JR Compliance will provide 100% assistance to our clients by investing our sustain efforts in completing the insurance company registration instantly. To know more about registration of insurance company, contact us.
Insurance companies are financial institutions that provide various insurance policies to conserve an individual and establishment against financial risk.
As a part of Financial Sector Reform, a Committee on Reforms in Insurance (CRIS) came into existence in 1993, headed by Shri R.N. Malhotra. The objective of the CRIS committee was to open an insurance sector, improve the standard services of the Indian insurance majors, and widen the scope of insurance coverage to the more significant section of the Indian population.
After the commencement of CRIS, the Insurance Regulatory Development Authority came into existence under Insurance Regulatory and Development Authority Act,1999 (IRDAI Act) as a regulatory authority to supervise and develop the Insurance sector.
Moreover, IRDAI Act also protects the interest of insurance policyholders, and its objective is to control, encourage, and ensure proper growth and development of the insurance sector.
To be noted, the Insurance sector has been playing a fundamental role as a component of the economy on account of premiums and scale of investment it collects, including its role in social and economic development by covering personal and business risk.
India comprises 57 insurance companies (24 engaging in life insurance and 33 in non-life insurance).
Note - The authority rejects your application by giving the reason in writing. Moreover, a resentful applicant can apply to appeal in the Securities Appellate Tribunal within 30 days of receiving the basis for application rejection.
Note - The reason for the rejection of the application will be communicated in writing to you within 30 days of the disclaimer. However, suppose the applicant wants to file a case concerning aggrieved. In that case, he appeals to the Central Government as per Section sub-section (2C) of Section 3 of the Act within 30 days of receiving a reason for rejection.
We - at JR Compliance - Delhi's award winning compliance service provider with experience of 8+ years guarantee to make the registration of insurance company unchallenging. Since, registration of insurance company includes number of steps it could be confusing for an applicant to complete everything accurately, especially, if you are doing it for the first time.
That's why, for the registration of insurance company, you need a professional assistance to complete the registration on your behalf while maintaining the flexibility and adaptability to provide high customer satisfaction.
How to Renew the IRDA Registration of Insurance Company?
Note- If the insurer fails to fill an application form to renew the certificate before the date mentioned in sub-regulation (1). Then the authority might accept the application, but you are required to pay an additional fee along with the application fee as a penalty.
Our Role in Insurance Company Registration
The Insurance Company registration process is discombobulating because it requires filing various forms and documents to obtain a certification or license. That is not just perplexing but a tedious process too.
However, JR Compliance is the best solution to all your concerns because we guarantee to provide you with our support and assistance from the first to the last step of the registration of insurance company. Thus, we will eliminate every possibility of inaccuracy, which will lessen the rejection of an application.
Hence, for expert and professional services, contact us immediately.
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