FAQ's

No objection certificate is a certificate issued to the IMF applicant by the authority on request. This certificate can be used by the IMF applicant to register proposed IMF Firm Name with registrar of companies(ROC).
No. It is required if NOC request the same for registration of proposed IMF Firm Name.
Simple!. Go to "New User? Register Now!" on main menu and click on "Do You Need NOC? Click Here" and fill the relevant details and submit.
Address Proof, PAN Card and Names of proposed Directors/Share Holders.
An applicant desiring to obtain a Registration to act as an Insurance Marketing Firm shall follow the following procedure
  • a) Submit an application to the Authority in the Form A
  • b) Remit the non-refundable application fees of five thousand rupees plus applicable tax along with the application for grant of a registration
  • c) Submit all the necessary documents as mentioned in detail in the application form A – Along with a declaration of principal officer/directors/managing partners satisfying the fit & proper criteria in the prescribed form as my be additionally prescribed by the Authority.
  • d) Submit copy of the Insurance Marketing firm Exam pass Certificate of the principal Officer and the ISPs proposed to be engaged by the Insurance Marketing Firm
  • e) Se) ubmit the copy of the surveyors and loss assessor license of the person proposed to be employed by Insurance Marketing Firm, If the Insurance Marketing Firm proposed to undertake any insurance survey and loss assessing assignments
  • f) Submit copy of the approved person certificate of the Insurance repository
  • g) Submit the copy of the licenses or Authorization of registration obtained by FSE proposed to be employed by the insurance Marketing Firm issued by SEBI, RBI, PFRDA, Post Office for the line of activity proposed to be undertaken
An application, submitted by the Applicant that is not complete in all respects and/or not conforming to the instructions specified in application form and/or not complying with the requiments and/or directions of the Authority, may be rejected.
Provided that, before rejecting any such application, the Applicant shall be given a reasonable opportunity to complete the application in all respects and rectify the errors, in any.
The applicant shall have net worth of not less than ten lakh rupees.
Explanation: For the purposes of these regulations, "net worth" shall have the meaning assigned to it in companies Act 2013 and as amended from time to time.
The applicant shall ensure that the net worth is maintained at all times and Insurance Marketing Firm shall submit a certificate duly certified by a chartered account to this effect by annually with three months from the close of the financial year.
The registration issued under these Regulations shall be valid for a period of three years from the date of its issue, unless it is suspended or cancelled by the Authority.
The "Area" is defined as a district for which the registration of the Insurance Marketing Firm is valid
The Insurance Marketing Firm may apply for more Areas while filling the application form for Renewal of registration.
The Principal officer of the Insurance Marketing Firm, shall fulfill any of the eligibility conditions as given below;
  • a) Associate/Fellow of the Insurance Institue of India, Mumbai
  • b) Associate/Fellow of the Institute of Actuaries of India; or
  • c) Associate/Fellow of Chartered Insurance Institute, London; or
  • d) Post graduate qualification of the Institute of Insurance and Risk Management, Hyderabad; or
  • e) Graduate with Insurance experience of five years preceding the year in which the application is made; or
  • f) Graduate with 10 years of experience in financial services sector preceding the year in which the application is made.
  • a) The principal officer shall undergo Fifty Hours of Insurance Marketing Firm training from an institution recognized by the Authority, and should pass an examination, at the end of the period of training, conducted by the Examination Body recognized by the Authority.
  • b) In case the Principal Officer of the Insurance Marketing Firm possesses any one of the following qualifications then he/she shall undergo Twenty Five Hours of training and pass the examination
    • I. Associate/Fellow of the Insurance Institute of India, Mumbai
    • II. Associate/Fellow of the Institute of Actuaries of India; or
    • III. Associate/Fellow of Chartered Insurance Institute, London;
Financial Services Executive (FSE) is an individual employed by Insurance Marketing Firm (IMF) and holding a valid licence issued by respective financial regulator, other than authority, to market the products specified as follows.
  • i. Mutual funds of mututal fund companies regulated by SEBI
  • ii. Pension funds regulated by PFRDA
  • iii. Other financial products distributed by SEBI licensed investment Advisors
  • iv. Banking/Financial products offered by Department of Posts, Government of India
  • v. Any other financial product or activity permitted by the Authority from time to time
"Insurance Sales Person" is an individual employed by Insurance Marketing Firm to solicit or procure insurance products and who holds a valid certificate issued by the Authority for the purpose of the same.
  • I. Pass in 12th Class or equivalent examination from a recognized Borad/Institution
  • II. Should hve undergone the Insurance Marketing Firm Training prescribed by the Authority and qualified in the Insurance Marketing Firm Examination from an institution recognized by the Authority
  • III. Should be domiciled in the area of Registration of IMF
Yes, Insurance Marketing firm may engage the same person for sale of both Insurance and other financial products, if he meets the qualification criteria and certification requirements as laid out in these guidelines.
Yes, IMF requires professional indemnity cover which should be two times the total remuneration of the Insurance Marketing Firm subject to a minimum of Rupees ten lakh.
The total remuneration includes includes remuneration from their insurance solicitation/procuring activities, insurance servicing activities and marketing of other financial products activities as specified in these regulations.
An Insurance Marketing Firm registered under these regulations for a specified category of activity/activities may also apply for addition/deletion of activity/activities, which are allowed under these regulations, by fulfilling the requirements of these regulations.
  • i. Undertaking back office activities of insurers as allowed in the Guidelines of Outsourcing activities by Insurance Companies issued by the Authority
  • ii. Becoming approved person of Insurance Repositories
  • iii. Undertaking survey and loss assessment work by employing on their rolls licensed surveyors and loss assessros
  • iv. Any other insurance related activity permitted by the Authority from time to time
An Insurance Marketing Firm shall maintain the following records
  • i. Mandate received from the client;
  • ii. Know Your Client (KYC) records of the client, as required under the relevant Authority's guidelines and provisions of PMLA;
  • iii. Copy of the proposal form duly signed by the client and submitted to the insurer with ACR signed by IMF;
  • iv. A register containing list of the client, details of policy such as type of policy, premium amount, date of issue of the policy, charges or fees received;
  • v. A register containing details of complaints received , name of the complainant, nature of complaints and action taken thereon;
  • vi. Any other record as may be specified by the Authority from time to time.
The Insurance Marketing Firm shall submit the application for renewal of registration to the Authority in Form AA at least thirty days before the expiry of the registration. However, the Insurance Marketing firm is permitted to apply for renewal ninety days before the expiry of the registration.
In the event of a certificate of registration being lost or destroyed or mutilated, an Insurance marketing firm shall submit to the authority along with a fee of rupees one thousand and a declaration giving full details regarding the issues of registration and its loss or destruction or mutilation, request for issue of a duplicate certificate of registration.