Section 12 in The Insurance Regulatory And Development Authority (Registration Of Indian Insurance Companies) Regulations, 2000
12. Consideration of application
.-(1) The Authority shall take into account for considering the grant of certificate, all matters relating to carrying on the business of insurance by the applicant.(2)In particular and without prejudice to the generality of the foregoing without in any manner affecting its freedom, the Authority shall consider the following matters for grant of certificate to the applicant, namely:-(a)the record of performance of each of the promoters in the fields of business/profession they are engaged in;(b)the record of performance of the directors and persons in management of the promoters and the applicant;(c)the capital structure of the applicant company;(d)the extent of obligation to provide life insurance or general insurance policies to the persons residing in the rural sector, workers in the unorganised sector or informal sector or for economically vulnerable or backward classes of the society and other categories of persons specified by the Authority;(e)the nature of insurance products;(f)the planned infrastructure of the applicant company, including branches in rural areas, to effectively carry out the insurance business;(g)the level of actuarial and other professional expertise within the management of the applicant company;(h)the organisation structure of the applicant to meet the requirements of regulation 7(c);(i)other relevant matters for carrying out the provisions of the Act.(3)The Authority shall give preference in grant of certificate of registration to those applicants who propose to carry on the business of providing health covers to individuals or groups or individuals.
