IMF Registration | Process, Fees & Application Form – Corpzo India

India’s insurance sector rewards those who play by the rules. If you want to distribute insurance products across insurers, you need to register as an Insurance Marketing Firm (IMF) under IRDAI’s IMF Regulations, 2015. Corpzo simplifies this journey: from applying correctly to staying compliant for years.

What is an IMF?

An IMF is a regulated entity under IRDAI that can solicit and procure insurance products. It works on an “open architecture” model: an IMF may tie up with up to two life, two general, and two health insurance companies at any given time. Additional tie‑ups (like with Agriculture Insurance Company or Export Credit Guarantee Corporation) are also permitted under certain rules. IMFs must register for specific districts (a maximum of three districts in a state).

Eligibility & Requirements

To become an IMF, these are essential:

• The firm must be a company or LLP incorporated under Indian law.

• Registration must be applied for within one year of incorporation.

• Net worth requirement: minimum capital (net worth) of ₹5,00,000 if operating in only one aspirational district, and ₹10,00,000 for other districts or multiple districts.

• Principal Officer must satisfy “fit & proper” criteria: qualifications or experience in insurance/finance / related field.

• Must pass the IMF exam for the Principal Officer and for the Insurance Sales Personnel (ISPs) who will be associated.

Process to Apply for IMF Registration

Here’s the step‑by‑step application procedure:

1. Obtain NOC (No Objection Certificate) before incorporating, or if you want to use a name that includes “Insurance Marketing / IMF”, you must get a NOC from IRDAI. This lets you apply for incorporation under the ROC. The NOC is valid for six months.

2. Company/LLP IncorporationIncorporate the firm with the ROC using the name approved via NOC. The name must include “IMF / Insurance Marketing”.

3. Register on the IMF PortalLog in, fill out Form A, upload your documents, and provide required declarations.

4. Submit Supporting Documents, including MOA/AOA (or LLP agreement), exam certificates, qualification & experience documents for PO & ISPs, net worth certificate from a CA, bank statements, consent letter from at least one insurer you intend to tie up with, business plan, infrastructure proof (office, staff, equipment), etc.

5. Pay Application FeeThere is a non‑refundable fee of ₹5,000, which must be paid from the bank account of the IMF.

6. Review & Granting Registration regulator will check the submission. If everything is in order, registration valid for three years is granted.

Fees & Validity

• Application Fee: ₹5,000 (non‑refundable).

• Validity of Registration: Three years, unless suspended or cancelled. Renewal must occur before expiry.

Why Corpzo Makese a Difference

At Corpzo, we assist you at every step:

• Checking eligibility and helping with meeting net worth or qualification criteria

• Drafting and verifying documents like Board Resolutions, declarations, exam certificates

• Ensuring your business plan, infrastructure, and insurer‑tie‑ups are valid and acceptable

• Filing Form A on the IMF portal without mistakes.

• Tracking the application till approval and handling renewals

With us, you reduce delays, avoid rejection, and get your IFR registration right the first time.

Final Word

Becoming an IMF is a powerful move for distributing insurance products under compliance. But procedural errors or missing documents can stall the process. Use a trusted partner like Corpzo to guide you through smoothly. Your compliance, your credibility, and your growth all depend on it.

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