Section 4 in Insurance Regulatory and Development Authority of India (Registration of Corporate Agents) Regulations, 2015
4. Application for grant of registration.
(1)An applicant desiring to obtain a Certificate of Registration to act as a corporate agent is either -(i)An entity whose principal business is other than distribution of insurance products and insurance distribution is a subsidiary activity;(ii)An entity whose principal business is to exclusively carry on insurance intermediation.(2)The applicant shall make an application in Form A to the Authority as specified in Schedule I.(3)The application under sub-regulation (2) shall be accompanied by requisite fees as specified in regulation 17.(4)An applicant registered or licensed by any other regulatory body in the financial sector, shall obtain no objection certificate from the respective bodies and file along with the application made under sub-regulationProvided that corporate agents already licensed under the IRDA's- (Licensing of Corporate Agents) Regulations, 2002 are exempt from the above requirement at the time of seeking registration under these regulations.(5)An application under sub-regulation (2) shall be made for any one of the following categories, namely: -a. Corporate Agent (Life);b. Corporate Agent (General);c. Corporate Agent (Health)d. Corporate Agent (Composite)(6)An applicant or its group entities ordinarily may be granted one certificate of registration provided that the group does not have any other insurance intermediation such as corporate agency or insurance broking or insurance marketing firm or web aggregator. However an application for a corporate agency registration where any member of the applicant is already engaged in insurance intermediation including corporate agency shall be considered on merits and with no conflict of interest.Note. - For the purposes of these regulations, the definition of "group" shall have the same meaning as defined under Insurance Regulatory and Development Authority (Investment) Regulations, 2000 as amended from time to time, any other direction issued in this regard by the Authority.
