MCA Compliance for Insurance Company

Insurance Companies are registered as public companies under the Companies Act 2013. Public companies are companies that have their shares listed in a registered stock exchange. Public Companies have to comply with the rules laid down by the Ministry of Corporate Affairs (MCA) and the Registrar of Companies (ROC)..

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MCA Compliance for Insurance Company

Ministry of Corporate Affairs is the administrative body that deals with Companies in India. Insurance companies are registered as public companies.

MCA Compliance Checklist for Insurance Companies

Specific compliances have to be carried out annually by an insurance company. However there are certain compliances which the company has to follow periodically. The following are the mandatory MCA Compliance checklist for an insurance company.

Sl No


Details of the Compliance

Date of Compliance


Statements Related to Finance

Insurance companies have to mandatory file Balance Sheet, Directors Report, Auditors Report, Consolidated Financial Statement in the XBRL (Extensible Business Reporting System) Format.

This specific MCA Compliance must be carried out 30 days after the Annual General Meeting.


Annual General Meeting

The insurance company has to conduct an Annual General Meeting as per the provisions of the act. This is another mandatory MCA Compliance as per the companies act.

This must be held within 30 days of incorporation of the insurance company.


Annual Return

Return that is filed as per the requirements of tax purposes. Annual return is required to be filed by the company.

Annual Return must be filed 60 days after the Annual General Meeting.


Income Tax Return

These returns must be filed before the tax department. This is a mandatory MCA compliance to be filed by the company.

Before 30th September every financial year.


Directors Reports

The insurance company has to hold its meeting within 30 days of incorporation. Four meetings have to be held every year and not more than 120 days should be between any meetings.

30 days after incorporation of the company. 4 meetings have to be conducted by the company every year.


Audit and Secretarial Report

The company must publish secretarial and audit reports.  This is when the paid-up capital of the company is more than Rs 50 Crore or its annual turnover is more than Rs. 250 crore. This is a Mandatory MCA compliance which has to be followed by an insurance company.

This compliance has to be carried out by the Company Secretary.


SEBI related Compliances that have to be followed by the Insurance Company.

Listing regulations of the SEBI(LODR) 2015 specify certain compliances that have to be carried out by the company in compliance with the SEBI Rules.



Corporate Social Responsibility Compliance by Insurance Company  (MCA Compliance). Approve the CSR activities.

Every insurance company that has a net worth of 500 Crore,  Turnover of 1000 Crore, or a Net Profit of 5 Crore has to have a Corporate Social Responsibility Committee (CSR Committee).

This would be applicable for a company that is disclosing profits. Four meetings must be conducted every year by the company.


Selection and Appointment of the CEO and the CFO

Appointment of CEO and CFO must be carried out by Insurance Company. This is a mandatory MCA Compliance carried out by an insurance company.

This must be done 30 days after having the annual general meeting of the company.


Declaration of Dividend

Dividends have to be declared as per the company’s act 2013.

Dividends have to be declared after holding the first annual general meeting. The first annual general meeting is held nine months after forming the company.


Special Resolution that is passed in the Annual General Meeting.

In a special resolution 75% votes are required from the majority. Special resolution requires to be passed at the annual general meeting.

This must be done within 30 days of passing the resolution.


Disclosure of Financial Interest in the company

This must be done by the directors if they are interested in a contract or special transaction with the company.

Directors must disclose any special form of interest after their first appointment at the meeting.


Appointment of Cost Accountant

A cost accountant must be appointed by the company. The cost accountant must not be the same as the chartered accountant.

Appointment must be made 30 days after the meeting or 180 days of the financial year whichever is earlier.

Non- Compliance with the above provisions

Non Compliance with the above provisions related to company’s act 2013 would attract penalties.

Eligibility criteria – MCA Compliance

Insurance companies are registered as public companies are eligible to comply with the above norms.

Documents Required

  • Statements related to Finance- Form- AOC -4.
  • Annual General Meeting- Form- MGT 15.
  • Annual Return by the Insurance Company- MGT -7.
  • Income Tax Return-  Form ITR-6.
  • Directors Report- Form MGT-14.
  • Audit and Secretarial Report- Form MR-3.
  • Compliances related to Listing Rules under SEBI- Business Responsibility Report as prescribed by SEBI.
  • Corporate Social Responsibility- Board Report on compliance or non-compliance.
  • Selection of CEO and CFO- Form DIR -12 and Form MGT-12.
  • Directors Disclosure- Form- MBP 1.
  • Appointment of Cost Accountant/ Cost Auditor- Form CRA- 2.
  • Declaration before the commencement of business or exercising borrowing powers - Form No INC-21.

How can Enterslice help in securing Compliance for your Insurance Company

  • We will help your company with compliances related to MCA and ROC.
  • We value your time and money.
  • We also offer post compliance services for your insurance company.

Frequently Asked Questions

XBRL is an abbreviation for Extensible Business Reporting System Format. This is a form of electronic communication that is revolutionizing business and financial systems around the world. There are many benefits in using this form of system to communicate business data to stakeholders.

Yes. Reporting in the XBRL format is required for an insurance company. Previously, this form of reporting did not apply to an insurance company. XBRL reporting was only for listed entities and other companies.

Under the Companies Act 2013, a company that is disclosing profits is required to file CSR Report by the CSR Committee. The CSR committee will specify activities conducted by the business. While filing the reports, the company would have to specify whether a specific amount of finance is spent on CSR Activities. If the amount for CSR is not utilized then the company has to provide reasons for the same.

Yes as per the companies act 2013 and a compliance under MCA, the Corporate governance committee is required for an insurance company.

The IRDAI (Insurance Regulatory and Development Authority of India) is the primary authority for compliance for Insurance. Apart from this, the Registrar of Companies and the Ministry of Corporate Affairs is the main regulatory authority for corporate compliance for insurance companies.

Yes it is mandatory to follow all compliances for an insurance company. An insurance company is registered as a public company under the companies act 2013. All the compliances which apply to a public company would apply to an insurance company.

In case of non-compliance with the above provisions, the insurance company along with the key management personnel ( Directors, shareholders, CEO, and CFO) would be liable for non-compliance.

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