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What is Governing Insurance Intermediaries Company
What is Governing Insurance Intermediaries Company
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What is Governing Insurance Intermediaries Company. As per the regulations governing insurance intermediaries, such as - Insurance Brokers Corporate Agents Insurance Web Aggregators and Insurance Marketing Firms Insurance brokers are individuals or companies who act as intermediaries between insurance companies and policyholders. They typically offer advice on insurance products and help customers find the best insurance policies to meet their needs. Insurance brokers are required to be licensed by the IRDA and are subject to regulations and guidelines. Governing insurance intermediaries play an important role in the insurance industry by helping customers understand insurance products and find policies that best meet their needs. The IRDA regulates these intermediaries to ensure that they operate ethically and in the best interests of policyholders. Insurance Agents are individuals who work on behalf of insurance companies to sell insurance policies to customers. Corporate Agents are companies that have been authorized by insurance companies to sell their products to customers. An Insurance Web Aggregator is a website that allows customers to compare and purchase insurance policies from various insurance companies. Web aggregators provide a platform for customers to easily compare different policies and choose the one that best meets their needs. An Insurance Marketing Firm (IMF) is a company that provides marketing and promotional services to insurance companies. IMFs are authorized by insurance companies to promote and sell their products to customers. You know, insurance web aggregators and insurance marketing firms are two other types of intermediaries in the insurance industry in India. While insurance brokers, agents, and corporate agents directly interact with customers to sell insurance policies, web aggregators provide a platform for customers to compare and purchase policies, and marketing firms provide marketing and promotional services to insurance companies. An insurance broker company provides valuable advice and guidance to individuals and businesses looking to purchase insurance policies. They have a team of qualified and well-trained staff who partner with insurance companies to provide customers with a wide range of insurance products. Insurance brokers have in-depth knowledge of insurance products and related laws and regulations. They use this knowledge to help clients make informed decisions about their insurance needs. For example, if someone is unsure whether to choose an investment plan or insurance, an insurance broker can provide guidance based on their individual circumstances and financial goals. Same way, if someone is unsure whether to buy a family health insurance policy or an individual health insurance policy, an insurance broker can explain the differences and help the customer choose the policy that best meets their needs. An insurance broker can be registered as a company under the Companies Act, 2013, a cooperative society registered under the Co-operative Societies Act of 1912, or any other law governing the registration of co-operative societies, or a limited liability partnership (LLP) formed under the LLP Act. The specific legal structure that an insurance broker chooses to adopt will depend on various factors, such as the nature and scale of their business, the level of liability protection they require, and their tax obligations. Pre- requirements must be met before going to Register an Insurance Broker Company in India- Eligibility Criteria: The applicant should be a resident of India and should have completed 18 years of age. Educational Qualification: The applicant should have at least passed 12th standard from any recognized board or university. Training: The applicant should have completed a pre-licensing training program approved by the IRDAI. The training program should cover the basics of insurance, laws and regulations related to insurance, and the duties and responsibilities of an insurance broker. Experience: The applicant should have a minimum of 3 years of experience in the insurance industry. Guidelines on the Standard Professional Indemnity (PI) Policy for Insurance Brokers, Corporate Agents, Web Aggregators, and Insurance Marketing Firms (IMFs)- Key features of the Standard PI Policy for intermediaries include:- Coverage for claims arising from acts of negligence, errors, or omissions in professional services rendered by the intermediary, including advice or recommendations given to clients. Coverage for claims arising from breaches of professional duty, fiduciary duty, or statutory duty by the intermediary. Coverage for claims arising from unintentional infringement of intellectual property rights by the intermediary. Coverage for defense costs incurred in defending against claims covered by the policy. Limits of liability as per regulatory requirements, which may vary depending on the type and scale of operations of the intermediary. The guidelines also require intermediaries to disclose certain information, such as their claims history, to insurers while seeking PI coverage. Insurers are required to provide a copy of the policy document to the intermediary, along with any endorsements or changes made to the policy. Overall, the Standard PI Policy guidelines aim to provide a comprehensive and standardized framework for PI