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Indian Insurance market has witnessed tremendous growth in last years and expecting the significant growth in the coming years. Today, in India we have total 55 player out of which 24 life insurance companies and 31 non-life insurance companies. In this article, we will have a look how to register an Insurance company.
Every insurer seeking to carry out the business of insurance in India is required to obtain a certificate of registration from the IRDAI before the commencement of business. The pre-conditions for applying for such registration have been set out under the Insurance Act of 1938 and the various regulations prescribed by the Authority.
The registration of Insurance company is divided into three parts i.e. R1, R2, R3.
An applicant who desires to carry insurance business has to file an application to the IRDAI[1] in form IRDAI/R1 for an issuance of a requisition for the registration application. The application shall be accompanied by following documents:
Once the authority accepts the application for requisition, the applicant shall apply in Form IRDAI/R2 for grant of a certificate of registration. The application shall contain the following information:
The following are the causes for the suspension of a license of an Insurance Company:
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