A company willing to obtain IRDA license for Insurance business needs to apply in form IRDA/R1.

STEP 1

• Fill up and submit the form to IRDA. 
• After acceptance, file a form IRDA/R2 for grant of registration of the company. Only a public limited company registered under the companies act 2013 or 1956 can be considered as an insurance company. 
• Different certificates are required for each category of insurance business, for example one certificate for registration for life insurance business and one certificate for general insurance business.

Following documents must be filed along with the applications:

In case applicant is a company incorporated under Companies Act 2013 or Companies Act 1956, a certified copy of MOA and AOA.

• A statement of class of insurance business proposed to be carried on;
• A statement which clearly mentions the sources contributing to the share capital required.
• Name, address and the occupation of director and principal.
• Any other documents as IRDA deems it necessary. 

Post compliance with form IRDA/R1, the concerned authority would grant certificate of registration in form IRDA/R2.

STEP 2- Checklist of Documents Required for Registration:

• With respect to grant of IRDA/R2 to proceed further; following are the requirements.
• All the documents required which contains deposit amount, 
• More than 100 crores of paid-up equity capital in case of life insurance business and general insurance business, 
• More than 200 crore of paid-up equity capital in case of reinsurance business. 

Other requirements of information and documents include: -

i. A statement of number of shares issued in respect of share capital of the applicant to each promoter and shareholder.

ii. Payment Receipts of payment, for business clas, of fee of Rs.50,000/- only.

iii. A certified copy of memorandum of understanding (MOU) including detailed support comfort letters exchanged between the parties, made between the foreign promoter or amongst the promoters and the Indian promoter.

iv. A certified copy of published prospectus.

v. An affidavit by the promoters and the principal office certifying about the paid-up capital not being more than 26%.

vi. Affidavit by the promoter and principal officer in regards of the requirements of paid-up share capital being adequate after deposit, registration of the company and preliminary expenses incurred.

vii. A certified copy of the standard forms of the insurer.

viii. A certificate from practicing CS or CA regarding all the requirements of registration fees, share capital, deposits and other documents requisite for the applicant.

ix. A certified copy of the statements of the assured rates, terms and conditions, advantages to be offered in connection with insurance policies and a certificate from the actuary certifying the advantages, rates, terms and conditions are sound of the life insurance business.

x. Fee for each class of business for registration, of Rs.50, 000/-, payable at New Delhi and remitted by bank draft from any scheduled bank in favour of Insurance Regulatory and Development Authority. 

xi. Any other documents or information as required by the concerned authority during the process of application for registration.

Final step - Grant of Certificate of Registration to start the insurance business. 

After scrutinizing the documents and information provided by the applicant, the authority would grant the certificate form IRDA/R3, if satisfied. The certificate is granted on condition that the business must be commenced within 12 months of this certification and if, for some reason, the applicant believes that it is not possible for him/her to start the business within the prescribed time, it may take an extension from the authority within that 12 month time.