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Are you tired of dealing with complex regulations? Partner with our experts to transform your insurance business with an insurance marketing firm license in India!
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Registration of insurance marketing firms is required for entities or individuals that want to distribute or sell insurance products in India. The concept was introduced by the Insurance Regulatory and Development Authority of India (IRDAI) through the IRDAI (Registration of Insurance Marketing Firm) Regulations, 2015.
Insurance marketing firm registration ensures entrepreneurs and insurance agents can commence their insurance business in India. By getting an IMF license, you can undertake insurance service activities. At Enterslice, we will assist you with easy IMF registration and guide you to become a top insurance marketing firm in India.
India’s Insurance Penetration- 4% of its GDP
Wider Scope of Insurance Sector
Marketing of Financial Services
Business-Friendly Regulations
Flexible Business Model
Cross-Selling Opportunities
Looking to obtain an insurance marketing firm license? Book an appointment with us.
Applicants securing their insurance marketing firm license are offered a plethora of benefits facilitating their engagement as independent ISPs (Insurance Sales Persons) for procuring, soliciting, and marketing insurance-based products. The key benefits of getting an insurance marketing firm license are given below-
Applicants holding an IMF license in India enjoy better opportunities for the creation and distribution of income or wealth through selling insurance products and financial products.
The IRDAI-registered insurance marketing firms are eligible to deal with a wide spectrum of financial products or policies, ensuring the provision of diversified offerings for client satisfaction or retention.
The partnership collaborations signed by IMF ensures to provide an invaluable-insights into regulations, compliance, product nuances, and system operations followed by the established insurance leaders. These partnerships enhance an IMF's expertise, ensuring proficiency in insurance marketing firm commissions and operations.
The registration of insurance marketing firm accommodates a flexible business model with adjustable structure either operating as a company, or an LLP, or a cooperative, or any other forms as specified by the regulation.
The insurance market firm license is crucial to get easy access to online marketspace for offering insurance-related services. These ensure earning lucrative profit from the insurance market.
It provides a one-customer-one-advisor model, which provides maximum enjoyment of wallet shares by adopting the model dealing with the sole advisory. It is one of the significant benefits of insurance marketing firm license.
The applicant shall choose an online IMF registration portal to get their insurance marketing firm license. Further, the procedure to apply for an insurance marketing license requires the fulfillment of the following steps for the insurance marketing firm registration process as provided below:
Initially, the applicants are required to gather the necessary documents and the consent letter to ensure eligibility for applying to acquire an insurance marketing firm license in India.
The applicant shall make an application in Form A regarding the insurance marketing firm license. Along with the application, the exam pass certificate of the principal officer of the insurance marketing firm must be submitted.
Next, a non-refundable application fee of Rs. 5000/- plus service tax (GST) has to be remitted and paid to the authority concerning thereto.
According to Regulation 4 of IRDAI (Registration of Insurance Marketing Firm) Regulations of 2015, the applicants are required to submit the declaration of principal officer and other documents at the time of registration of insurance marketing firm.
The IMF registration application and all the documents submitted by the applicants shall be further examined by the authority appointed by the IRDAI for the purpose.
If the authority feels that all the requisite information complies with the legal requirements for acquiring an insurance marketing firm license, it shall grant a certificate of registration or license.
The timeline required to get an IMF license in India generally depends upon the processing and approval of the documents submitted. Generally, it takes around 7 to 10 weeks to get a full-fledged IMF license in India.
Preparation of required documents and business development crucially outlining the objective, structure, and strategy of the IMF takes around 30 to 60 days.
The timeline required for submission of the application for its initial review by the IRDAI typically takes around 1-2 weeks.
The thorough review and scrutinization of all the mandatory submissions made by the applications usually takes around 2 to 3 weeks.
A timeline of around 1 to 2 weeks is required to secure conditional approval and payment of prescribed fees to get an IMF license in India.
Join the race of 200-plus registered insurance market firms in India and cherish your startup dreams with us.
The requirements of documents to register as IMF under the IRDAI are provided below:
Declaration of Fit & Proper Criteria
Net Worth Certificate from CA
Bank Account Statement of IMF
3-Year Business Plan
Infrastructure Details
IMF Exam Pass Certificates
MoA/AoA (for Companies)
LLP Agreement (for LLPs)
Undertaking of Compliance
Consent Letter from 1 Insurance Firm
Qualification and Experience Certificates
Organization Chart
Seamlessly secure your insurance marketing firm license with Enterslice which is among one of India’s leading companies. Our dedicated services ensure the smooth and efficient management of your business activities. We offer professional assistance to ensure compliance with the consistently evolving regulatory requirements for securing an insurance marketing firm license in India.
