DOCUMENTATION REQUIREMENTS. Application Form duly completed and declaration duly signed by at least two directors/partners. Demand draft against the License Fee., Memorandum of Association and Article of Association of the company (In case of the company) or Partnership Deed in case of partnership firm.
How to Start an Insurance Agency Business - Including Free Insurance Agency Business Plan Template
For the purpose of starting an insurance company in India, it is mandatory to acquire a certificate from concerned authority. A person who desires to sell. This is so because one of the challenges insurance companies usually face is the inability to pay claims. So, in order to cub this challenge, anyone looking towards starting an insurance company must meet the set financial requirement / capitalization. 5. Decide Whether to Buy a Franchise or Start from www.bushiken.rug: india.
Identify a budget, financial projections, and production for the foreseeable future. Determine Legal Structure. You’ll need to determine how much personal liability you want to take on. You can operate as a corporation (C Corp or S Corp), LLC, Partnership, or even a Sole Proprietorship.