Section 7 in The Insurance Regulatory And Development Authority (Registration Of Indian Insurance Companies) Regulations, 2000
7. Consideration of requisition for registration application
.-The Authority on being satisfied that-(a)the requisition in Form IRDA/R1 is complete in all respects and is accompanied by all documents required therein;(b)all information given in the Form IRDA/R1 is correct;(c)the applicant will carry on all functions in respect of the insurance business including management of investments within its own organisation;(d)the applicant submitting requisition for registration application-(i)is a bona fide applicant for registration under section 3 of the Act;(ii)will be in a position to comply with all the requirements for grant of certificate, may accept the requisition and direct supply of the application for registration to the applicant.