We implement a fair compensation structure to reduce disparity among intermediaries applying for IRDAI IMF registration. Besides this, we assist businesses with insurance broker registration, corporate agency registration, insurance web aggregation registration, etc.
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The payment of IMF registration fees is a mandatory requirement to successfully obtain an insurance marketing firm license in India. The fees for IMF registration vary depending on the process you opt for. Our expert consultants are here to suggest the best plan comprising the specified fee structure in India. Our popular IMF registration fees start from Rs 3,50,000.
Here is the list of fee structures required for Insurance Marketing Firm Registration in India that every applicant must comply with:
This includes the fees charged by our professionals ensuring a smooth and hassle-free registration of IMF in India.
The legal fees include the non-refundable fees charged by the IRDAI at the time of filing the IMF registration application form.
It includes the cost charged for the periodic renewal of the insurance marketing firm license in India.
Additional costs include other mandatory charges like compliance charges, consultancy charges, and documentation charges.
The license for an insurance marketing firm is valid for 3 years. Hence, they cannot conduct activities with an expired certificate. According to Chapter III of IRDAI (Registration of Insurance Marketing Firm) Regulations, 2015, an applicant is required to apply for the renewal of an insurance marketing firm license in India.
The application for renewal of an insurance marketing license must be made to the relevant authority 30 days before its expiry. During the interim period, the applicant cannot conduct the business of an insurance marketing firm. Further, upon the successful verification of the renewal application, the authority grants a certificate of renewal in the format prescribed under Form D. Therefore, this will continue the journey in the insurance marketing firm commission and service landscape.
The eligibility criteria required to become an IRDAI IMF in India are as provided below:
Checklist for Insurance Marketing Firm:
Checklist for Principal Officer:
Given below are some of the either popular or less explored revenue streams for insurance marketing firms in India-
To acquire an insurance marketing firm license in India, you must comply with the regulations set by the Insurance Regulatory and Development Authority of India (IRDAI). Enterslice, with its proven track record in obtaining IMF licenses for clients, ensures that all your licensing requirements are met seamlessly. We guide you through the process, making sure that your application is complete, compliant, and positioned for success.
Have a look at the answers to the most asked questions:
The insurance marketing firm is a business entity registered to provide a new distribution channel for solicitation and procurement of insurance and other financial products. According to Insurance Marketing Firm Regulations, 2015 IMF is defined as an entity registered under IRDA to solicit or procure insurance products to undertake insurance related services.
To set up an Insurance Marketing Firm (IMF) in India, you need a minimum capital of Rs. 10 lakhs.
The IMF (Insurance Marketing Firm) license is valid only for a period of 3 years. Hence, after 3 years of period, the applicants are required to apply for renewal of the insurance marketing firm in India.
The Insurance Regulatory Development Authority of India (i.e., IRDAI) is responsible for the grant of license to applicants applying for insurance marketing firms.
The main difference between an insurance marketing firm and a corporate agent is based on the services offered by them. The insurance marketing firms are registered to provide services with a flexible product range. Whereas, a corporate agent is those which have brand value, recognition, resources, and specialized knowledge of the industry.
A licensed insurance marketing firm in India primarily focuses on marketing financial services, performing insurance servicing activities, soliciting and procuring insurance products, collecting online sales, facilitating insurance policy sales, and addressing customer grievances.
The applicants are required to file an application as prescribed in Form A to the IRDAI (Insurance Regulatory Development Authority of India) for getting an IMF license.
The process to register your IMF (Insurance Marketing Firm) in India requires the applicants to gather necessary documents, filing of Form A, remittance of non-refundable application fees, submission of declaration & other documents, monitoring IMF registration application.
The IMF full form in insurance is Insurance Marketing Firm which is registered and regulated by the IRDAI (Insurance Regulatory and Development Authority).
The list of crucial members required to register an IMF (Insurance Marketing Firm) in India is the principal officer, Insurance sales person, etc.
The applicants looking forward to becoming insurance marketing firms in India are required to ensure compliance with the eligibility criteria, mandatory documentation, and step-by-step procedure as prescribed under the IRDAI (Registration of Insurance Marketing Firm) Regulations of 2015.
The applicable acts, rules, or regulations which regulate the financial activities carried under the insurance marketing firm are as provided below:
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“Thanks to Enterslice, our licence for an Insurance Marketing Firm came through quickly. Their team handled documentation, net-worth norms and compliance check-lists flawlessly. Professional, responsive and trustworthy.”
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“Working with Enterslice was a game-changer. They turned the complex IMF registration into a seamless process - expert guidance, timely updates and full regulatory support. Strongly recommend!”
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