IRDA licence Cancellation Process Online

IRDA Insurance License

IRDA licence Cancellation Process Online

Whenever a business decides to get into offering insurance services, it is obliged to take approval from IRDA (Insurance Regulatory and Development Authority of India). The first and foremost objective of this body is to look after the management of insurance services being provided by insurance companies in India.

There are essentially 3 linear stages that an applicant has to undergo while seeking the IRDA Certificate registration for an Insurance Company in India.

What is IRDA?

IRDA stands for Insurance Regulatory and Development Authority which is an autonomous body that looks after the insurance sector in the country. Being one of the vast domain in India, insurance sectors not only offers enormous growth opportunities to investors but also plays a pivotal role in the growth of the country’s economy. IRDA is like the top body of the insurance industry that delineated the guidelines and rules for various insurance companies operating in the domain.

The authority and activities of IRDA come under the purview of the IRDA Act, 1999 and Insurance Act, 1938. The Insurance Act, 1938 is the foremost act managing the Insurance industry in India. It discharges the controls to IRDAI to design rules and regulations which form the basis for the regulatory outline for management of the companies operating in the Insurance sector. Section 14 of the IRDA Act, 1999 refers to the Duties, Influences and Functions of the Insurance Regulatory Authority. 

IRDA License

Major Responsibilities of IRDA

The main roles and responsibilities of the Insurance Regulatory and Development Authority (IRDA) are:

Read more about : Functions of IRDA in Insurance Sector

Cancellation or Suspension of IRDA License

As per the fresh guidelines by IRDAI about the IRDA registration and cancellation insurance firms in India, the authority is entitled to append or cancel the IRDAI/R3 certificate (Certificate of Registration) given to an insurance company. The cancellation or suspension of the license can be for a category of Insurance business for a specific time frame as mentioned under the notice. The suspension or cancellation of the registration certificate can be due to several reasons like:

Procedure for IRDA License Cancellation

How Registrationwala can help?

Whether  you want to know more about IRDA Registration, cancellation or want any kind of legal and professional support regarding this, Registrationwala has a team of professionals who are vying to provide full-fledge support for IRDA license cancelled or suspension.

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