The Insurance Regulatory and Development Authority of India (IRDAI) has paved the way for entrepreneurs and insurance agents to establish their own insurance distribution companies by permitting the registration of insurance marketing firms. Under the Registration of Insurance Marketing Firm Regulations, 2015, an “Insurance Marketing Firm” is an entity authorized by the IRDAI to solicit or procure insurance products, provide insurance services, and distribute other financial products.

Initiating an Insurance Marketing Firm The IRDAI, through the IRDAI Registration of Insurance Marketing Firm Act, 2015, has introduced the concept of an “Insurance Marketing Firm” in India. These firms are registered entities empowered to solicit or procure insurance products, deliver insurance services, and distribute various financial products. With the Indian government increasing the FDI limit in the insurance sector, the industry is poised for significant expansion, presenting substantial opportunities for individuals establishing insurance marketing firms. In this guide, we outline the steps involved in launching an insurance marketing firm in India.