Corporate Agent License: What are the documents required

A Corporate Agent license is a company, a cooperative society, an NGO or an IRDA-authorized individual that solicits in insurance policies of up to two insurance companies that it enters into contact with.

Governed under the provisions of Insurance Regulatory and Development Act, 2015, a corporate agent can only initiate their business after obtaining the corporate agent license.

This blog details the documents required to file the application for corporate insurance agent license.

Documents for Corporate Agent Registration IRDA

The following documents for Corporate agent license by IRDA have to be submit in the scanned format after they have been attested by the appropriate authorities:

Information as per the FORM A:

IRDA has establish FORM A as the document that entails the information that the applicant has to provide for applying for the license.

Remittance of the required fee:

The initial application filing process entails that the applicant pay a non-refundable INR 10,000/- to the IRDA. The receipt of that application is another document that the applicant requires to proceed further. Read More: VNO License Consultants

Charter documents of the organization the applicant is:

As stated earlier, a corporate agent can be a company or a society. Thus, the charter document specific to each are require

For company, the applicant has to provide Certificate of Incorporation, Memorandum of Association and Articles of Association

For a society, the applicant has to provide its Byelaws

“Fit and Proper” Declaration:

The applicant has to provide a declaration stating that the Principal Officer, Directors, and managing partners of the company are deem “Fit and Proper” to conduct the tasks of the corporate agency. Separate “Fit and Proper” declarations for each of the aforemention professionals is required as well.

Details of the infrastructure:

These documents constitute documents that show the proof that the applicant owns the infrastructure from which the corporate agency operates. They can be lease agreements/ rent agreements/ sale deed.

Details of the administrative expenses:

Projections of the administrative expenses, including salaries, wages and other expenditures of projected three years that the applicant has to bear once it obtains the corporate agent license.

Organization Chart of the company:

The organizational chart that gives IRDA a top-view of the applicant organizations’ departments including IT, underwriting, claim settlement, risk assessment, marketing, back office, accounts etc.

Open Architecture policy:

Provide the details of open architecture policy by the Board of Directors of the company or the board of members of the society. Read More: Corporate Agent License

Information relevant to the nature of applicant’s business: If the applicant ascertains that further information is require to clarify the nature of the his business, then he must provide specific documents that highlight the nature of the business and other details.

Conclusion

All the aforemention documents have to be provided to the IRDA after proper assessment and cross checking.

It’s recommend that the applicant takes extra-ordinary measures to ensure that the application is accept in one go. To do so, he should consult with Registrationwala, India’s premiere IRDA consultant. They can assist with the application filing and issue mitigation procedures. Insurance web aggregator

What are the documents require to obtain Corporate agent license? They consist of everything that the applicant represents and every proof of the applicant’s financial capabilities. Read more to know the details.