Procedures to incorporate an insurance company

Let me discuss the procedures to incorporate insurance company as mentioned under the insurance act, 1950. 1 Apply for issuance of requisition for the registration. 2 Apply for the registration to get the incorporation certificate.

Procedure for Registration of Insurance Company:

You have to make an application to the Insurance Regulatory and Development Authority of India(IRDA).

Application is to be made in Form IRDA/R1 for issuance of a requisition for the registration. Check what information you need to furnish along with the application.

Documents and information needed to furnish along with the application.

Copy of MOA and AOA;
Detail of company- Name, Date of incorporation, address, registration number and all the relevant information required to fill the form.
Capital structure.
Detail of directors (Name, address, occupation)
Detail of shareholding, pattern of shareholding
Annual report for the last five years including a financial statement.
Proposed auditors details
Type of business you want to carry out
Obligations of the unorganized sector and rural area

While processing your application IRDA may ask you additional information as he deemed required.

If your IRDA/R1 get approved, you have to apply for the certificate of registration in form IRDA/R2. This is a application for the registration.

Documents and information you need to apply in IRDA2:-

Type of company you are seeking to incorporate:- life Insurance or General Insurance company or Reinsurance Business or other.
Affidavit that your paid-up capital is not less than 100/200 crore as required.
Affidavit that foreign shareholding is not more than 49% of total holding.
Details of shareholding of promoters.
Submit approval received from Foreign Investment Promoter Board(FIPB)
Proof of fees paid (you need to pay fee of Rs. 5 lakhs which is refundable later)
Certificate from practising professional(CA or CS) for the compliance of act.

IRDA will verify all your submissions. If you have satisfied all the requirement of the act, you will be issued a certificate of registration in IRDA/R3.

You will have to start the operation of company within one year of the registration.

Hope it helps you

Thank You

LEGAL REFERENCES

UDIN Section 5

CONCEPTS

IRDAI

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Procedure for Registration of Insurance Company:You have to make an application to the Insurance Regulatory and Development Authority of India(IRDA).&nbsp; Application is to be made in Form IRDA/R1 for issuance of a requisition for the registration. Check what information you need to furnish along with the application. Documents and information needed to furnish along with the application.<ol><li>Copy of MOA and AOA;</li><li>Detail of company- Name, Date of incorporation, address, registration number and all the relevant information required to fill the form.</li><li>Capital structure.</li><li>Detail of directors (Name, address, occupation)</li><li>Detail of shareholding, pattern of shareholding</li><li>Annual report for the last five years including a financial statement.</li><li>Proposed auditors details</li><li>Type of business you want to carry out</li><li>Obligations of the unorganized sector and rural area</li></ol> While processing your application IRDA may ask you additional information as he deemed required.&nbsp; If your IRDA/R1 get approved, you have to apply for the certificate of registration in form IRDA/R2. This is a application for the registration. Documents and information you need to apply in IRDA2:-<ol><li>Type of company you are seeking to incorporate:- life Insurance or General Insurance company or&nbsp; Reinsurance Business or other.</li><li>Affidavit that your paid-up capital is not less than 100/200 crore as required.</li><li>Affidavit that foreign shareholding is not more than 49% of total holding.</li><li>Details of shareholding of promoters.</li><li>Submit approval received from Foreign Investment Promoter Board(FIPB)</li><li>Proof of fees paid (you need to pay fee of Rs. 5 lakhs which is refundable later)</li><li>Certificate from practising professional(CA or CS) for the compliance of act.</li></ol> IRDA will verify all your submissions. If you have satisfied all the requirement of the act, you will be issued&nbsp; a certificate of registration in IRDA/R3. You will have to start the operation of company within one year of the registration. Hope it helps youThank You

Procedure for Registration of Insurance Company:You have to make an application to the Insurance Regulatory and Development Authority of India(IRDA).  Application is to be made in Form IRDA/R1 for issuance of a requisition for the registration. Check what information you need to furnish along with the application. Documents and information needed to furnish along with the application.<ol><li>Copy of MOA and AOA;</li><li>Detail of company- Name, Date of incorporation, address, registration number and all the relevant information required to fill the form.</li><li>Capital structure.</li><li>Detail of directors (Name, address, occupation)</li><li>Detail of shareholding, pattern of shareholding</li><li>Annual report for the last five years including a financial statement.</li><li>Proposed auditors details</li><li>Type of business you want to carry out</li><li>Obligations of the unorganized sector and rural area</li></ol> While processing your application IRDA may ask you additional information as he deemed required.  If your IRDA/R1 get approved, you have to apply for the certificate of registration in form IRDA/R2. This is a application for the registration. Documents and information you need to apply in IRDA2:-<ol><li>Type of company you are seeking to incorporate:- life Insurance or General Insurance company or  Reinsurance Business or other.</li><li>Affidavit that your paid-up capital is not less than 100/200 crore as required.</li><li>Affidavit that foreign shareholding is not more than 49% of total holding.</li><li>Details of shareholding of promoters.</li><li>Submit approval received from Foreign Investment Promoter Board(FIPB)</li><li>Proof of fees paid (you need to pay fee of Rs. 5 lakhs which is refundable later)</li><li>Certificate from practising professional(CA or CS) for the compliance of act.</li></ol> IRDA will verify all your submissions. If you have satisfied all the requirement of the act, you will be issued  a certificate of registration in IRDA/R3. You will have to start the operation of company within one year of the registration. Hope it helps youThank You

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Procedures to incorporate an insurance company