Step by Step Process to Get IRDA Certificate Online

India is a huge market for various insurance companies. No matter what is the type of insurance company it is mandatory for all of them to obtain IRDA certificate to establish and pursue their business in India. So, let us know the step by step procedure to obtain IRDA certificate online.

What is the procedure to obtain IRDA certificate in India?

Insurance company registration procedure is divided into three parts i.e. R1_, R2_, and R3.

Step 1- Submission of application for requisition for registration:

In first step, applicant requires filing an application to the IRDAI in form IRDAI/R1. Following documents should be attached along the application:
·       Certified copy of MOA and AOA of the company
·       Copy of the annual report of Indian promoters and foreign investor of last five years.
·       Name, address and occupation of all the directors.
·       A copy of shareholding agreement made between the Indian promoters and foreign investors.
·       Approved five year business plan.
An applicant can file application for life Insurance company or General Insurance Company or Health Insurance Business or for his Reinsurance Business. Authorities can ask for some extra information or clarification regarding the submitted application. After satisfaction they will approve the application and the applicant can move ahead to the next step of registration procedure.

Step 2- Submitting an application for the registration:

Once the application for requisition has been approved by the authorities, the applicant can apply in Form IRDAI/R2 for grant of the IRDA certificate of registration. Following given information should be included in the application:

·       For submitting the application for Life, General or Health Insurance one has to submit the evidence stating that paid up equity capital of the company is more than Rs. 100 crore.

·       For submitting the application for reinsurance business one has to submit the evidence stating that paid up equity capital is more than Rs. 200 crore.

·       An affidavit from the Indian promoters and foreign investors confirming that the paid-up equity capital is adequate enough after excluding preliminary expenses.

·       A shareholding statement containing the information regarding the number of shares issued to promoters.

·       If foreign investments are included, the applicant requires an affidavit stating that the holding of foreign paid-up equity capital is being calculated as stated under the Indian Insurance Companies Rules, 2015. It is obtained from CEO, MD, WTD of Indian developers and foreign investor.

·      

    A Certified copy of MOU or any other agreement entered between the promoters.

·       A copy of published prospectus.

·       A Proof of payment of non-refundable fees of rupee five lakhs.

·       PCA or PCS certificate confirming the requirements of the Act.

Step 3- Issuance of IRDA certificate:

After receiving the application higher authorities verify the application and shall take into the consideration of the nature of the organization structure of the company, their insurance products, the level of actuarial, accounting and professional experts in the management. After verification the he authority grants the IRDA certificate to the applicant in Form IRDAI/R3.

After the issuance of the certificate the applicant shall commence his business within 12 months from the date of grant of certificate. In case he requires extension he can ask for it from the authority but he cannot take an extension more than 24 months.

Conclusion: Procedure for IRDA registration is classified into 3 stages. One needs to submit an application in prescribed manner along with all the requirements. In case requirements are not met or documents are not clarified properly the application can be rejected anytime by the authorities. In that case it becomes very important for the applicant to take the help of an expert to formulate the application. Enterslice is a firm you can rely on. They have good experience in this field and are well proficient in their work. To know more about IRDA certificate or to get it for yourself, drop a mail to enterslice team at info@enterslice.com.