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

How to register an IMF with the IRDAI - Legal Structure, Capital, Pre-requirements, Process and Fees. After fintech, if there is one business that has scaled like anything, it is Insurtech. As the income of people rise, they always want their families to be protected and therefore end up buying the various kinds of insurance products.
The most popular question people often ask is ‘Which is the most suitable category one can opt for commencing a business in Insurance Product? Should it be working as Insurance Agents, Insurance Brokers, Corporate Agents, Web Aggregators or Insurance Marketing Firm?
We at Compliance Calendar LLP have been advising clients the right license that they required based on what they are looking forward to. IMF License from IRDAI is one of the most demanded license and yet it mostly depends upon the categories of insurance businesses based on the mode of distribution. Let us understand in easy language about the types.
1. Direct Insurance Companies
These are companies that sell insurance policies directly to customers without involving intermediaries such as agents or brokers.
2. Intermediary-based Insurance Companies
Govering Insurance Intermediary companies are the companies that sell insurance policies through intermediaries such as agents or brokers.
Intermediary-based insurance companies can be classified into the following types:-

Insurance Agents: Insurance agents are individuals or entities who act as intermediaries between the insurance companies and customers. They are licensed by the IRDAI to solicit and procure insurance policies for insurance companies.

Insurance Brokers: Insurance brokers are entities that act as intermediaries between insurance companies and customers. They are licensed by the IRDAI to represent the interests of the customers and not the insurance companies. They provide customized insurance solutions to their clients and charge a commission for their services.

Corporate Agents: Corporate agents are corporate entities that are licensed by the IRDAI to act as intermediaries between the insurance companies and customers. They promote and market insurance policies to their clients and are allowed to distribute products of one life, one general, and one health insurance company.

Web Aggregators: Web aggregators are online platforms that provide comparative information about insurance products offered by various insurance companies. They are licensed by the IRDAI to provide insurance advice and sell insurance policies to customers through their online platforms.

Insurance Marketing Firms (IMFs): Insurance Marketing Firms (IMFs) are entities that are registered with the IRDAI under the Insurance Regulatory and Development Authority of India (Registration of Insurance Marketing Firm) Regulations, 2015.IMFs are allowed to solicit and procure insurance products of up to two life, two general, and two health insurance companies. They are also permitted to distribute other financial products as permitted by RBI, SEBI, PFRDA, Department of Posts, etc. after obtaining due approvals from the respective authorities.

What is Insurance Marketing Firm (IMF)?
Insurance Marketing Firm (IMF) is a distribution channel which offers a wide range of financial products required at various stages of an individual's life. For an insurance marketing firm (IMF), the category of insurance products they intend to distribute may also play a role in determining the most suitable form of organization.
For example- a Private Limited Company will be more suitable if the firm intends to distribute multiple categories of insurance products.
Minimum eligibility and readiness to become an IMF
We assure full compliance with all regulations established by the IRDAI, particularly those governing the solicitation and distribution of insurance products. Our firm is ready to collaborate with two insurance companies each across three different lines of business: Life Insurance, General Insurance, and Health Insurance in the retail sector. 
Legal Structure and Capital Requirement
1. For one District (an aspirational district): 5 Lakhs, but for a smoother licensing process, we recommend maintaining a capital of 15 lakhs.
2. For multiple districts: 10 Lakhs (A maximum of three districts within a State are allowed for registration/ renewal. If an applicant opts for more than one district, then at least one of the districts shall be an aspirational district). However, for a simplified licensing process, we suggest maintaining a capital between 25 lakhs to 50 lakhs.Note: The prospective IMF must possess an initial capital (Net owned funds) base ranging from 10 lakhs and ensure its maintenance throughout its operational duration, with a minimum of Rs 5 lakhs. 
Some Popular IMF in India - How they work and their category of products:

Policy bazaar is one of the largest insurance marketing firms in India. They offer a range of insurance products, including life insurance, health insurance, and car insurance.

PolicyX is another popular insurance marketing firm in India. They offer a wide range of insurance products, including term insurance, health insurance, and travel insurance.

Cover fox is a leading insurance marketing firm in India that offers a range of insurance products, including car insurance, bike insurance, health insurance, and travel insurance.

Bajaj Allianz is one of the largest insurance companies in India, and they also have a marketing arm that offers a range of insurance products, including life insurance, health insurance, and motor insurance.

Max Life Insurance is a popular insurance marketing firm in India that offers a range of life insurance products.

