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Q: Can a foreign company or a company with foreign investment apply for an IR license?

No. As per current IRDAI regulations, an insurance repository is generally not permitted to have foreign direct investment. The ownership structure must be entirely Indian.

Q: What are the common reasons for the rejection of an IR license application?

Common reasons for rejection include: Incomplete or inaccurate documentation. Failure to meet the minimum paid-up capital or net worth requirements. Non-compliance with the "fit and proper" criteria for directors and promoters. Lack of a robust and secure IT infrastructure plan. Conflict of interest with the insurance business. Failure to adequately address IRDAI's queries or clarifications. Non-adherence to the company name requirement (insurance repository must be in the name).

Q: Is a physical office and infrastructure mandatory for an Insurance Repository?

Yes, a robust physical and technological infrastructure is mandatory. This includes secure data centers, dedicated IT systems, and a well-defined network of "Approved Persons" (APs) or service points for policyholder interactions across various locations. While the e-insurance repository system is digital, it relies on a strong physical backbone.

Q: What are the penalties for non-compliance after obtaining the license?

Non-compliance with IRDAI regulations can lead to severe penalties, including: Monetary fines on the insurance repository and its key management personnel. Suspension or cancellation of the Certificate of Registration. Disqualification of directors. Legal action and prosecution in serious cases of violation.

Easily register for an IRDAI-approved Insurance Repository with RegisterKaro. Centralize all your policies online for secure access, simplified management, and expert help every step of the way.

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What Sets Us Apart

500+

MCA Certified Experts

10,000+

Trusted Reviews

2500+

Monthly Clients Onboardings

Serving Businesses Across India

Full Name*

Phone Number*

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Frequently Asked Questions (FAQs)

What is the validity of an Insurance Repository license?

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An Insurance Repository license is valid for three years from the date of issuance of the Certificate of Registration. To continue operations, the licensed entity must apply for renewal at least 60 days before the expiry of the current license, along with the prescribed renewal fee (typically Rs. 50,000).

Can a foreign company or a company with foreign investment apply for an IR license?

What are the common reasons for the rejection of an IR license application?

Is a physical office and infrastructure mandatory for an Insurance Repository?

What are the penalties for non-compliance after obtaining the license?

Why Choose RegisterKaro for the Insurance Repository License Application?

The path to becoming a licensed insurance repository in India is intricate, demanding deep regulatory knowledge, meticulous documentation, and strategic planning.

Expert Guidance Through Complex Regulations: Seasoned legal and compliance professionals offer clear, up-to-date guidance aligned with IRDAI requirements. Get precise support to efficiently secure an insurance repository license.
End-to-End Documentation and Filing Support: All corporate, technical, financial, and management documents are prepared with accuracy. From drafting MoA to business plans and financial projections, every detail is handled to meet IRDAI compliance standards.
Seamless Liaison with Regulatory Authorities: A dedicated liaison manages all interactions with IRDAI, ensures timely responses to queries, and reduces delays through proactive communication and issue resolution.
Time-Saving and Transparent Process: The registration process is streamlined to reduce timelines. Clear updates on progress, compliance requirements, and costs ensure complete visibility at every step.

Why Choose RegisterKaro for the Insurance Repository License Application?

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