coverage for intermediaries and improve transparency and accountability in the insurance sector. To register an insurance broker company in India, you need to follow the below steps:- Company Incorporation subject to IRDA NOC for Name: Firstly, you need to incorporate a private limited company or a limited liability partnership (LLP) in India as per the Companies Act, 2013. You can do this by applying online through the Ministry of Corporate Affairs (MCA) website through filing Spice+PART-A & PART-B, INC-33, INC-34, INC-9 & Agile-Pro-S along with all supporting documents like-PAN, ID Proof, address proof, DIR-2 and other documents required for Registration as a Private Limited Company. Capital Requirement: The capital requirement for insurance broker company formation in India varies depending on the type of insurance broker you want to register as. As per the IRDAI (Insurance Regulatory and Development Authority of India) guidelines, the minimum capital requirement is as follows: General Insurance Broker: The minimum paid-up capital required for a general insurance broker company is Rs. 50 lakhs. Life Insurance Broker: The minimum paid-up capital required for a life insurance broker company is Rs. 10 lakhs. Apply for Insurance Broker License post Registration as A private Limited Company : Company need to apply for a license to act as an insurance broker with the Insurance Regulatory and Development Authority of India (IRDAI). To apply, Company need to submit the application form along with the necessary documents and fees online. IRDAI Approval: Once company have submitted the application, the IRDAI will review the application and conduct a background check on the company and its directors. If everything is found to be in order, the IRDAI will issue a license to the company to act as an insurance broker. Compliance Requirements: Company required to comply with various regulatory requirements set by the IRDAI, such as maintaining proper books of accounts, submitting regular reports to the IRDAI, and undergoing regular inspections by the IRDAI. How to apply for IRDA Licences post Registration of Company- To Act as an insurance broker in India, Company need to obtain a license from the Insurance Regulatory and Development Authority of India (IRDAI). The license is issued under the provisions of the Insurance Regulatory and Development Authority Act, 1999, and the Insurance Regulatory and Development Authority (Insurance Brokers) Regulations, 2018. Application for the license, Company need to submit the following documents along with the application form and fees:- Memorandum and Articles of Association of the company (MOA & AOA) Board resolution authorizing the company to act as an insurance broker Declaration form for the directors and key persons of the company Business plan of the insurance broker Company Proof of payment of the registration fee and security deposit Any other documents or information as may be required by the IRDAI. Once Company submitted the application, the IRDAI will review the application and conduct a background check on the company and its directors. If everything is found to be in order, the IRDAI will issue a license to the company to act as an insurance broker. IRDAI License is valid for three years and needs to be renewed thereafter. Further, the IRDAI may cancel or suspend the license if the insurance broker violates any of the regulatory requirements or engages in any fraudulent activities. It is important to note that the registration process for an insurance broker company can be complex and time-consuming. Compliance Calendar assistance will be required, a firm has rich experience in the IRDAI Compliances & approvals area to guide you through the process. It is further important to note that the IRDAI has the discretion to reject an application if it deems that the applicant does not meet the eligibility criteria or does not have the required qualifications, experience or capital. How to proceed for Renewal of Licences ? The process for renewing an IRDA (Insurance Regulatory and Development Authority) license may vary depending on the specific license you hold and the state or region where you are based. However, in general, the following steps involved- Review the renewal requirements for your specific license. This information can usually be found on the IRDA website or by contacting the IRDA directly. Depending on your license type, you may need to complete a certain number of training or educational hours before you can renew your license. Ensure that you complete any necessary coursework before applying for renewal. Prepare all required documentation such as renewal application form, payment of fees, proof of training, and other supporting documents. Submit the completed renewal application form and all required documentation to the IRDA. You may be able to submit your application online, by mail, or in person at an IRDA office. Wait for your renewal application to be processed and approved by the IRDA. This can take several weeks, so be sure to submit your application well in advance of your license expiration date. Once your renewal application is approved, you will receive a renewed license from the IRDA. It's very important to note that failing to renew the existing license of IRDAI on time can result in penalties or the revocation of the license. Therefore, Consult with Compliance Calendar LLP for retainership Services, to make sure to keep track of the license expiration date and start the renewal process well before that date to avoid any issues.
