Insurance Marketing Firm (IMF)
An Insurance Marketing Firm (IMF) is an entity registered by the IRDAI to solicit or procure insurance products by employing Insurance Sales Persons (ISP). Unlike agents who represent one insurer, an IMF can tie up with multiple insurance companies (up to 2 Life, 2 General, and 2 Health insurers) to offer a broader range of products to customers within a specific geographical area.
This model allows for a more diversified product portfolio and is ideal for entrepreneurs looking to establish a localized insurance distribution business.
Permitted Activities
Solicitation
Marketing and selling insurance policies through trained Insurance Sales Persons (ISPs).
Back-Office
Providing policy servicing, claim support, and administrative assistance to policyholders.
Financial Products
Distributing other financial products like mutual funds, pension products, and banking agents (with respective regulator approval).
Survey & Assessment
Undertaking survey and loss assessment work for insurance companies.
Pre-Requisites
- Net Worth: Minimum net worth of ₹10 Lakhs is required.
- Principal Officer: Must have a Principal Officer (PO) with necessary training/qualification.
- Form: Can be LLP, Pvt Ltd, or Public Limited company.
- Area: Operate within a specific district/state as approved by IRDAI.
Registration Process
Incorporation
Register a company/LLP with "Insurance Marketing" in its name.
Principal Officer
Appoint a PO and ensure they complete the required IRDAI training.
Application
File Form A with IRDAI along with non-refundable fees.
Verification
IRDAI scrutinizes the application and documents.
Grant of License
License issued for 3 years, renewable thereafter.
Frequently Asked Questions
Find answers to common questions about Insurance Marketing Firm.
What documents are required for Insurance Marketing Firm?
Required documents typically include identity proof, address proof, business plan, financial statements, and specific regulatory forms. Our team will provide a complete checklist during consultation.
How long does the registration process take?
The timeline varies based on complexity and regulatory requirements. Typically, the process takes 30-90 days. We offer fast-track options for urgent requirements.
What is the cost for this service?
Pricing depends on the specific requirements and scope. Contact us for a customized quote. We offer competitive pricing with transparent fee structures.
Do you provide post-registration support?
Yes! We provide comprehensive post-registration compliance support including annual filings, regulatory updates, and ongoing advisory services.
Related Services
Discover other compliance solutions we offer.
NBFC Registration
Complete RBI license support
IRDA Registration
Insurance broker licensing
SEBI Registration
Investment advisor licensing
Choose Your Package
Flexible pricing options tailored to your business needs.
Starter
For small businesses
- Basic Document Preparation
- Application Filing
- Email Support
- Dedicated Manager
Professional
For growing companies
- Complete Documentation
- Priority Processing
- Dedicated Manager
- 6-Month Compliance Support
Enterprise
For large organizations
- Everything in Professional
- Multi-Entity Support
- Annual Compliance Retainer
- 24/7 Priority Support
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