Tata AIA Life Insurance Co. Ltd. wherein Tata AIA is a joint venture between Tata Sons and AIA Group Limited, and is also registered as an IMF with the IRDAI. It offers a range of life insurance products through its own channels as well as through its network of IMFs.

Reliance Nippon Life Insurance Co. Ltd. is another leading insurance company in India that has registered as an IMF with the IRDAI. It offers a range of life insurance products through its own channels as well as through its network of IMFs.

These are just a few examples of insurance marketing firms (MFI) in India. If you are looking to start an IMF Business, it's important to research and compare different firms to find one that best suits your needs to start MFI Company. At Compliance Calendar LLP, we have the experts from the insurance sector who can guide you.
IMF role as a distribution channel for financial products
IMFs are registered by the Insurance Regulatory and Development Authority of India (IRDAI) introduced by the IRDAI in 2015 and are allowed to operate in a maximum of three districts within a state. It's interesting to note that IMFs follow the concept of open architecture, which means they can offer products from a maximum of two Life, two General, and two Health insurance companies, as well as tie-ups with Agriculture Insurance Company of India Ltd. (AIC) and Export Credit Guarantee Corporation Ltd. (ECGC). IMFs provide a comprehensive platform for individuals to access a range of financial products at different stages of their lives, and their open architecture approach offers customers a choice of products from multiple providers. Further, IMFs are permitted to distribute other financial products after the approval of authorities such as RBI, SEBI, PFRDA, Department of Posts, etc.
The registration process for an insurance marketing firm in India varies depending on the type of firm and the specific requirements of the insurance regulator, the Insurance Regulatory and Development Authority of India (IRDAI). You have to choose the type of insurance marketing firm you want to register as because there are different types of insurance marketing firms in India, such as corporate agents, brokers, and web aggregators. Company should Ensure meeting the eligibility criteria prescribed by IRDAI for each type of Insurance Category Company which may include minimum capital requirements, educational qualifications, and experience in the insurance industry subject to the registration fees which may also vary depending on the type of insurance marketing firm.
Pre-Requirements for Insurance Marketing Firm (IMF)
1. Company registration through MCA:
The IMF should be registered as a company under the Companies Act, 2013 or any other applicable law.
2. Minimum Capital requirement:
The minimum capital requirement for an IMF is INR 5 lakh. The capital must be fully paid-up and should not be borrowed.
3. Net worth:
The IMF should maintain a minimum net worth of INR 10 lakh at all times.
4. Infrastructure:
The IMF should have a physical office space in India and necessary infrastructure to carry out its business activities.
5. Directors and key personnel:
The directors and key personnel of the IMF should be fit and proper and meet the requirements specified by the IRDAI.
6. Background checks:
The IRDAI conducts background checks on the directors and key personnel of the IMF to ensure that they have not been involved in any fraudulent activities.
7. Training:
The IMF should have trained employees to sell insurance products.
8. IT infrastructure:
The IMF should have an IT infrastructure that is capable of complying with the IRDAI's regulations on insurance sales.
9. Compliance:
The IMF should comply with all the regulations and guidelines issued by the IRDAI from time to time.
Once you meet these requirements, you can apply for registration as an IMF with the IRDAI. The application process includes submitting various documents, such as the company's incorporation certificate, board resolution, and auditor's certificate, along with the application form. Upon successful registration, the IMF Companies can start selling insurance products/Services as per the IRDAI's guidelines only.
Legal Fees payable to IRDAI
Non-Refundable Fees of Rs 5,000/- from IMF bank account.
How do I register for IMF Insurance Company?
Step-1: No Objection Certificate(NOC) from IRDAI for Company Registration with MCA
Before moving to Registration as IMF, Promoter/Applicant must obtain a No Objection Certificate (NOC) from IRDAI before applying for incorporation with the MCA -CRC. Name should be check properly at MCA & Trademark that should be available easily and would not be objectionable as per name guidelines of MCA. The name must be unique and not already in use. Once Applicant insures name can be available then can move the application for NOC from IRDAI.
Applications for NOC and registration can be submitted through the online portal https://imf.irda.gov.in, which makes the process more accessible and streamlined for applicants with the help of Compliance Calendar’s Expert Team.
The IMF Company name must include the words "Insurance Marketing / IMF" and the NOC from IRDAI for Name shall be valid for a six months from the date of issue only, thereby Incorporation and registration needs to be completed within the stipulated time period only to avoid the same process of getting NOC for multiple times that will become a complex process for the Applicant.
Step-2: File Name Reservation Application with MCA
The next step is to reserve the company name by filing Form SPICe+ Part A on the MCA portal along with NOC Received from IRDAI which is mandatory in case of Regulatory approval based company Registration processing. The MCA will examine the name availability subject to some guidelines have to follow and approve the name if it is available.
