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Siddhu ManojFounder & CEO of Two-LYP Computations Pvt. Ltd.
“Incorporating my Startup with IncorpX was an incredibly smooth and hassle-free experience. The team was highly professional, guiding us every step of the way with clear communication and prompt support. The registration process was fast, and every detail was handled with precision and accuracy. Highly recommend IncorpX for anyone starting a business.”
Abhishek LohaniDirector at Lohani Learnings
“Company is good and service is also smooth. I used their compliance service and the response was timely with no delay and price are also convenient. They are always available to cater your need.”
Chandan Kr. ChaudharyFounder of Creative Minds
“I am very satisfied with the team of IncorpX for providing the top notch services. Team of IncorpX was giving the update on daily basis was one of the best thing which I experience in Corporate. keep doing it. Thank you!”
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“Don't think twice.Got my company incorporates here. Tbh very impressed by the quality of service provided by this team. Very organized and friendly team. Had a smooth and peaceful experience. Timely regular updates were provided by the team. Overall a great experience.”
Anoop KrishnanFounder of EIGHTH DAY FORGE
“It's rare to find a service provider who makes the process feel personal - IncorpX absolutely did. From day one, they patiently explained every detail without any jargon, making it easy to understand and stress-free. There was zero chasing, no delays-just efficient, smooth execution all the way through. I felt supported, heard, and confident at every step of registering my company EIGHTH DAY FORGE (OPC) Private Limited. Thanks to Mr. Sriram and his wonderful team.”
Ramesh LankeFounder of EKnal Technologies
“IncorpX made the entire registration process for our company, EKnal Technologies, smooth and stress-free. Their team was professional, efficient, and incredibly supportive from start to finish. Highly recommend them to any founder looking for a reliable partner in their business journey! Special shoutout to Sriram and Aswin-your support, clarity, and responsiveness made the whole process incredibly smooth.”
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Enter the Insurance Industry with Expert IRDAI Guidance in Rourkela?
From broker licensing to ongoing compliance - our IRDAI specialists ensure you operate legally and profitably
HERE'S HOW IT WORKS
1. Fill the Form
Share your basic details through the form.
2. Call to discuss
Our team will reach out to guide you through the process.
3. Get Complete IRDAI Compliance Support
Whether you need a new license or ongoing compliance, our experts handle everything. Quick and hassle-free.
SIMPLE & TRANSPARENT PRICING
MOST POPULAR
IRDAI Compliance Package in Rourkela
₹14999 /one-time
Get incorporated in 9 days
Fast 9-day process Satisfaction assured
IRDAI Requirement Assessment
License Category Selection
Application Preparation
Document Compilation
Principal Officer Training Guidance
IRDAI Liaison & Follow-up
Query Response Handling
Compliance Framework Setup
Annual Filing Support
Dedicated IRDAI Expert
*Statutory charges applicable as per government norms
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IncorpX Prime
An all-inclusive solution for startups and expanding enterprises seeking a streamlined, compliant incorporation process.
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Priority handling by senior registration experts.
Express filing within 2 days of document submission.
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Important Notes
Multiple name options processed to maximize approval chances.
Expert guidance on MCA-compliant naming conventions.
The Insurance Regulatory and Development Authority of India (IRDAI) is the apex body responsible for regulating and promoting the insurance and re-insurance industry in India. Any entity involved in selling, distributing, or servicing insurance products must obtain appropriate licenses from IRDAI and maintain ongoing compliance.
IRDAI compliance encompasses a wide range of activities including insurance broker licensing, corporate agent registration, TPA licensing, surveyor licensing, and various periodic filings. Non-compliance with IRDAI regulations can result in heavy penalties, license cancellation, and prosecution under the Insurance Act and IRDAI regulations.
At IncorpX, we provide comprehensive IRDAI Compliance Services covering the entire spectrum of insurance regulatory requirements. Our team of experienced regulatory professionals, Chartered Accountants, and Company Secretaries helps insurance intermediaries navigate IRDAI requirements seamlessly.
Whether you're a startup looking to enter the insurance distribution space, an established broker seeking license renewal, or a company needing ongoing compliance support, IncorpX has the expertise to guide you through every step of your IRDAI regulatory journey.
