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 ...
Insurance Intermediaries compliances
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- Maintain minimum paid-up capital and net-worth.
- Provide a provisional letter of allotment of space to operate from IFSC.
- Provide a resolution of Board of directors or its equivalent to set up an IIIO.
- Meet any other requirements stipulated by the IRDAI.
- Complete the application form specified under Schedule I - Form B.
- Apply for a certificate of registration.
- Be certified by the Insurance Regulatory and Development Authority of India (IRDAI).
- Have a state license for the insurance business
- Internationally Intermediating Insurance Organizations (IIIOs) are permitted to solicit reinsurance business within the IFSC, other Special Economic Zones (SEZs) in India, the Domestic Tariff Area (DTA), and internationally.
- IIIOs are restricted from engaging in any class of business that falls outside the scope of their registered certificate, as outlined in their certificate of registration.
- Insurance Intermediaries must be registered with the IFSCA before commencing operations.
- The registration process involves submitting an application with detailed information about the intermediary, its key personnel, financial position, and business plan.
- The IFSCA may grant licenses based on specific eligibility criteria and compliance with fit and proper requirements.
- Implement robust KYC and AML procedures to verify customer identities, monitor transactions, and report suspicious activities.
- Maintain minimum capital requirements based on their activities and risk profile.
- Establish sound governance structures, implement effective internal controls, and manage conflicts of interest.
- Regularly submit financial statements, activity reports, and other information to the IFSCA.
- Adhere to a code of conduct that ensures fair and ethical dealings with clients, insurers, and other stakeholders.
- Assist in preparing a comprehensive application with accurate information about the intermediary, personnel, financials, and business plan.
- Get expert advice on fulfilling fit and proper requirements for key personnel and ensuring the intermediary's legal and financial soundness.
- Assessing capital adequacy based on activity type and risk profile, ensuring compliance with IFSCA requirements.
- Help you with strategies to optimize capital usage, minimizing costs while maintaining regulatory compliance.
- Get expert advise on establishing robust KYC processes to verify customer identities, collect necessary documents, and maintain updated records.
- Ensures the intermediary remains compliant with evolving AML regulations and international best practices.
- Help you to prepare accurate financial statements as per IFSCA standards, ensuring transparency and accountability.
- Managing the timely submission of financial statements, activity reports, and other information to the IFSCA.
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
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