Step-3: Application for DSC
The Next step is to obtain a Digital Signature Certificate (DSC) for all the proposed directors and subscribers of the proposed IMF company and for that need to give PAN, Aadhar Copy, email ID, Mobile No along with Photograph to make an application. DSC Approval is totally based upon the Documents verification and the OTP Verification with Video verification by the applicant.
Step-4: IMF Company Registration with MCA post having NOC from IRDAI
After name approval, the next step is to file the incorporation application in Form SPICe+ Part B, INC-33, INC-34, INC-9 and AGILE-PRO. All forms are web based and will be filed together for Registration of Company (IMF). If all the forms are filled correctly, the Registrar of Companies will approve the application and issue a Certificate of Incorporation. The Certificate of Incorporation will be sent to the email ID of the authorized signatory mentioned in the SPICe+ application. Process of company registration through filing SPICe+ AGILE INC-33 & INC-34 involves obtaining DIN maximum 3), reserving the company name if no prior approval required, GSTIN, ESIC, and EPFO registration, and obtaining the Certificate of Incorporation from the CRC.
Step-5: Post Incorporation mandatory Compliances INC-22 & INC-20A
INC-22: The company is required to file Form INC-22 for the situation of Registered office within 30 days from the date of its Incorporation in case option selected “Correspondence address” at the time of Incorporation. New amended form requires the company to attach proof of the registered office address, which includes photographs of the registered office from the outside and inside of the premises, One director photo who is signing the form along with board of the company showing the name, CIN and the address of the company as per section 12 of the Companies Act 2013.
INC-20A: Once company incorporated with a share capital needs to declare that they have commenced their business operations through filing form INC-22 with an attachment like copy of the bank statement showing that the minimum subscription amount has been received in the bank account of the company and also includes photographs of the registered office from the outside and inside of the premises, showing the nameplate and the address of the company in the same manner given under INC-22 Purposes.
It is very important that declaratoin must be filed in Form INC-20A (Commencement of business) with the Registrar of Companies within 180 days from the date of incorporation to declare that it has started its business operations.in case of failure to file the form INC-20A with the ROC having the power under section 248 of the Companies Act to close the company considering non-functional.
Step-6: Prepare and and file an application to IRDAI for license
Documents are generally required for application to IRDAI for licenses, some are listed below-
• Application form: The application form for IRDAI license can be downloaded from the IRDAI website. The application form must be filled completely and accurately with all the necessary information.
• Business plan: A detailed business plan outlining the company’s operations, products and services, marketing strategy, financial projections, and management structure.
• Certificate of incorporation: A copy of the certificate of incorporation of the company issued by the Registrar of Companies.
• Memorandum and Articles of Association: A copy of the Memorandum and Articles of Association of the company.
• Board resolution: A copy of the board resolution authorizing the application for the IRDAI IMF license.
• Shareholding pattern: A copy of the shareholding pattern of the IMF company showing the details of the shareholders and their shareholding.
• Proof of address: Proof of address of the company’s registered office, such as electricity bill, telephone bill, etc. Which should be latest one.
• Details of directors and key personnel: Details of the directors and key personnel, such as their name, address, contact details, qualifications, and experience in IMF along with Principle Authority.
• Financial statements: Financial statements of the company, including balance sheet, profit and loss account, cash flow statement, and auditor’s report but in case of New Company Department can ask for the provisional one.
• Undertaking: An undertaking from the company’s directors and key personnel stating that they have not been convicted of any offence under any insurance laws.
• Application fee: The application fee for the IRDAI license must be paid along with the application form.
Once all the necessary documents are prepared and arranged, the application can be submitted to the IRDAI through the online website. The application will be processed by the IRDAI, and if all the requirements are met, the license will be granted to the company. Once the IMF license is obtained, the company can start soliciting and procuring insurance products from the insurers and distribute them to the customers. The license is valid for a period of three years, and the IMF must renew it before the expiry date to continue its operations.
If you are looking for Insurance companies Registration (IMF), we at Compliance Calendar LLP have a team of professionals who are experts in the field of IRDA Licences and can give you a complete handholding throughout the procedure of getting IMF License including liaisoning with IRDAI, Hyderabad; if required. If you have any query, please feel free to reach us at info@ccoffice.in or call us at 9988424211 and someone from our team will be happy to help.

