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Insurance Corporate Agent
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- Provide a Certificate of Incorporation or the equivalent document for LLPs or cooperative societies, as per their respective governing regulations.
- Submit comprehensive details of the proposed or existing branch offices, including their addresses, contact information, and operational scope.
- Details of the principal officer of the applicant organization.
- Details of the directors/partners of the applicant organization.
- Organizational structure that clearly outlines the functional responsibilities of each department within the applicant organization.
- Networth Certificate of the applicant certified by a Chartered Accountant.
- Declaration of Fit and Proper Criteria.
- Receipt of the application fee.
- Registered as a company under the Companies Act. A Limited Liability Partnership registered under the LLP Act.
- Or, registered as a Cooperative Society under the Cooperative Societies Act.
- Or, established as a regional rural bank under Section 3 of the Regional Rural Banks Act.
- Or, registered as a non-governmental organization (NGO) or a Micro Lending Finance Organization (MLF) covered under the Cooperative Societies Act
- The applicant must have the necessary infrastructure.
- Graduate with at least 50 hours of training from an IRDA-approved institution
- No violations of the code of conduct mentioned in the regulations
- Declaration of "Fit and Proper" status by the appropriate authority
- Ensuring that your corporate agency license complies with all applicable IRDAI regulations, Circulars, Guidelines, and instructions.
- Reviewing the information you provide to the IRDAI to ensure its accuracy and completeness, minimizing the risk of false or misleading information being submitted.
- Help you to implement and maintain policy records in the format specified by the IRDAI, ensuring that each policy is tagged to the specified person, except for products that are simple, sold over the counter, and specifically approved by the Authority.
- Get expert guidance on avoiding multi-level marketing practices for insurance product solicitation, ensuring adherence to IRDAI regulations.
- Help you to establish and maintain separate books of accounts for your corporate agency business, ensuring clear financial records and compliance with accounting standards.
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 corporate Agents are entities that are authorized to solicit, produce, or service insurance business on behalf of life insurers, general insurers, and health insurers. These entities can be companies, cooperative societies, LLPs, NGOs, rural banks, or microfinance lending organizations.
As per the IRDAI (Insurance Regulatory Development Authority of India) regulations of 2015, the registration of Corporate Insurance agents has been made mandatory.
There are 4 types of Insurance Corporate Agents in India:
1. Corporate Agent (Life)
2. Corporate Agent (General)
3. Corporate Agent (Health)
4. Corporate Agent (Composite)
The Certificate of registration for a Corporate Agent is valid for a period of three years from the date of its issue.
As per the New Regulations, a Insurance Corporate Agent exclusively doing insurance intermediation should have a minimum share capital or contribution and net worth of Rupees Fifty Lakh and it should be maintained a net worth of Rupees Fifty Lakh at all times.
Insurance marketing firms operate independently, allowing them to represent multiple insurance carriers and provide clients with a diverse selection of policy options. Conversely, corporate agents are bound to a single insurance company, restricting the range of policies they can offer to clients.
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