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Start Your Business
Private Limited Registration
Public Company Registration
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Section 8 Company Registration
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Insurance Company Registration
NBFC Company Registration
Producer Company Registration
Foreign Subsidiary Registration
Foreign Branch Office
Foreign Liaison Office
Foreign Project Office
Overseas Company Registration
Proprietorship Firm Registration
Partnership Firm Registration
Grow Your Business
GST Registration
MSME Registration(UDYAM)
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IEC Code (Import Export)
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Appoint Virtual CFO
Angel Funding/ VCs
Virtual Office Service
Due Diligence of Company
Business Development
Protect Your Business
Trademark Registration
Trademark Objection
Trademark Hearing
Trademark Opposition
Trademark Infringement
Trademark Renewal
Trademark Assignment
Trademark Withdrawal
Trademark Monitoring
Logo Design Service
Copyright Registration
Patent Registration
Exit Your Business
Close Company
Fast Track
Close LLP
Close Firm
GST Cancellation
Change Services
Change Company Name
Change LLP Name
Change Company Object
Change LLP Object
Increase Authorised Capital
Increase Paid-up Capital
Increase LLP Capital
Transfer of Shares
Alteration in MoA & AoA
Resignation of Auditor
Appointment of Director
Resignation of Director
Change in Designation of Director
Shifting Registered Office of Company
Shifting Registered Office of LLP
Dormant Status of Company
Mandatory Compliances
Appoinment of Auditor
Annual Filings of Company
Annual Filings of LLP
Annual DIN/DPIN KYC
Annual Return of Deposits
Half Yearly MSME Return
Statutory Registers & Minutes
XBRL Filing of Companies
eStamping of Share Certificates
Dematerialisation of Shares
RBI FEMA Compliance
GST Returns Filing
ESI-EPF Returns Filing
TDS Returns Filing
Change in Structure
Proprietorship to OPC
OPC to Private Limited
Private Limited to OPC
LLP to Private Limited
Private Limited to LLP
Partnership Firm to LLP
Private Limited to Public Company
Public Company to Private Limited
Trust/Society to Section 8 Company
Existing Company to Section 8
Existing Section 8 to Company
Services
Accounting & Book Keeping
GST Compliance
Valuation Services
Corporate Litigation
Company Law Advisory
Services For Banks
Drafting & Vetting Services
Startups Funding
Business Loans
Get in Touch
NBFC
NBFC Company Registration
NBFC Micro-Finance Registration
NBFC P2P Lending Registration
NBFC Core Investment Company
NBFC ROC Compliance
NBFC RBI Compliance
NBFC License Restoration
NBFC Business Plan
NBFC Acquisition
NBFC Consultancy
NBFC Compliance Calendar
NBFC Independent Director
ISO
ISO 9001:2015
ISO 14001:2015
ISO 13485:2016
OHSAS 18001:2007
HACCP Certification
CE Marking
GMP Certification
CMMI Level 3 Certification
ISO 22000:2005
ISO 27001:2013
FSSAI
FSSAI Registration
FSSAI State License
FSSAI Central License
FSSAI Registration Renewal
FSSAI License Renewal
FSSAI Returns Filing
FSSAI Compliances
FSSAI Consultancy
ITR
Salaried Person
Firms/LLPs
Companies
NGOs
Income Tax Notice
Income Tax Planning
Income Tax Litigation
Charity
Section 8 Company
Trust Registration
Society Registration
80G & 12A Registration
FCRA Registration
NITI Ayog Registration
CSR-1 Registration
CSR 2 Report
CSR Services
NGO Consultancy
NGO Handholding
Govt Grants Support
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Angel Investors
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Co-Working Spaces
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Incubation Centres
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Software Companies
CA/CS/CMA/Lawyers
Press & Media Houses
Overseas Ventures
Other Startup Enablers
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