filing of regulatory reports and returns, adhering meticulously to IRDAI's reporting standards and guidelines.
- Get our expert advise on maintaining comprehensive records and documentation, ensuring readiness for compliance checks by IRDAI or other regulatory bodies.
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
The Union Budget 2021-22 announced the proposal to liberalise Foreign Direct Investment (“FDI”) in Indian insurance companies from the existing 49% to 74% with effect from August 2021.
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