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Insurance Marketing Firm is an entity registered by the authority to solicit or procure insurance products as specified in Regulation 3(a) of Insurance Regulatory and Development Authority of India (Registration of Insurance Marketing Firm) Regulations, 2015, to undertake insurance service activities as specified in Regulation 3(b) of these regulations and to distribute other financial products specified in Regulation 3(c) of these Regulations by employing individuals licensed to market, distribute and service such other financial products.

  The applicant for IMF has to open its account with State Bank of India.

  The registration fees (Rs 5000/-) is to be paid online only.

  The registration issued under these regulations shall be valid for a period of  three years from the date of its issue, unless it is suspended or cancelled by the authority.


  1. *Name and activities of associates Companies/concerns.

  2. *3 year business plan documents with projected volume of activities and income (including anticipated) for which license sought is to be specifically mentioned. 

  3. *Organization chart separately showing functional responsibilities to be enclosed.

  4. *Infrastructure details-lease agreement.

  5. *Chartered Accountant’s Net Worth  Certificate.

  6. Details of all settled and pending disputes.

  7. *Fit and Proper criteria declaration.

  8. *Principal Officer working experience.

  9. *Educational and experience certificate of principal officer.

  10. *List of proposed ISP’S 

  11. *Educational qualification and address proof of ISP.

  12. List of proposed employee’s responsible for undertaking insurance service activities.

  13. List of proposed FSE.

  14. Memorandum and Article of Association.

  15. *Consent letter for all insurance tie-ups.

  16. List of shareholders

  17. Details of Director/Promoter

  18. Details of Statutory Auditors

  19. Details of Principal Banker

  20. Details of Principal Officer

  21. Insurance activities proposed to be taken by the applicant

  • Undertaking back office activities of insurance as allowed in the guild on outsourcing activities by insurance company issued by authorities.

  • Becoming approved person of insurance Repositories.

  • Undertaking survey and loss assessment work by employing on their rolls  licensed surveyor  and loss assessors.

  • Mutual fund of mutual fund companies regulated by SEBI.

  • Pension product regulated by PFRDA

  • Other financial product distributed by SEBI licensed Investment Advisor.

  • Banking /financial products of BANKS/NBFC regulated by RBI.

  • Product offered by department of Posts, Government of India.

Eligibility of Principal Officer

The Principal officer of the insurance marketing firm, shall fulfill any of the eligibility conditions as given below;

  • a) Associate/Fellow of the insurance Institute of India, Mumbai

  • b) Associate/fellow of the institute of actuaries of India; or

  • c) Associate/fellow of Chartered Insurance Institute, London; or

  • d) Post graduate qualification of the Institute of Insurance and Risk Management, Hyderabad; or

  • e) Graduate with insurance experience of five years preceding the year in which the application is made; or

  • f) Graduate with 10 years of experience in financial services sector proceeding the year in which the application is made.

  • ) the principal officer shall undergo fifty hours of insurance marketing firm training from an institution recognized by the authority, and should pass an examination, at the end of the period of training, conducted by the examination body recognized by the authority.

  • b) in case the principal officer of the insurance marketing firm possesses any one of the following qualifications then he/she shall undergo twenty five hours of training and pass the examination

    • i. associate/fellow of the insurance institute of India, Mumbai

    • ii. associate/fellow of the institute of actuaries of India; or

    • iii. associate/fellow of chartered insurance institute, London;


Insurance Sales Person" is an individual employed by insurance marketing firm to solicit or procure insurance products and who holds a valid certificate issued by the authority for the purpose of the same.


  • i. pass in 12th class or equivalent examination from a recognized Board/Institution

  • ii. should have undergone the insurance marketing firm training prescribed by the authority and qualified in the insurance marketing firm examination from an institution recognized by the authority

  • iii. should be domiciled in the area of registration of IMF


Financial Services Executive (FSE) is an individual employed by Insurance Marketing Firm (IMF) and holding a valid license issued by respective financial regulator, other than authority, to market the products specified as follows.

i. Mutual funds of Mutual fund companies regulated by SEBI

ii. Pension funds regulated by PFRDA

iii. Other financial products distributed by SEBI licensed investment advisors

iv. Banking/financial products offered by Department of Posts, Government of India

v. Any other financial product or activity permitted by the authority from time to time


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