Before learning how to become Insurance Marketing Firm in India, let us understand something much more basic as a pre-requisite for the registration procedure. Every business interested in registering itself as an Insurance Marketing Firm must check their eligibilities before applying for the license registration. In this article, we have detailed the requisite pre-conditioning procedures before applying for IMF license registration. Let us see them one by one.
Eligible Corporate Entities for IMF registration
As per the Regulations of IRDAI for Registration of Insurance Marketing Firms in India, published in 2015, any of the following applicants can apply for the Insurance Marketing Firm license:
Capital Requirements for Insurance Marketing Firm Registration
As per regulation 6 of the IRDAI regulations for the IMF Registration of 2015, every registration applicant must meet the following capital requirements before applying for the Insurance Marketing Firm in IRDAI:
1. Net Worth of the IMF
The Net-Worth of the IMF applicant must be at least Rs 10 lakhs. To become an IMF in a particular district, the applicant’s net worth must be a minimum of Rs 5 lakhs. Also, the applicant must maintain their net worth at all times. For such purposes, the applicant must submit a certificate certified by a chartered accountant within 90 days of the closing of that particular, fiscal year.
2. IMF’s Foreign Holding
The IMF applicant must ensure that its aggregate holdings of equity shares and foreign contributions by foreign investors, as well as portfolio investors, must not exceed 49% of the total contribution or the paid-up equity capital of the IMF at any time.
Appointment of the IMF’s Principal Officer
Every Insurance Marketing Firm must have a principal officer with designated qualifications. He must be responsible for all the activities undertaken by the IMF. Also, as per the IRDAI’s rules, every Principal Officer must meet the following educational as well as experiential criteria:
Fit and Proper Criteria for all Company Personnel
The appointed principal officer must also satisfy the requisite training requirements per the IRDAI’s regulations. The following personnel of the Insurance Marketing Firm must not be disqualified under the law in force:
In all, they must satisfy the FIT and PROPER criteria with the requisite test. The Principal Officer must meet the general eligibilities, and their name must have the following words ‘ Insurance Marketing Firm’ on the trail.
Office Facility of the Applicant Firm
The IMF applicant must satisfy the need for the necessary infrastructure to discharge their duties effectively:
Objects of the IMF
The registration applicant must ensure that the main object of the business must be Insurance Marketing. The details of such must be mentioned in the objects clause of the following:
To secure your IMF registration with the IRDAI, your conduct must be as per the set activities by the Authority.
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