How to Apply for IRDA IMF Registration A Complete Guide

Setting up an Insurance Marketing Firm (IMF) in India requires proper registration with the Insurance Regulatory and Development Authority of India (IRDAI). The IRDA IMF registration process allows firms to offer multiple insurance-related services, including policy sales, claims assistance, and financial product distribution. Businesses looking to enter the insurance marketing space must meet specific eligibility criteria and complete the necessary steps to obtain their license.

Eligibility for IRDA IMF Registration

Before applying, firms must meet certain requirements:

The business should be a registered company under the Companies Act, 2013.

A minimum net worth of INR 10 lakhs is required.

The firm must appoint a Principal Officer with the required insurance qualifications.

Insurance Sales Persons (ISPs) should be engaged for marketing and selling insurance products.

Steps for IRDA IMF Registration

1. Register on the IRDA IMF Portal
To start the process, applicants must visit the official IRDAI website and complete the IMF application login process. This involves creating an account, providing business details, and verifying contact information.

2. Submit the IMF Application Form
The next step is to fill out Form A, the official application form for IMF registration. This form includes company details, financial status, names of key personnel, and intended business operations.

3. Upload Required Documents
Applicants must submit several documents along with the IMF application form, including:

Certificate of incorporation

Net worth certificate from a Chartered Accountant.
Principal Officer’s qualification certificates.
Bank statements supporting financial requirements.
Declarations from directors and key employees.

4. Pay the Registration Fee
A non-refundable application fee of INR 5,000 must be paid through the designated online payment gateway.

5. IRDAI Review and Approval
Once the application is submitted, the IRDAI reviews all documents and verifies compliance with regulatory requirements. If additional details are needed, the applicant will receive a notification through their IMF application login portal.

6. Inclusion in the IRDA IMF List
Upon successful verification and approval, the firm’s name is added to the IRDA IMF list, making it an officially recognized Insurance Marketing Firm.

Post-Registration Requirements
IMFs must complete regular training programs to keep their certification valid.
Registration must be renewed before expiration by submitting the renewal application and required fees.

Any structural or management changes must be reported to IRDAI.
The IRDA IMF registration process offers businesses a structured way to participate in the insurance industry, helping them provide financial protection services to customers while complying with regulatory guidelines.