Becoming a corporate insurance agent in India offers businesses a lucrative opportunity to distribute insurance products. The Insurance Regulatory and Development Authority of India (IRDAI) has outlined a structured registration process under the IRDAI (Registration of Corporate Agents) Regulations. Here's a comprehensive step-by-step guide to obtaining a Corporate Agent License and complying with all regulatory requirements.
What is a Corporate Insurance Agent?
A corporate insurance agent is an entity (such as a company, bank, or NGO) authorized by IRDAI to solicit, procure, and service insurance business on behalf of insurers. Unlike individual agents, corporate agents can represent more than one insurer within each category—life, general, and health.
Why You Need an IRDAI Licence for Insurance Agent
To operate legally and ethically, all corporate entities engaged in insurance distribution must acquire an IRDAI licence for insurance agent. This ensures compliance with industry regulations, enhances credibility, and builds customer trust.
Step-by-Step Process to Obtain a Corporate Agent License
Step 1: Determine Eligibility Criteria
Before applying, ensure the organization meets the following conditions:
Must be registered under Companies Act, LLP Act, Cooperative Societies Act, or other relevant laws.
Must have a minimum net worth of ₹50 lakhs.
At least one Principal Officer should have passed the IRDAI-specified training and examination.
Step 2: Appoint a Principal Officer
A Principal Officer must be appointed, responsible for overseeing insurance operations. The person must:
Complete 50 hours of mandatory training from an IRDAI-approved institution.
Pass the IRDAI examination.
Step 3: Prepare the Required Documents
Compile the following documents for your application:
Certificate of Incorporation
PAN card of the organization
Net worth certificate and financial statements
Principal Officer’s training certificate and exam pass proof
Board resolution authorizing the application
MOA & AOA with relevant insurance-related clauses
Step 4: Fill Out the IRDAI Application Form
Apply online through the IRDAI portal using Form CA. The application fee (currently ₹25,000 + applicable taxes) must be paid electronically.
Step 5: Submit the Application to IRDAI
Once the application form is completed and documents are uploaded, submit the application online. Track its status regularly through the IRDAI website.
Step 6: Verification and Inspection by IRDAI
IRDAI will review the submitted documents and may conduct an inspection. They verify compliance with eligibility, infrastructure, and operational preparedness.
Step 7: Grant of Corporate Agent License
Upon successful verification, IRDAI will issue the Corporate Agent License valid for three years. Renewal must be applied for at least 30 days before expiration.
Post-Registration Compliance for Corporate Insurance Agents
After obtaining the license, corporate agents must:
Sign agreements with insurers.
Maintain records and submit regular reports to IRDAI.
Ensure their staff undergo continuous training and adhere to ethical sales practices.
Conclusion
Registering as a corporate insurance agent with IRDAI is a strategic move for entities looking to expand into the insurance distribution business. By following the above steps and securing an IRDAI licence for insurance agent, you ensure full regulatory compliance and build a strong foundation for long-term success in the insurance industry.
