NOC from IRDAI for Insurance Broker Company Name

NOC from IRDAI for Insurance Broker Company Name . In India, certain sectors and professions are governed by regulatory bodies such as the IRDAI, ICAI, ICSI, ICMAI, Bar Council, Council of Architecture, etc. and when an entity wishes to incorporate a Private Limited or Limited Liability Partnership (LLP) and intends to receive a company in a regulated activity, prior approval or a No Objection Certificate (NOC) from the concerned regulator is mandatory as per guidelines issued by the Ministry of Corporate Affairs (MCA) at the time of filing Spice + Part-A/RUN Application, clarified through various circulars issued by the MCA, especially MCA General Circular No. 2/2012 and MCA General Circular No. 40/2012.
General Circular No. 40/2012
The MCA issued General Circular No. 40/2012 [No. 17/202/2012 CL-V] dated 17th December 2012 to supplement the earlier MCA Circular No. 2/2012 dated 1st March 2012, aim to provide that names of LLPs and companies intending to carry out activities in regulated sectors are not approved without proper authorization from the concerned professional body or regulator.
The MCA circular mandates that in-principle approval or NOC from the respective regulatory authority should be obtained at the time of incorporation or conversion into an LLP and not merely at the stage of name application and as follow:-

NOC Required for LLPs in Regulated Professions: If the object of a proposed LLP is to carry out a profession regulated by a statutory body (e.g., Chartered Accountants, Company Secretaries, Cost Accountants, Architects, or Insurance Brokers), NOC from the concerned regulator must be obtained at the time of incorporation/conversion.
Change of Name of an Existing LLP:In the case of an existing LLP seeking to change its name, the NOC must be obtained at the name approval stage, since the name change application is processed through Form 5, which is filed under STP (Straight Through Processing) mode.
Role of Registrars/ MCA/CRC: All Registrars of Companies (ROCs) or CRC now are directed to strictly ensure that such regulatory NOC is submitted before proceeding with name approval or incorporation.

In this article, we will explain the requirement of IRDAI NOC before name reservation, the legal basis behind it, and the practical steps involved in the process. Entities planning to use terms such as "Insurance Broker," "Insurance Marketing Firm or IMF," or "Insurance company" in their company name must secure IRDAI’s approval even before filing for name reservation with the Ministry of Corporate Affairs (MCA) under the Companies Act, 2013.
At the time of incorporation, where one of the objects of the company is to carry on the business of insurance, in-principle approval / NOC from the concerned regulator should be furnished as per Ministry?s General Circular No. 2/2012 dated 01.03.2012.
Compliance with IRDAI Regulations:
As per Regulation 18(1) of the IRDAI (Insurance Brokers) Regulations, 2018, it is mandatory for any applicant intending to engage in the business of insurance broking to incorporate the words “Insurance Broker”, “Insurance Brokers”, or “Insurance Broking” in the proposed company name. In compliance with the said regulation, the name proposed by us includes the phrase “Insurance Broking”, which appropriately indicates the nature of the proposed business and aligns with IRDAI’s naming guidelines.
IRDAI’s Role as Regulator for Insurance Brokers
Under the IRDAI (Insurance Brokers) Regulations, 2018, any individual, partnership firm, LLP, or company that intends to operate as an Insurance Broker must obtain prior registration from the Insurance Regulatory and Development Authority of India (IRDAI).
As per Regulation 18(1) of the said regulations, the applicant is required to include the words “Insurance Broker”, “Insurance Brokers” or “Insurance Broking” in its name, and must obtain NOC from IRDAI before incorporating the company or LLP.
MCA Practice for Entities Using ‘Insurance Broking’ in their Name
When an applicant applies for name reservation using SPICe+ Part A or RUN (Reserve Unique Name), and the name contains any variation of the term “Insurance Broking”, the Central Registration Centre (CRC) raises a resubmission request and asks for a valid NOC from IRDAI.
This NOC is not an approval to commence operations, but merely a consent to use the proposed name containing a regulated term. Registration and commencement of broking activities must occur separately after complying with the full process under IRDAI’s regulations.
Learn How to register an IMF with the IRDAI - Legal Structure, Capital, Prerequirements, Process and Fees
Illustration: ABC Insurance Broking Private Limited
Let us consider the example of a company proposed to be incorporated under the name ABC Insurance Broking Private Limited. The applicant has submitted the SPICe+ Part A form, and MCA has raised an objection stating that NOC from IRDAI is required for further processing of the name.
Some of IRDAI-Registered Insurance Brokers in India who complied with IRDAI norms and got the registrations by providing following documents with IRDAI for getting NIOC for the name:-

Cover letter requesting NOC
Copy of SPICe+ Part A and MCA resubmission remarks
Identity and address proof of all promoters
Declaration to comply with IRDAI regulations after incorporation

Note: Only upon receiving IRDAI’s NOC can the applicant proceed with the incorporation.
Learn more about IMF Registration Benets and IMF NOC from IRDAI
Regulatory Compliance
For avoiding the  rejections during the incorporation process along with the to proceed smoothly, entities proposing to operate in regulated sectors must adhere to the following practices:

Step

Action Item

Carefully draft the object clause in alignment with regulatory activities and choose right NIC as per 2008

Mention regulated keywords (e.g., Insurance Broking) only if you intend to register under that sector

Obtain NOC from the regulator (e.g., IRDAI, ICAI, ICSI) at the time of name application stage

Submit relevant documents (name approval SRN, ID proofs, object clause) to the regulator