After fintech, if there is one business that has scaled like anything, it is Insurtech. As the income of people rise, they always want their families to be protected and therefore end up buying the various kinds of insurance products.

The most popular question people often ask is ‘Which is the most suitable category one can opt for commencing a business in Insurance Product? Should it be working as Insurance Agents, Insurance Brokers, Corporate Agents, Web Aggregators or Insurance Marketing Firm?

We at Compliance Calendar LLP have been advising clients the right license that they required based on what they are looking forward to. IMF License from IRDAI is one of the most demanded license and yet it mostly depends upon the categories of insurance businesses based on the mode of distribution. Let us understand in easy language about the types.

1. Direct Insurance Companies

These are companies that sell insurance policies directly to customers without involving intermediaries such as agents or brokers.

2. Intermediary-based Insurance Companies

Govering Insurance Intermediary companies are the companies that sell insurance policies through intermediaries such as agents or brokers.

Intermediary-based insurance companies can be classified into the following types:-

Insurance Agents: Insurance agents are individuals or entities who act as intermediaries between the insurance companies and customers. They are licensed by the IRDAI to solicit and procure insurance policies for insurance companies.

Insurance Brokers: Insurance brokers are entities that act as intermediaries between insurance companies and customers. They are licensed by the IRDAI to represent the interests of the customers and not the insurance companies. They provide customized insurance solutions to their clients and charge a commission for their services.

Corporate Agents: Corporate agents are corporate entities that are licensed by the IRDAI to act as intermediaries between the insurance companies and customers. They promote and market insurance policies to their clients and are allowed to distribute products of one life, one general, and one health insurance company.

Web Aggregators: Web aggregators are online platforms that provide comparative information about insurance products offered by various insurance companies. They are licensed by the IRDAI to provide insurance advice and sell insurance policies to customers through their online platforms.
Insurance Marketing Firms (IMFs): Insurance Marketing Firms (IMFs) are entities that are registered with the IRDAI under the Insurance Regulatory and Development Authority of India (Registration of Insurance Marketing Firm) Regulations, 2015.IMFs are allowed to solicit and procure insurance products of up to two life, two general, and two health insurance companies. They are also permitted to distribute other financial products as permitted by RBI, SEBI, PFRDA, Department of Posts, etc. after obtaining due approvals from the respective authorities.

What is Insurance Marketing Firm (IMF)?

Insurance Marketing Firm (IMF) is a distribution channel which offers a wide range of financial products required at various stages of an individual's life. For an insurance marketing firm (IMF), the category of insurance products they intend to distribute may also play a role in determining the most suitable form of organization.

For example- a Private Limited Company will be more suitable if the firm intends to distribute multiple categories of insurance products.

Minimum eligibility and readiness to become an IMF

We assure full compliance with all regulations established by the IRDAI, particularly those governing the solicitation and distribution of insurance products. Our firm is ready to collaborate with two insurance companies each across three different lines of business: Life Insurance, General Insurance, and Health Insurance in the retail sector.

Legal Structure and Capital Requirement

1. For one District (an aspirational district): 5 Lakhs, but for a smoother licensing process, we recommend maintaining a capital of 15 lakhs.

2. For multiple districts: 10 Lakhs (A maximum of three districts within a State are allowed for registration/ renewal. If an applicant opts for more than one district, then at least one of the districts shall be an aspirational district). However, for a simplified licensing process, we suggest maintaining a capital between 25 lakhs to 50 lakhs.

Note: The prospective IMF must possess an initial capital (Net owned funds) base ranging from 10 lakhs and ensure its maintenance throughout its operational duration, with a minimum of Rs 5 lakhs.

Some Popular IMF in India - How they work and their category of products:

Policy bazaar is one of the largest insurance marketing firms in India. They offer a range of insurance products, including life insurance, health insurance, and car insurance.

PolicyX is another popular insurance marketing firm in India. They offer a wide range of insurance products, including term insurance, health insurance, and travel insurance.

Cover fox is a leading insurance marketing firm in India that offers a range of insurance products, including car insurance, bike insurance, health insurance, and travel insurance.

Bajaj Allianz is one of the largest insurance companies in India, and they also have a marketing arm that offers a range of insurance products, including life insurance, health insurance, and motor insurance.

