Section 5 in The Insurance Regulatory And Development Authority (Registration Of Indian Insurance Companies) Regulations, 2000
5. Requisition for registration application
.-(1) An applicant shall be eligible to apply for requisition referred to in sub-regulation (1) of regulation 3, if such applicant upon registration will be an Indian insurance company as defined in section 2(7-A) of the Act:Provided that the applicant whose,-(i)requisition for registration application has been rejected by the Authority at any time during the preceding five financial years on the date of requisition for registration application; or(ii)application for registration has been rejected by the Authority at any time during the preceding five financial years on the date of requisition for registration application; or(iii)certificate of registration has been cancelled or withdrawn by the Authority; or(iv)certificate of registration has been cancelled or withdrawn by the Authority; or(v)name does not contain the words "insurance company" or "assurance company", shall not be eligible to make a requisition for registration application under this regulation.(2)Every requisition for registration application shall be accompanied by-(a)a certified copy of the memorandum of association and articles of association, where the applicant is a company and incorporated under Companies Act, 1956 (1 of 1956);(b)the name, address and the occupation of the directors and principal officer;(c)a statement of the class of insurance business proposed to be carried on;(d)a statement indicating the sources that will contribute the share capital required under section 6 of the Act.
