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Only after the receipt of application and on being contented about the following mentioned conditions, the Certificate of Registration shall be granted to the insurer by the IRDA. The conditions include the following:
The applicant may be refused of the registration of an insurer on the following grounds:
In case of any conditions particularized for registration is not compiled with, then the Authority reserves the right to cancel the registration either wholly or in part, in case the applicant is involved in more than one insurance business.
The registration shall only be renewed annually and the application for renewal shall be made before 31st December of the preceding year following which the renewal is sought for, along with the fees as below:
It is mandatory for all entities to acquire a Certificate from the Authority before carrying on any insurance business. The license to be acquired for various categories of insurance can be procured from the IRDA, for example Life Insurance, Fire Insurance, Marine Insurance etc. But it is to be kept in mind that the life insurance business shall not be combined with any other type of insurance business.
The license from IRDA is mandatory. Also the old players in the arena of insurance, like the National Insurance, General Insurance, Oriental Insurance etc., had to obtain a fresh certificate within 3 months from the date of commencement of this Act. The insurers exempted from obtaining license under the previous Act, were covered under this Act.
"Insurance Repository" means an organization formed as well as certified under the Companies Act, 1956 . It is an organization that has been given a certificate of registration by Insurance Regulatory along with Development Authority (IRDA) for up keep of data of insurance policies in Electronic form for its Insurers. The Insurance Repositories grants the relaxation of holding insurance policies delivered in an electronic form.
The objective of maintaining an insurance repository is to supply as well as support policyholders an ease to keep insurance policies in electronic form also to undertake revisions, changes or modifications in the insurance policy with speed as well as accuracy. In addition, the repository acts as a single stop for several policy service requirements. The Insurance repository system also brings about efficiency and transparency in the issuance and maintenance of insurance policies.
Yes. NBFC-MFI cannot charge a higher rate of interest. Maximum cost of fund+ 10%
Loan processing fees cannot be more than 1% of the gross loan amount. Charges on loan insurance may be levied separately.
Microfinance, also known as microcredit, is a financial service that offers loans, savings and insurance to entrepreneurs and small business owners who don't have access to traditional sources of capital, like banks or investors.