Requirements for Registering as a Corporate Agent

back Back

Requirements to register as Corporate Agent

Who is a Corporate Agent

"Corporate Agent" means any entity or person specified in Regulation 2 (b) of the IRDAI (Registration of Corporate Agents) Regulations, 2015 holding a valid certificate of registration issued by the Authority, for solicitation and servicing of insurance business for any of the specified category of life, general and health.

Who can become a Corporate Agent
  • A company formed under the Companies Act, 2013 (18 of 2013) or any enactment thereof or under any previous company law which was in force; or
  • A limited liability partnership formed and registered under the Limited Liability Partnership Act, 2008; or
  • A Co-operative Society registered under Co-operative Societies Act, 1912 or under any law for registration of co-operative societies or
  • A banking company as defined in clause (4A) of section 2 of the Act; or
  • A corresponding new bank as defined under clause (da) of sub-section (1) of section 5 of the Banking Companies Act, 1949 (10 of 1949); or
  • A regional rural bank established under section 3 of the Regional Rural Banks Act, 1976 (21 of 1976): or
  • A Non-Governmental organization or a micro lending finance organization covered under the Co-operative Societies Act, 1912 or a Non-Banking Financial Company registered with the Reserve Bank of India; or
  • Any other person as may be recognized by the Authority to act as a corporate agent
Process for Registration through the Corporate Agency Portal
  • Submission of Request for Login Credentials
  • Documents required to be uploaded for Login Credentials:
    • Certificate of Incorporation
    • Net worth Certificate
    • Memorandum of Association
    • Audited Financial Statements for the last two years
  • Login to the portal with the login credentials
  • Upload Checklist for corporate agency along with required documents to obtain Certificate of Registration (after approval by the Authority and payment of requisite fee):
    • Profile of the Company 
    • Form A 
    • Certificate of Registration 
    • Organization Chart (should clearly specify the position of Principal Officer i.e. PO, in the organization)
    • Latest Net Worth Certificate 
    • Memorandum and Articles of Association 
    • Training, Examination and educational documents of PO 
    • Fit and proper criteria undertaking of all Directors and PO 
    • Board Approved Policy (The Policy shall include the approach to be followed by the corporate agent in having single or multiple tie-ups, the partners in the tie-ups, the business mix, the type of products sold, grievance redressal mechanism (Refer Reg. 14 (iv) of CA Regulations, 2015) and reporting requirements etc.)
    • Code of conduct undertaking 
    • In-principle agreements with insurers / Consent and in-principle agreement copies received from insurers 
    • Documents in support of infrastructure (lease agreements / ownership documents, equipment, manpower etc.)   
    • Business Plan and business Strategy to be followed by the entity in procurement of insurance business.
    • Declarations on
      •  FDI in the capital of the entity,
      • Appointment of PO exclusively to oversee the insurance activities and
      • Declaration that the entity is not registered with other regulators in the financial sector, if applicable.
    • Projected P&L and Balance Sheet for the next three years and Audited Financial Statements for the last three years.

The above list is not exhaustive. The Authority may seek submission of any other requirements as deemed necessary.

Other activities on the Portal, after grant of Certificate of Registration:
  • Submission of Principal Officer checklist for PO license
  • Download CA COR and PO License from Portal
  • Submission of SP checklists for SP license and download SP Certificates
  • Uploading Tie-up agreements entered with the insurers
  • Submission of half yearly and Annual returns on the portal(The above activities are only indicative and do not cover the whole gamut of disclosures and submissions to be made by the Corporate Agent)
Fee Structure
Payment Category Amount Payable (Rs
CA – Application Processing Fee Rs. 10,000
CA – Registration Fee Rs. 25,000/-
PO – Certificate Rs. 500/-
SP – Certificate Rs. 500/-