IRDAI License Registration

IRDAI License – An Overview

The Insurance Regulatory and Development Authority of India (IRDAI) is the official body responsible for regulating and overseeing the insurance sector in India. Any entity that wants to operate in this space—whether as an insurer or intermediary—must obtain an IRDAI license. This license serves as legal authorization and builds customer trust by ensuring financial stability and regulatory compliance.

Why You Need an IRDAI License

Obtaining an IRDAI license is essential for any insurance-related business due to the following reasons:

Legal Requirement: Under the Insurance Act, 1938, all insurance entities must register with IRDAI.

Credibility & Trust: Being IRDAI-licensed adds credibility, helping attract clients and partners.

Funding Opportunities: Lenders and investors typically prefer businesses that are properly licensed.

Government Contracts: Most institutional and public sector contracts require IRDAI registration.

Who Needs an IRDAI License?

An IRDA license is mandatory for the following entities:

Life Insurance Companies

General Insurance Providers

Health Insurance Companies

Reinsurance Companies

Insurance Agents & Brokers

Surveyors and Insurance Marketing Firms

Pension Fund Managers

Eligibility Criteria for IRDAI License

Eligibility varies based on the type of insurance business but generally includes:

Minimum Net Worth: Adequate financial strength and a certified Net Worth Certificate

Relevant Experience: Background in insurance or financial services

Infrastructure Readiness: Proper office setup, trained staff, and IT systems

Regulatory Commitment: Willingness to follow all IRDAI rules and operational guidelines

Types of IRDAI License

You’ll need a license based on your business model:

Life Insurance Business

General Insurance Business

Standalone Health Insurance

Reinsurance Services

Insurance Intermediaries (agents, brokers, surveyors)

Marketing Firms and Consultants

Pension Fund Operations

Our experts can assist you with choosing the right license type and completing the application process from end to end.

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Frequently Asked
Questions

Find answers to some of the most common questions about our services. If you don’t see what you’re looking for, feel free to reach out to us.

1. Who needs an IRDAI license in India?

Any individual, company, or entity planning to operate as an insurer, insurance intermediary (agent/broker), surveyor, reinsurance provider, or pension fund manager must register with IRDAI.

2. What is the minimum capital requirement to register an insurance company under IRDAI?

For insurance companies, the minimum capital requirement is ₹100 crore. For reinsurance companies, it is ₹200 crore. Intermediaries may have lower financial thresholds depending on their category.

3. How long does the IRDAI registration process take?

The timeline varies by license type and documentation accuracy, but typically it takes 3 to 6 months from application submission to final approval.

4. Is prior experience in the insurance sector necessary for IRDAI registration?

Yes, relevant experience in insurance or financial services is highly preferred and sometimes mandatory, especially for intermediaries and corporate agents.

5. Can a foreign company apply for an IRDAI license in India?

Yes, a foreign entity can apply by forming a joint venture with an Indian company, subject to FDI regulations and IRDAI guidelines.