A Simple Guide to Registration Requirements of a Corporate Agent in Insurance, in Bharat (India)…

A Simple Guide to Registration Requirements of a Corporate Agent in Insurance, in Bharat (India)…


If you’ve ever wondered what it takes to become a Corporate Agent in the world of insurance in Bharat (India), you’ve come to the right place. In this article, we’ll break down the complicated regulatory stipulations into a clear and straightforward guide. So, let’s find out the regulatory stipulations!

Who is a Corporate Agent?

First things first, let’s define who a Corporate Agent is. In the context of insurance, a Corporate Agent is any entity or person authorized by the regulatory authority (IRDAI) to solicit and service insurance business. This business can fall under specific categories, including life, general, and health insurance.

Who Can Become a Corporate Agent?

To become a Corporate Agent, you need to meet specific criteria. Here’s who is eligible:

  • Companies: This includes entities formed under the Companies Act, 2013, or any previous company law.
  • Limited Liability Partnerships (LLPs): If you’re a registered LLP under the Limited Liability Partnership Act, 2008, you’re eligible.
  • Co-operative Societies: This category includes entities registered under the Co-operative Societies Act, 1912, or any similar law.
  • Banks: Banking companies and corresponding new banks can also become Corporate Agents.
  • Regional Rural Banks: Entities established under the Regional Rural Banks Act, 1976, can participate.
  • Non-Governmental Organizations (NGOs) and Micro Lending Finance Organizations: These should be covered under the Co-operative Societies Act, 1912, or registered as Non-Banking Financial Companies with the Reserve Bank of India.
  • Others: The regulatory authority may recognize other entities or individuals to act as Corporate Agents.


The Registration Process

Now, let’s walk through the steps of registering as a Corporate Agent:

1. Submission of Request for Login Credentials: Begin by submitting a request for login credentials.

2. Required Documents for Login Credentials: You’ll need to upload specific documents, including:

  • Certificate of Incorporation
  • Net worth Certificate
  • Memorandum of Association
  • Audited Financial Statements for the last two years

3. Login to the Portal: Once you have your login credentials, log in to the Corporate Agency Portal.

4. Upload Checklist and Required Documents: Upload the necessary documents to obtain your Certificate of Registration (after approval by the IRDAI (Authority) and payment of the requisite fee). These include items like your company profile, organizational structure, net worth certificate, and more.

5. Compliance Documents: Prepare and submit various compliance-related documents, such as training, examination records, and code of conduct.

6. Infrastructure Documentation: Provide documents that support your infrastructure, including lease agreements, equipment, and manpower details.

7. Business Plan: Outline your business strategy and plan for procuring insurance business.

8. Declarations: Make declarations regarding FDI in your entity, the appointment of a Principal Officer (PO), and registration with other regulators if applicable.

9. Financial Projections: Provide projected Profit and Loss (P&L) and Balance Sheet for the next three years and audited financial statements for the last three years.

Remember, this list is not exhaustive, and the regulatory authority may request additional information as needed.

Activities After Registration

Once you’ve successfully registered as a Corporate Agent, there are additional activities to consider:

  1. Submission of Principal Officer (PO) checklist for PO license.
  2. Downloading your Corporate Agent Certificate of Registration and PO License from the portal.
  3. Submitting checklists for Specified Persons (SP) licenses and downloading SP Certificates.
  4. Uploading tie-up agreements made with insurers.
  5. Submitting half-yearly and annual returns on the portal, as required.

Understanding the Fees required for registration:

Before you begin, it’s essential to know the fees involved in the registration process:

  • CA – Application Processing Fee: Rs. 10,000
  • CA – Registration Fee: Rs. 25,000
  • PO – Certificate: Rs. 500
  • SP – Certificate: Rs. 500


Becoming a Corporate Agent in the insurance industry is a structured process with specific requirements as stipulated by the IRDAI, which is the Insurance Business regulator. Following the steps outlined in this guide and providing the necessary documentation, you can navigate the registration process and start your journey as a Corporate Agent.

Remember, the regulatory authority may have additional requirements, which a regulator may ask. Hence, one needs to be prepared to handle such situations.

Thank you.


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