Stages for IMF Registration as per IRDAI’s Regulations on Insurance Marketing Firms (IMF), 2015 with IRDAI
Stage 1 – Pre-Application Preparation:
• Formulate the Entity:
• Name NOC from IRDAI
• Should be a company, LLP, cooperative society, or NGO registered under relevant laws.
• Company Formation at ROC, MCA
• Incorporation documents (MOA, AOA, LLP agreement, bye-laws)
• Must have minimum net worth of ₹10 lakh.
• Promoter & Key Persons Eligibility:
• Fit & proper criteria for promoters/directors/Insurance Sale Persons (ISP) & Principal Officer (PO).
• PO and ISP must pass the required training (50/25 Hrs) + III examination.
• Business Plan: Prepare a 3-year projected business plan including insurance products, other permitted financial services, and projections under the regulations.
Stage 2 – Application to IRDAI
• Submit Form A (Application Form) along with MOA, AOA, COI, PAN
• Net worth certificate from a Chartered Accountant.
• Details of promoters, directors, and principal officer & ISPs.
• Infrastructure details (office, IT systems, manpower).
• Undertaking of compliance with IMF regulations
• Fees (currently ₹5,000 non-refundable application fee).
Stage 3 – IRDAI Scrutiny
• IRDAI examines the application on:
• Financial soundness.
• Fit & proper criteria of promoters and directors.
• Infrastructure adequacy.
• Conflict of interest (esp. if the entity is engaged in other financial/intermediary businesses).
• IRDAI may seek clarifications or additional documents during this stage.
Stage 4 – Grant of In-Principle Approval
• If satisfied, IRDAI issues in-principle approval subject to the Establishment of systems (record-keeping, grievance redressal, MIS).
Stage 5 – Final Registration
• After compliance with conditions, the applicant submits proof to IRDAI.
• IRDAI grants the Certificate of Registration to operate as an Insurance Marketing Firm.
• Registration is valid for 3 years, renewable thereafter.
Stage 6 – Post-Registration Compliance
• Maintain net worth of ₹10 lakh at all times.
• Submit periodic returns, disclosures, and audit reports — Mly/Qly/Hly/Yly — IRDAI. • Ensure grievance redressal system for policyholders.
• Renew registration before expiry with prescribed fees.
✅ So in short, the stages are: Preparation → Application (Form A) → IRDAI scrutiny → In-principle approval → Compliance fulfilment → Final registration → Ongoing compliance.