Procedure for Registraion of Insurance Buisness

1)	An applicant desiring to carry on insurance business in India shall make a requisition for registration application in ( IRDA/R1)
2)	An applicant shall make a separate requisition for registration application under regulation 3 for each class of business of insurance.
3)	Every requisition for registration application shall be accompanied by: i)        a certified copy of the memorandum of association and articles of association, where the applicant is a company and incorporated under Companies Act, 1956 (1 of 1956); ii)       the name, address and the occupation of the directors and principal officer; iii)     a statement of the class of insurance business  proposed to be carried on; iv)     a statement indicating the sources that will contribute the share capital required under section 6 of the Act;
4)	The Authority may require the applicant, which makes a requisition under regulation 3, to furnish further information or clarification regarding the matters relevant to consider the requisition for registration application.
5)	The Authority on being satisfied that--- i)        the requisition in Form IRDA/R1 is complete in all respects and is accompanied by all documents required therein; ii)       all information given in the Form IRDA/R1 is correct; iii)     the applicant will carry on all functions in respect of the insurance business including management of investments within its own organisation; iv)     the applicant submitting requisition for registration application— ·    is a bona fide applicant for registration under section 3 of the Act; ·    will be in a position to comply with all the requirements for grant of certificate ·     May accept the requisition and direct supply of the application for registration to the applicant.
6)	Where the requirements under regulation 6 are not complied with, the Authority may, after giving the applicant a reasonable opportunity of being heard, reject the application.
7)	The order rejecting the application under sub-regulation 7) shall be communicated by the Authority within thirty days of such rejection to the applicant in writing stating therein the ground on which the application has been rejected.
8)	An applicant aggrieved by the decision of the Authority under sub-regulation 8) may, within a period of thirty days from the date of such communication, apply to the Authority for reconsideration of its decision.
9)	The Authority shall consider the application made under sub-regulation 9) and communicate its decision, as soon as possible, in writing to the applicant.
10)	An applicant, whose requisition for registration application has been rejected, may approach the Authority with a fresh request for registration application after a period of two years from the date of rejection, with a new set of promoters and or for a class of insurance business other than the originally proposed one.

NOTE

The classes of business of insurance for which requisition for registration application may be made are:
·          Life insurance business consisting of linked business, non-linked business or both;                          
·           or General insurance business including health insurance business (or health cover). 

An applicant shall be eligible to apply for requisition referred to in sub-regulation 1),  if such applicant upon registration will be  an Indian insurance company as defined in section 2(7A) of the Act: 
Provided that the applicant whose,- 

(i)         requisition for registration application has been rejected by the Authority at any time during the preceding five financial years on the date of requisition for registration application; or

(ii)            application for registration has been rejected by the Authority at any time during the preceding five financial years on the date of requisition for registration application; or

(iii)               certificate of registration has been  cancelled or withdrawn by the Authority; or

(iv)              name does not contain the words ‘insurance company’ or ‘assurance company’;  

Shall not be eligible to make a requisition for registration application under this regulation.

The applicant referred above, if so required, may appear before the Authority through its principal officer.