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Top 10 FAQS about Corporate Agent License

A Corporate Agent is an insurance entity that acts as an insurance intermediary for insurance companies. However, unlike other insurance entities, IRDA doesn’t refer to an agent as an insurance intermediary. It’s one of the reasons people find the Corporate Agent License fascinating. Therefore, this article presents you with the top ten frequently asked questions about a Corporate Insurance Agent License.

If you seek to become an insurance intermediary, but your scope is limited, you can choose to be a Corporate Agent.

It has the powers of a standard insurance intermediary. However, because of the scope, it only can engage with up to nine insurance companies:

  1. Three general insurance companies,
  2. Three life insurance companies, and
  3. Three health insurance companies.

Let’s now discuss the most frequently asked questions about the license that turns you into a corporate agent.

When did the Corporate Agent Regulations come into existence?

The Corporate agent used to be a relatively unknown concept before the IRDAI (Registration of Corporate Agents) Regulations of 2015. However, the government only implemented these regulations on 1st January 2016. Read More: NBFC License

What is the government fee structure for the corporate agent license?

The fee structure for the corporate agent license is as follows:

  1. The Non-refundable fee is INR 10,000/-
  2. After that, one has to pay the charge for the issue of Certificate of Registration: INR 25,000/-
  3. For renewal of the certificate of registration, the fee is INR 25,000/-
  4. If the applicant delays in applying for the license-renewal, the charge is INR 500/-

Can the applicant apply for the corporate agent license without involving the insurance company?

Yes, the applicant can submit his application to the IRDAI body without involving an insurer. In fact, the authority promotes direct application filing instead of an intermediary.

How much capital does a corporate agent require for only providing intermediary services for insurance policies?

According to the new IRDAI regulations for Corporate Agents, the applicant requires a net worth of INR 50 lakh to provide insurance intermediary services to the insurance companies.

If the applicant is an existing corporate agent, he must adhere to the new regulations before applying for the renewal of the corporate agent license.

Is submission of a Board approved open architecture policy mandatory?

Yes. Every corporate agency must provide a board-approved architecture policy during application filing. It should entail the following information:

  1. The manner of soliciting and servicing the insurance product,
  2. The procedure the corporate agents must follow upon having multiple tie-ups.
  3. Type insurance product that the corporate agent is selling
  4. The method of addressing customer grievances
  5. Reporting requirements that the corporate agent must adhere

Who will conduct the Principal Officer examinations for the corporate agent license

NSEIT is the body responsible for conducting online training and examinations for the principal officer of a corporate agency.

Can a Corporate agent transfer their license?

Yes, a corporate agent has permission to transfer their corporate agent license to specified persons. The process is as follows:

  1. Drafting a No Objection Certificate
  2. Submitting a copy of the NOC to the IRDAI branch office
  3. Going ahead with the transfer

The transferor agent must take the subsequent two steps within 30 days of drafting the NOC. Read More: Prepaid Wallet License

Will the IRDAI inspect the premises of the Corporate agency?

Yes, as per Regulation 27, it’s within the power of the corporate agent to inspect the premises of the corporate agency if it observes some deficiencies.

What documents must the board submit as per Regulation 20(1)?

As per Regulation 20(1), the board must submit the following documents:

  1. Proposed partners of the tie-ups
  2. The type of products sold
  3. The business mix
  4. The method implemented to address grievances

What different types of registers must a corporate agent maintain during their business?

The licensee must maintain the following registers during their business:

  1. Client Details Register
  2. Compliant Register, and
  3. Specified persons or authorized verifiers register


Those were the significant FAQs about Corporate Agent Registration of IRDA. If you still have further queries, be sure to reach out to our IRDA consultants. We will assist you with any measure.  Read More: Dealer Certification

What are some of the critical questions about Corporate Agent License? Find out the answers about the top 10 among with the aid of this article.

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