Section 16 in The Insurance Regulatory And Development Authority (Registration Of Indian Insurance Companies) Regulations, 2000
16. Grant of certificate of registration
.-The Authority, after making such inquiry as it deems fit and on being satisfied that-(a)the applicant is eligible, and in its opinion, is likely to meet effectively its obligations imposed under the Act;(b)the financial condition and the general character of management of the applicant are sound;(c)the volume of business likely to be available to, and the capital structure and earning prospects of, the applicant will be adequate;(d)the interests of the general public will be served if the certificate is granted to the applicant in respect of the class of insurance business specified in the application; and(e)the applicant has complied with the provisions of sections 2-C, 5, 31-A, 32 and 32-A and has fulfilled all the requirements of these sections applicable to him, may register the applicant as an insurer for the class of business for which the applicant is found suitable and grant him a certificate in Form IRDA/R3.
