IRDA Insurance Marketing FIRM
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About IRDA Insurance Marketing FIRM
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.
There are several reasons to consider an IRDA Insurance Marketing Firm (IMF) for your insurance needs:
- Wider Choice: IMFs aren’t tied to a single insurer. They can offer products from multiple life, health, and general insurance companies, allowing you to compare plans and find the best fit for your needs.
- Expert Guidance: IMFs employ licensed advisors who can assess your financial situation and recommend suitable insurance plans. They can explain policy details and help you navigate the complexities of insurance.
- Convenience: IMFs act as a one-stop shop for various financial products. This eliminates the need to approach different agents or companies for different needs, saving you time and effort.
- Trust & Regulation: Being IRDA registered, IMFs adhere to strict regulations, ensuring transparency and customer protection.
Registering an IRDA Insurance Marketing Firm (IMF) involves several steps.
- 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.
Benefits
- Increased Choice: IMFs offer plans from multiple insurers (life, health, general) allowing you to compare and find the best fit.
- Expert Advice: Licensed advisors assess your needs and recommend suitable plans, explaining complexities and guiding you through the process.
- Convenience: A one-stop shop for various financial products, saving you time and effort by eliminating the need to contact different agents/companies.
- Trust & Regulation: IRDA registration ensures transparency and customer protection through adherence to strict regulations.
Documents Required
Here are the documents required for IRDA Insurance Marketing Firm (IMF) registration
- Company Formation Documents:
- Memorandum of Association (MoA) & Articles of Association (AoA) (for company registration)
- LLP Agreement (for Limited Liability Partnership registration)
- IRDAI NOC & Eligibility Proofs:
- No Objection Certificate (NOC) for your proposed firm name issued by IRDAI.
- Proof of meeting minimum net worth requirements as stipulated by IRDAI.
- Qualification certificates of the Principal Officer and Insurance Sales Persons (ISPs) proposed to be employed.
- Financial Documents:
- Net Worth Certificate from a Chartered Accountant.
- Bank Account statement of the IMF in support of the Net Worth Certificate.
- Business Plan & Infrastructure Details:
- Three-year business plan outlining projected activities and income.
- Organization chart depicting functional responsibilities within the firm.
- Details of infrastructure, including office space (lease agreement/sale deed) and equipment.
- Additional Documents:
- Consent letters from at least one insurance company you plan to partner with.
- Any other documents as mandated by IRDAI regulations.
Registration Duration
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 during 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.