One hundred seven insurers were amalgamated and grouped into four companies. Under the life insurance category there are a total of 24 life insurance companies and 34 non life or general insurance companies registered under the irda.
We cover all the important points for compliance requirements for insurance companies by irda in detail.
Insurance companies under irda. To protect the interest of the policyholder irda is playing a major role in regulating promoting and for orderly growth of the insurance sector. Asall the insurance. Irda compliance for insurance company.
The headquarter of this company is established in bangalore. Future generali india life insurance company limited indiabulls finance centre tower 3 6 th floor senapati bapat marg elphonstone w mumbai 400 013 133 mr. Under the companies act 2013 all the insurance company in india shall be registered and all it must be a public company.
For detailed information about the insurance companies visit the irda website. The insurance company would have to deal with the ministry of corporate affairs mca and the registrar of companies roc for setting up a company. Please do not consider it as top 10 or top 20 life insurance companies in india.
There are life and non life general insurance companies in india. The company communicates with millions of people. If the insurance companies breach the rules and regulations that are framed by irda then the irda has the right to issue warnings to the insurance companies also impose penalties to those companies.
Ing vysya life insurance co. National insurance company new india assurance company oriental insurance company and united india insurance company. For setting up a company the compliance would be under the companies act 2013 and previous company law.
Is also counted in the list of india s life insurance companies which fall under the irda act. The company was established in india with over a decade in over 200 cities of india. 1 bajaj allianz 2 birla sun life 3 hdfc life 4 icici prudential 5 lic 6 max life 7 pnb metlife 8 kotak life 9 sbi life 10 tata aia 11 reliance life 12 aviva life.
It is a list of life insurance companies in india in a random order in 2020. Irda compliance for insurance companies comes under the following authorities. Irda insurance regulatory and development act is an apex statutory body which controls and standardize the working of insurance companies in india.
These penalties can be enormous based on the insurance company s mistake. The general insurance corporation of india was incorporated in 1971 effective on 1 january 1973. Know insurance company license procedure documents.