What is IRDAI Compliance?
IRDAI Compliance refers to adherence to the regulations, guidelines, and directions issued by the Insurance Regulatory and Development Authority of India. It covers various aspects including licensing, capital requirements, operational norms, reporting requirements, and professional standards for insurance intermediaries.
Key areas of IRDAI compliance include:
Licensing: Obtaining necessary licenses to operate as insurance broker, corporate agent, TPA, etc.
Capital Requirements: Maintaining minimum capital, net worth, and security deposits.
Training & Certification: Ensuring principal officers and staff have required IRDAI certifications.
Reporting: Filing periodic returns and reports with IRDAI.
IRDAI Regulated Entities:
Insurance Brokers:
Direct, composite, and reinsurance brokers selling insurance products.
Corporate Agents:
Banks, NBFCs, and other entities distributing insurance.
Third Party Administrators (TPAs):
Health insurance claim processing companies.
Surveyors & Loss Assessors:
Professionals assessing insurance claims and losses.
Critical IRDAI Compliance Warning!
Operating as an insurance intermediary without IRDAI license is a serious offense. Violations can attract penalties up to ₹1 crore and imprisonment up to 10 years. Even licensed entities face penalties for non-compliance with filing and operational norms.
Our IRDAI Licensing Services in Rourkela:
IncorpX provides comprehensive support for all types of IRDAI licenses and registrations:
License Type
Description
Who Needs It
Timeline
Direct Broker License
License to sell life or general insurance products
Insurance broking companies, startups
3-4 months
Composite Broker License
License to sell both life and general insurance
Full-service insurance brokers
3-4 months
Reinsurance Broker
License to arrange reinsurance treaties
Specialized reinsurance intermediaries
4-6 months
Corporate Agent
License for banks/NBFCs to distribute insurance
Banks, NBFCs, MFIs, cooperatives
2-3 months
TPA License
Third Party Administrator for health claims
Health insurance service providers
4-6 months
Web Aggregator
License for insurance comparison websites
Insurance comparison platforms
3-4 months
What Are the Key Features of Our IRDAI Compliance Service?
Our IRDAI Compliance Services are designed for comprehensive regulatory support. Here's what makes IncorpX the preferred choice for IRDAI matters:
1. IRDAI Expertise
Deep expertise in IRDAI regulations covering all insurance intermediaries.
2. License Applications
End-to-end support for all IRDAI license applications with high success rate.
3. Training Coordination
Guidance for mandatory IRDAI examination and principal officer training.
4. Capital Planning
Guidance on capital adequacy and net worth requirements.
5. Periodic Returns
Timely filing of all IRDAI returns including annual and quarterly reports.
6. IRDAI Liaison
Direct coordination with IRDAI for queries, clarifications, and inspections.
7. Policy Documentation
Preparation of Code of Conduct, KYC Policy, and other required policies.
8. License Renewal
Timely renewal of IRDAI licenses before expiry to ensure continuity.
9. Penalty Prevention
Proactive compliance to avoid IRDAI penalties and show-cause notices.
10. Expert Support
Dedicated IRDAI regulatory expert for your company's compliance needs.
Benefits of Professional IRDAI Compliance in Rourkela:
Partnering with IncorpX for IRDAI compliance offers numerous advantages for your insurance business:
Avoid Heavy Penalties
IRDAI penalties can go up to ₹1 crore. Professional compliance keeps you penalty-free.
License Protection
Maintain your IRDAI license and avoid suspension or cancellation due to non-compliance.
Faster Processing
Our expertise ensures faster processing of license applications and IRDAI submissions.
Regulatory Expertise
Navigate complex IRDAI regulations and circulars with expert guidance.
Insurer Confidence
Strong IRDAI compliance record helps build relationships with insurance companies.
Business Growth
Proper IRDAI licensing opens doors to partnerships with multiple insurers.
Expert IRDAI regulatory support from day one!
