IRDA, the Insurance Regulatory and Development Authority of India, introduced Insurance Marketing Firms (IMFs) in 2015. These are essentially one-stop shops for all your financial product needs. IMFs are licensed by IRDAI to sell various insurance products (life, health, non-life), and can even distribute other financial products through qualified advisors. They aim to simplify financial planning for individuals by offering a comprehensive suite of services under one roof.
Company Formation: Choose your business structure (private limited company, LLP) and register it with the Registrar of Companies (ROC).
IRDA NOC & Eligibility: Obtain a No Objection Certificate (NOC) for your proposed firm name from IRDAI. You’ll also need to meet minimum net worth requirements and have a qualified principal officer.
Application & Documents: Submit a formal application through the IRDAI online portal along with required documents like MoA & AoA (company) or LLP Agreement, qualification certificates, and net worth certificate.
Fee & Processing: Pay the non-refundable registration fee and wait for IRDAI to process your application.
An IRDA Insurance Marketing Firm (IMF) registration is valid for a period of three years from the date of issuance. This allows you to operate and sell insurance products for that timeframe. However, there’s a crucial point to remember. To maintain your registration beyond the initial three years, you’ll need to apply for renewal before it expires. The IRDA will assess your performance and compliance with regulations during the renewal process.
Rajesh M & Company is a Hyderabad-based Chartered Accountants’ firm providing Auditing, Accounting, Registration, Taxation and other Financial Services.
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