Documents That Will Support The Application Are:

• Applicant is a company formed under Companies Act 2013
• Certified of MOA and AOA
• Details of the directors such as- name, address and occupation
• Certified copy of the annual report of Indian promoters and foreign investors for the preceding last five years
• Certified copy of the shareholding agreement between Indian Promoters and foreign investors of the applicant
• Five-year business plan accepted by the Board of Directors

Application For Life Insurance/General Insurance/Health Insurance

Evidence expressing that settled up value capital is more than Rs. 100 crore or more;

Application For Reinsurance Business

• Evidence is expressing that settled up value capital is more than Rs. 200 crore or more;
• An affidavit provided by the Indian and foreign promoters affirming that the paid up equity capital is sufficient enough after barring preliminary expenses.
• Articulation of shareholding containing the distinctive number of shares gave to promoters;
• CEO, MD, WTD of Indian developers and foreign investors stating that the holding of remote paid-up equity capital is being calculated as referenced under the Indian Insurance Companies (Foreign Investment) Rules, 2015 read with different principles identified with it.
• FIPB approval if the FDI surpasses the restriction of 26%;
• Certified copy of published prospectus;
• Certified copy of MOU or any kind of agreement entered between the promoters such as-management agreement or shareholder agreement or voting agreement or any other kind of agreement;
• Confirmation of payment of expenses of rupee five lakh, which is non-refundable;
• PCA or PCS certificate affirming the consistence of registration charges, value share capital, other demands of the Act;

The authority in the wake of getting the application will take into the thought of the nature of insurance items, the degree of actuarial, bookkeeping and other expert specialists in the administration, the association structure. The authority will issue the certificate to the applicant in Form IRDAI/R£ after conducting an inquiry and feeling satisfied. The Authority may dismiss the application in the event they don’t feel contended with the data gave by the candidate for the purpose of obtaining insurance company license.

The rejection will be conveyed to the candidate within the thirty days from the day of the order of rejection went with the ground of rejection. A candidate can speak to SAT within 30 days of receipt of dismissal order.

The candidate who has received the certificate of insurance company license must commence its business within 12 months of getting the certificate.