Max Life Insurance is a popular insurance marketing firm in India that offers a range of life insurance products.

Tata AIA Life Insurance Co. Ltd. wherein Tata AIA is a joint venture between Tata Sons and AIA Group Limited, and is also registered as an IMF with the IRDAI. It offers a range of life insurance products through its own channels as well as through its network of IMFs.

Reliance Nippon Life Insurance Co. Ltd. is another leading insurance company in India that has registered as an IMF with the IRDAI. It offers a range of life insurance products through its own channels as well as through its network of IMFs.

IMF role as a distribution channel for financial products

IMFs are registered by the Insurance Regulatory and Development Authority of India (IRDAI) introduced by the IRDAI in 2015 and are allowed to operate in a maximum of three districts within a state. It's interesting to note that IMFs follow the concept of open architecture, which means they can offer products from a maximum of two Life, two General, and two Health insurance companies, as well as tie-ups with Agriculture Insurance Company of India Ltd. (AIC) and Export Credit Guarantee Corporation Ltd. (ECGC). IMFs provide a comprehensive platform for individuals to access a range of financial products at different stages of their lives, and their open architecture approach offers customers a choice of products from multiple providers. Further, IMFs are permitted to distribute other financial products after the approval of authorities such as RBI, SEBI, PFRDA, Department of Posts, etc.

The registration process for an insurance marketing firm in India varies depending on the type of firm and the specific requirements of the insurance regulator, the Insurance Regulatory and Development Authority of India (IRDAI). You have to choose the type of insurance marketing firm you want to register as because there are different types of insurance marketing firms in India, such as corporate agents, brokers, and web aggregators. Company should Ensure meeting the eligibility criteria prescribed by IRDAI for each type of Insurance Category Company which may include minimum capital requirements, educational qualifications, and experience in the insurance industry subject to the registration fees which may also vary depending on the type of insurance marketing firm.

Pre-Requirements for Insurance Marketing Firm (IMF)

1. Company registration through MCA:

The IMF should be registered as a company under the Companies Act, 2013 or any other applicable law.

2. Minimum Capital requirement:

The minimum capital requirement for an IMF is INR 5 lakh. The capital must be fully paid-up and should not be borrowed.

3. Net worth:

The IMF should maintain a minimum net worth of INR 10 lakh at all times.

4. Infrastructure:

The IMF should have a physical office space in India and necessary infrastructure to carry out its business activities.

5. Directors and key personnel:

The directors and key personnel of the IMF should be fit and proper and meet the requirements specified by the IRDAI.

6. Background checks:

The IRDAI conducts background checks on the directors and key personnel of the IMF to ensure that they have not been involved in any fraudulent activities.

7. Training:

The IMF should have trained employees to sell insurance products.

8. IT infrastructure:

The IMF should have an IT infrastructure that is capable of complying with the IRDAI's regulations on insurance sales.

9. Compliance:

The IMF should comply with all the regulations and guidelines issued by the IRDAI from time to time.

Once you meet these requirements, you can apply for registration as an IMF with the IRDAI. The application process includes submitting various documents, such as the company's incorporation certificate, board resolution, and auditor's certificate, along with the application form. Upon successful registration, the IMF Companies can start selling insurance products/Services as per the IRDAI's guidelines only.

Legal Fees payable to IRDAI

Non-Refundable Fees of Rs 5,000/- from IMF bank account.

How do I register for IMF Insurance Company?

Step-1: No Objection Certificate(NOC) from IRDAI for Company Registration with MCA

Before moving to Registration as IMF, Promoter/Applicant must obtain a No Objection Certificate (NOC) from IRDAI before applying for incorporation with the MCA -CRC. Name should be check properly at MCA & Trademark that should be available easily and would not be objectionable as per name guidelines of MCA. The name must be unique and not already in use. Once Applicant insures name can be available then can move the application for NOC from IRDAI.

Applications for NOC and registration can be submitted through the online portal https://imf.irda.gov.in, which makes the process more accessible and streamlined for applicants with the help of Compliance Calendar’s Expert Team.

The IMF Company name must include the words "Insurance Marketing / IMF" and the NOC from IRDAI for Name shall be valid for a six months from the date of issue only, thereby Incorporation and registration needs to be completed within the stipulated time period only to avoid the same process of getting NOC for multiple times that will become a complex process for the Applicant.

