What is the scope of Corporate Agent License in India?

Insurance Market is booming. The havoc that pandemic wrought on people made them run towards finding ways to get financial security for their families.

The resultant boom of the insurance market made entrepreneurs realize the lucrative opportunities it can bring. Thus,  there is an increase the demand of registrations to become Corporate Agents called Corporate Agent License.

What is a corporate agent? In simple terms, it’s a company that deals in insurance policies on behalf of insurance companies. However, it’s not an intermediary. Thus, the scope of a corporate agent is much wider.

Through this article, we are going dive into the scope of services you can provide after obtaining Corporate Agent license in India. Doing so will inform you whether you possess the capabilities to become an agency acting on behalf of insurance companies.

What is a corporate agent?

A corporate agent is a company, an LLP or a Cooperative society whose primary job is to undertake insurance related activities on behalf of insurance company. People often mistake it for a company. However, unlike insurance intermediaries, the scope of services of a corporate agent extends beyond insurance related activities. Read More: Nidhi Company Registration

How can one become a Corporate agent?

To become a corporate agent, one has to obtain an Corporate Agent License from the Insurance Regulatory And Development Authority of India. To obtain said license, one has to go through the corporate agent registration process, the steps of which are as follows:

  1. Training of the principal officer
  2. Filling the application form of Corporate Agency License after choosing the category of insurance policy.
  3. Uploading the documents required
  4. Pay the requisite fee of INR 10,000/- rupees
  5. If the applicant organization is of the financial domain, it has to obtain an NOC of the same.
  6. The authority will scrutinize the application and the uploaded documents.
  7. If there are no issues with the applicant’s request, it will obtain the corporate agent license.

What is the scope of an corporate agency in India?

A corporate agent can act on behalf of insurance companies to sell life insurance, non life insurance and health insurance products and provide their related services. Other Useful Content: Local Operator In India

As per the IRDA rule for corporate agency, one corporate agent can only solicit in policies of three insurance companies. Simply put, an agent can only deal with the insurance policies of three insurance companies.

A corporate agent can only deal with the type of insurance policy for which it has obtained corporate agent license. For instance, a general corporate agent can only partake in general insurance policies of 3 general insurance companies, a life corporate agent can likewise deal in insurance policies of three life insurance companies.

For general insurance policies, a Corporate agent can only procure and retail in insurance products of the insurance companies whose risk is not above 5 Crore rupees.

Corporate agents can have agreements with three insurance companies for a span of three years. Afterwards, the corporate agents can either try to extend the terms of agreement, for which they have to intimate the IRDA, or they can establish alliance with different insurers. Read More: Section 8 Company Registration


A corporate agent is an insurance entity that while not an intermediary, serves same functions as one. While it’s scope extends a bit beyond than a traditional middleman, to know about it more, you need to hit up the right IRDA consultants. Consult Registrationwala if you want to inquire more about corporate agencies in India.

What is the scope of Corporate Agent license in India? A corporate agent is an insurance entity that needs a corporate agent license to gain legitimacy in India. Find out about the tasks it can perform.

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