Section 6 in Insurance Regulatory and Development Authority of India (Registration of Insurance Marketing Firm) Regulations, 2015
6. Capital Requirements of Insurance Marketing Firm.
- 6.1 The Applicant shall have a 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 to time.6.2The 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 accountant to this effect annually within three months from the close of the financial year.6.3The aggregate holdings of equity shares or contribution of the Insurance Marketing Firm by a foreign investors , including portfolio investors, do not exceed forty-nine per cent of paid up equity capital or contribution of the Insurance Marketing Firm at any time. For the purposes of these regulations, the calculations of foreign investment shall be made in the same manner as specified in the Insurance Regulatory and Development Authority (Registration of Indian Insurance Companies) Regulations, 2000 for an insurer, as amended from time to time.
