Section 29 in The Insurance Regulatory And Development Authority (Registration Of Indian Insurance Companies) Regulations, 2000
29. Registration of existing insurers
.-(1) Every insurer carrying on insurance business in India before the commencement of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999) and requiring registration under the Act, shall make an application, in Form IRDA/R2 for grant of certificate of registration, within three months from the commencement of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999).(2)Every application shall be accompanied by-(a)original certificate of registration;(b)a confirmation that the requirements of section 7 of the Act have been met;(c)evidence of having rupees one hundred crore or more paid up share capital, in case the application for grant of certificate of registration is for life insurance business or general insurance business;(d)evidence of having rupees two hundred crore or more paid-up share capital, in case of an application for grant of certificate of registration for reinsurance business;(e)an affidavit by the principal officer of the applicant certifying that the requirements of section 6 of the Act have been complied with;(f)a certified copy of the standard forms of the insurer and statements of the assured rates, advantages, terms and conditions to be offered in connection with insurance policies together with a certificate in case of life insurance business by an actuary that such rates, advantages, terms and conditions are workable and sound;(g)the original receipt showing payment of fee of rupees fifty thousand for each class of business;(h)any other information required by the Authority during the processing of the application for registration.(3)The Authority shall register every applicant, who submits an application in accordance with sub-regulation (2), and grant a certificate in Form IRDA/R3.
