Registration of Insurance Company in India

Abstract

In recent times, the Indian Insurance Industry has witnessed continued growth in demand and is yielding tremendously towards the National Economy. The substantially increasing market size of the Indian Insurance Industry clearly indicates its growth potential, and thus forming an insurance company can be incredibly lucrative. But disparate to the formation of an un-regulated business, the formation of an insurance company entails the awareness of the distinct variety of legal issues like the capital requirements, registration procedures, obtaining the registration certificate, the manner of investments, etc. And thus, discerning the legal framework required for the formation of Insurance Company becomes relevant. Accordingly, the present paper examines and discusses all the matters relating to the formation of Insurance Company. At the outset, the paper discusses the scope of the Insurance Industry in India followed by the procedure for the formation of a Company under the Companies Act, 1956. In the later section, the procedure for registration of Insurance Company under the Insurance Act is discussed. The paper also states the manner in which the application for registration is to be made, what all documents are to be attached to the application, and all the other relevant requirements for the registration of an Indian Insurance Company.