Apply for incorporation only after NOC is received

The MCA's General Circular No. 40/2012 ensures regulatory oversight and prevents the misuse of names implying affiliation with regulated professions. Companies proposing to enter sectors like insurance, legal practice, accountancy, or architecture must secure in-principle approval from the relevant authority at the incorporation stage itself. In the case of Insurance Broking, this implies that no entity can even reserve a name containing "Insurance Broking" without IRDAI’s express consent. Also you should know about the IMF Registration benefits and IMF NOC from IRDAI. 
What is the Difference between Insurance Broker vs. Corporate Agent for IRDAI registration

In India, certain sectors and professions are governed by regulatory bodies such as the IRDAI, ICAI, ICSI, ICMAI, Bar Council, Council of Architecture, etc. and when an entity wishes to incorporate a Private Limited or Limited Liability Partnership (LLP) and intends to receive a company in a regulated activity, prior approval or a No Objection Certificate (NOC) from the concerned regulator is mandatory as per guidelines issued by the Ministry of Corporate Affairs (MCA) at the time of filing Spice + Part-A/RUN Application, clarified through various circulars issued by the MCA, especially MCA General Circular No. 2/2012 and MCA General Circular No. 40/2012.

General Circular No. 40/2012

The MCA issued General Circular No. 40/2012 [No. 17/202/2012 CL-V] dated 17th December 2012 to supplement the earlier MCA Circular No. 2/2012 dated 1st March 2012, aim to provide that names of LLPs and companies intending to carry out activities in regulated sectors are not approved without proper authorization from the concerned professional body or regulator.

The MCA circular mandates that in-principle approval or NOC from the respective regulatory authority should be obtained at the time of incorporation or conversion into an LLP and not merely at the stage of name application and as follow:-

NOC Required for LLPs in Regulated Professions: If the object of a proposed LLP is to carry out a profession regulated by a statutory body (e.g., Chartered Accountants, Company Secretaries, Cost Accountants, Architects, or Insurance Brokers), NOC from the concerned regulator must be obtained at the time of incorporation/conversion.
Change of Name of an Existing LLP:In the case of an existing LLP seeking to change its name, the NOC must be obtained at the name approval stage, since the name change application is processed through Form 5, which is filed under STP (Straight Through Processing) mode.
Role of Registrars/ MCA/CRC: All Registrars of Companies (ROCs) or CRC now are directed to strictly ensure that such regulatory NOC is submitted before proceeding with name approval or incorporation.

At the time of incorporation, where one of the objects of the company is to carry on the business of insurance, in-principle approval / NOC from the concerned regulator should be furnished as per Ministry?s General Circular No. 2/2012 dated 01.03.2012.

Compliance with IRDAI Regulations:

As per Regulation 18(1) of the IRDAI (Insurance Brokers) Regulations, 2018, it is mandatory for any applicant intending to engage in the business of insurance broking to incorporate the words “Insurance Broker”, “Insurance Brokers”, or “Insurance Broking” in the proposed company name. In compliance with the said regulation, the name proposed by us includes the phrase “Insurance Broking”, which appropriately indicates the nature of the proposed business and aligns with IRDAI’s naming guidelines.

IRDAI’s Role as Regulator for Insurance Brokers

Under the IRDAI (Insurance Brokers) Regulations, 2018, any individual, partnership firm, LLP, or company that intends to operate as an Insurance Broker must obtain prior registration from the Insurance Regulatory and Development Authority of India (IRDAI).

As per Regulation 18(1) of the said regulations, the applicant is required to include the words “Insurance Broker”, “Insurance Brokers” or “Insurance Broking” in its name, and must obtain NOC from IRDAI before incorporating the company or LLP.

MCA Practice for Entities Using ‘Insurance Broking’ in their Name

When an applicant applies for name reservation using SPICe+ Part A or RUN (Reserve Unique Name), and the name contains any variation of the term “Insurance Broking”, the Central Registration Centre (CRC) raises a resubmission request and asks for a valid NOC from IRDAI.

This NOC is not an approval to commence operations, but merely a consent to use the proposed name containing a regulated term. Registration and commencement of broking activities must occur separately after complying with the full process under IRDAI’s regulations.

Learn How to register an IMF with the IRDAI - Legal Structure, Capital, Prerequirements, Process and Fees

Illustration: ABC Insurance Broking Private Limited

Let us consider the example of a company proposed to be incorporated under the name ABC Insurance Broking Private Limited. The applicant has submitted the SPICe+ Part A form, and MCA has raised an objection stating that NOC from IRDAI is required for further processing of the name.

Some of IRDAI-Registered Insurance Brokers in India who complied with IRDAI norms and got the registrations by providing following documents with IRDAI for getting NIOC for the name:-

Cover letter requesting NOC
Copy of SPICe+ Part A and MCA resubmission remarks
Identity and address proof of all promoters
Declaration to comply with IRDAI regulations after incorporation

Note: Only upon receiving IRDAI’s NOC can the applicant proceed with the incorporation.

Learn more about IMF Registration Benets and IMF NOC from IRDAI

Regulatory Compliance

For avoiding the rejections during the incorporation process along with the to proceed smoothly, entities proposing to operate in regulated sectors must adhere to the following practices:

Step	Action Item
1	Carefully draft the object clause in alignment with regulatory activities and choose right NIC as per 2008
2	Mention regulated keywords (e.g., Insurance Broking) only if you intend to register under that sector
3	Obtain NOC from the regulator (e.g., IRDAI, ICAI, ICSI) at the time of name application stage
4	Submit relevant documents (name approval SRN, ID proofs, object clause) to the regulator
5	Apply for incorporation only after NOC is received