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.
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:-
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
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