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There are various types of insurance intermediaries that are permitted to enter into tie-up arrangements with different insurers for the sale and distribution of insurance products.

An Insurance Marketing Firm (IMF) is one such intermediary engaged in the business of soliciting and selling insurance products. However, the Insurance Regulatory and Development Authority of India (IRDAI) has imposed certain restrictions and regulatory limitations on specific activities that may be undertaken by different categories of insurance intermediaries.

As per the Insurance Regulatory and Development Authority of India (Registration of Insurance Marketing Firm) Regulations, 2015, an Insurance Marketing Firm (IMF) is permitted to solicit or procure the following categories of insurance products:

1. All kinds of insurance products sold on an individual and/or retail basis, including insurance products for non-loanee farmers and combi-products; and
2. Property insurance, Group Personal Accident policies, Group Health policies, Group Savings Linked Insurance (GSLI), and Term Insurance policies for Micro, Small and Medium Enterprises (MSMEs).

Apart from soliciting and procuring insurance products, an Insurance Marketing Firm (IMF) is also permitted to undertake certain insurance servicing activities, such as acting as an Approved Person of Insurance Repositories and carrying out any other insurance-related activities as may be permitted by the Insurance Regulatory and Development Authority of India from time to time.

However, an Insurance Marketing Firm can undertake such insurance servicing activities only in respect of those insurance companies with whom it has entered into an agreement for soliciting or procuring insurance products.

Apart from the above-mentioned activities, an Insurance Marketing Firm (IMF) may also engage in the marketing and distribution of other financial products through its Financial Service Executives (FSEs). Such products may include:

1. Mutual Funds
2. Pension products regulated by PFRDA
3. Other financial products distributed by SEBI license investment advisor
4. Banking /Financial products of banks /NBFC regulated by RBI
5. Non-insurance products offered by department of posts ,government of India
6. Any other finical prodcut or activity permitted by the authority from time to time

How can we help you?

AB & Associates provides end-to-end assistance for obtaining Insurance Marketing Firm (IMF) registration from the Insurance Regulatory and Development Authority of India. We assist in eligibility assessment, documentation, application filing, regulatory compliance, and coordination with the Authority to ensure a smooth, timely, and hassle-free registration process for our clients.