IRDA Insurance License

IRDA License is mandatory for insurance business/brokers in India. State insurance commissioner is responsible to issue the license for the purpose of seeking and selling the insurance.

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Overview of IRDA

Why IRDA License is Required?

IRDA Regulatory Authority

Eligibility Criteria for IRDA License

Different Types of IRDA License

Process of IRDA License Registration

Documents Required for IRDA License

IRDA License Renewal

Suspension of Certificate of Insurance Company License

Overview of Private Limited Company Registration

A Private Limited Company is a privately maintained small business existence, which is one of the highly recommended means to start a business in India. The Companies Act 2013 governs private limited company registration in India.

While, minimum 2 shareholders are required to start a private company, while the higher limit of members are 200 as per the Companies Act, 2013. If a private limited company faces financial risk, its shareholders are not subject to sell their personal assets, i.e. they ought to have limited liability.

  • A registered private limited company increases the credibility of your business. A registered private limited company increases the credibility of your business. A registered private limited company increases the credibility of your business.
  • Help owners from personal liability and protects from other risks and losses.
  • Draws more customers
  • Ease in obtaining bank credits
  • Offers limited liability to preserve your company’s assets
  • Greater funds supplement and more attractive stability
  • Enhance the potential to grow big and expand

Starting a private limited company offers many advantages. Some of them are as follows:

Limited Liability
The responsibility of the members of a private limited company is restricted to their share only as the private limited company is a separate legal entity.
Separate Legal entity
A private limited company is a separate legal entity which posses all the rights to sue or to be sued. It acts an artificial person which can buy a property on its own name.
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Once the authority receives IRDA/R1 and if it is approved, then IRDA/R2 form would be provided to the applicant. Once the applicant completes IRDA/R2, it must be submitted to the authority. If the authority grants IRDA/R3, then the applicant can commence the insurance business. However, the insurance business must be commenced within one year of granting the licence.
General Insurance provides you with much-needed protection against such unforeseen events. Unlike Life Insurance, General Insurance is not meant to offer returns but is a protection against contingencies. Under individual Acts of Parliament, some types of insurance like Motor Insurance and Public Liability Insurance have been made compulsory.
Premium is the fixed amount of sum paid over the period by the insured to the insurance company to take insurance policy and to complete the contract of insurance.
It is an arrangement by which insurance companies spread their risk with other underwriters or reinsurance companies called Reinsurance.
Insurance is subjected to marketing. IRDA allows insurance to be sold primarily through the following: • Agents representing an insurance company
• Insurance brokers are allowed to sell products of more than one insurance company
• Company websites
• Buying online or through the phone
• Banks, retail houses, or any other commercial ventures which are the channel partner of these insurance companies.

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