Types of Insurance Broker Licenses:
Insurance brokers are classified into different categories based on the type of insurance they deal with. Understanding the right category is crucial for your license application:
Broker Type
Insurance Category
Minimum Capital
Deposit with IRDAI
Direct Broker (Life)
Life insurance only
₹50 lakh
₹25 lakh
Direct Broker (General)
General insurance only
₹50 lakh
₹25 lakh
Composite Broker
Life + General + Health
₹75 lakh
₹50 lakh
Reinsurance Broker
Reinsurance only
₹5 crore
₹50 lakh
Note: Capital and deposit requirements may be revised by IRDAI. Contact us for the latest requirements for your specific broker category.
Corporate Agent Registration:
Corporate Agents are entities that distribute insurance products on behalf of insurers. They can tie up with maximum three insurers (one life, one general, one health):
Understanding IRDAI compliance can be complex. We've compiled answers to the most frequently asked questions to help you navigate IRDAI regulatory requirements effectively.
These FAQs cover insurance broker licensing, corporate agent registration, TPA licensing, and IRDAI filings.
IRDAI compliance refers to adherence to regulations, guidelines, and directions issued by the Insurance Regulatory and Development Authority of India. It includes licensing, capital requirements, periodic filings, and operational guidelines for insurance intermediaries.
An insurance broker is an independent intermediary who represents the interests of insurance buyers. Unlike agents who represent insurers, brokers work for clients and can place business with any insurer, helping customers find the best policies.
An agent represents one or more insurers and sells their products. A broker represents the customer, not insurers, and can access products from all insurers in the market. Brokers need higher capital and have more stringent compliance requirements.
The minimum capital varies by broker type:
Direct Broker (Life/General): ₹50 lakh
Composite Broker: ₹75 lakh
Reinsurance Broker: ₹5 crore
Additionally, security deposit with IRDAI is required.
A composite broker holds a license to deal in all categories of insurance - life, general, and health. This provides maximum flexibility to serve clients with diverse insurance needs through a single entity.
A corporate agent is an entity like a bank, NBFC, or company that distributes insurance products. Unlike individual agents, corporate agents can tie up with up to three insurers (one each from life, general, and health).
TPA (Third Party Administrator) license allows a company to provide health administration services on behalf of insurers. TPAs manage health insurance policies, process claims, and provide cashless hospitalization services.
The IRDAI examination is a mandatory test that principal officers and key personnel of insurance intermediaries must pass. It covers insurance concepts, regulations, and the Insurance Act. Without this certification, licenses cannot be obtained.
The principal officer must be a graduate, have passed the IRDAI examination, and possess relevant experience in insurance. Additional qualifications like FIII/AIII are preferred. The principal officer is responsible for the firm's compliance.
Operating as an insurance intermediary without IRDAI license can attract penalties up to ₹25 lakh and imprisonment up to 10 years under the Insurance Act, 1938. Soliciting insurance business without proper license is a criminal offense.
Professional Indemnity (PI) Insurance is mandatory for insurance brokers. It covers claims arising from professional negligence, errors, or omissions. The minimum PI cover depends on the broker category and business volume.
IRDAI licenses for insurance brokers are valid for 3 years. Renewal application must be submitted at least 30 days before expiry. Continuous compliance is required for renewal approval.
A web aggregator license allows entities to operate insurance comparison websites. Web aggregators display quotes from multiple insurers but cannot finalize sales - they redirect customers to insurer websites for purchase.
Surveyors and Loss Assessors are licensed professionals who assess and estimate losses in insurance claims. They require IRDAI license and must pass examinations. Categories range from A to F based on claim value limits.
Yes, foreign companies can obtain IRDAI licenses, subject to FDI norms and IRDAI regulations. International reinsurance brokers and intermediaries can operate in India after meeting the prescribed requirements.
IRDAI filings include:
Annual returns
Quarterly business reports
Audited financial statements
Principal officer change intimation
Branch opening/closure intimation
Insurance brokers must deposit a security deposit with IRDAI. For direct brokers it's ₹25 lakh, for composite brokers ₹50 lakh, and for reinsurance brokers ₹50 lakh. This can be in the form of bank guarantee or fixed deposit.
No. Currently, IRDAI issues insurance broker licenses only to companies registered under the Companies Act. LLPs, partnerships, and proprietorships cannot obtain broker licenses. You would need to incorporate a private limited company.
Yes. We provide complete license renewal services including compliance review, document preparation, application filing, and IRDAI follow-up. We ensure timely renewal to avoid any gap in your license validity.