Step-2: File Name Reservation Application with MCA

The next step is to reserve the company name by filing Form SPICe+ Part A on the MCA portal along with NOC Received from IRDAI which is mandatory in case of Regulatory approval based company Registration processing. The MCA will examine the name availability subject to some guidelines have to follow and approve the name if it is available.

Step-3: Application for DSC

The Next step is to obtain a Digital Signature Certificate (DSC) for all the proposed directors and subscribers of the proposed IMF company and for that need to give PAN, Aadhar Copy, email ID, Mobile No along with Photograph to make an application. DSC Approval is totally based upon the Documents verification and the OTP Verification with Video verification by the applicant.

Step-4: IMF Company Registration with MCA post having NOC from IRDAI

After name approval, the next step is to file the incorporation application in Form SPICe+ Part B, INC-33, INC-34, INC-9 and AGILE-PRO. All forms are web based and will be filed together for Registration of Company (IMF). If all the forms are filled correctly, the Registrar of Companies will approve the application and issue a Certificate of Incorporation. The Certificate of Incorporation will be sent to the email ID of the authorized signatory mentioned in the SPICe+ application. Process of company registration through filing SPICe+ AGILE INC-33 & INC-34 involves obtaining DIN maximum 3), reserving the company name if no prior approval required, GSTIN, ESIC, and EPFO registration, and obtaining the Certificate of Incorporation from the CRC.

Step-5: Post Incorporation mandatory Compliances INC-22 & INC-20A

INC-22: The company is required to file Form INC-22 for the situation of Registered office within 30 days from the date of its Incorporation in case option selected “Correspondence address” at the time of Incorporation. New amended form requires the company to attach proof of the registered office address, which includes photographs of the registered office from the outside and inside of the premises, One director photo who is signing the form along with board of the company showing the name, CIN and the address of the company as per section 12 of the Companies Act 2013.

INC-20A: Once company incorporated with a share capital needs to declare that they have commenced their business operations through filing form INC-22 with an attachment like copy of the bank statement showing that the minimum subscription amount has been received in the bank account of the company and also includes photographs of the registered office from the outside and inside of the premises, showing the nameplate and the address of the company in the same manner given under INC-22 Purposes.

It is very important that declaratoin must be filed in Form INC-20A (Commencement of business) with the Registrar of Companies within 180 days from the date of incorporation to declare that it has started its business operations.in case of failure to file the form INC-20A with the ROC having the power under section 248 of the Companies Act to close the company considering non-functional.

Step-6: Prepare and and file an application to IRDAI for license

Documents are generally required for application to IRDAI for licenses, some are listed below-

• Application form: The application form for IRDAI license can be downloaded from the IRDAI website. The application form must be filled completely and accurately with all the necessary information.

• Business plan: A detailed business plan outlining the company’s operations, products and services, marketing strategy, financial projections, and management structure.

• Certificate of incorporation: A copy of the certificate of incorporation of the company issued by the Registrar of Companies.

• Memorandum and Articles of Association: A copy of the Memorandum and Articles of Association of the company.

• Board resolution: A copy of the board resolution authorizing the application for the IRDAI IMF license.

• Shareholding pattern: A copy of the shareholding pattern of the IMF company showing the details of the shareholders and their shareholding.

• Proof of address: Proof of address of the company’s registered office, such as electricity bill, telephone bill, etc. Which should be latest one.

• Details of directors and key personnel: Details of the directors and key personnel, such as their name, address, contact details, qualifications, and experience in IMF along with Principle Authority.

• Financial statements: Financial statements of the company, including balance sheet, profit and loss account, cash flow statement, and auditor’s report but in case of New Company Department can ask for the provisional one.

• Undertaking: An undertaking from the company’s directors and key personnel stating that they have not been convicted of any offence under any insurance laws.

• Application fee: The application fee for the IRDAI license must be paid along with the application form.

Once all the necessary documents are prepared and arranged, the application can be submitted to the IRDAI through the online website. The application will be processed by the IRDAI, and if all the requirements are met, the license will be granted to the company. Once the IMF license is obtained, the company can start soliciting and procuring insurance products from the insurers and distribute them to the customers. The license is valid for a period of three years, and the IMF must renew it before the expiry date to continue its operations.

If you are looking for Insurance companies Registration (IMF), we at Compliance Calendar LLP have a team of professionals who are experts in the field of IRDA Licences and can give you a complete handholding throughout the procedure of getting IMF License including liaisoning with IRDAI, Hyderabad; if required. If you have any query, please feel free to reach us at info@ccoffice.in or call us at 9988424211 and someone from our team will be happy to help.