The Insurance Regulatory and Development Authority of India Insurance Regulatory and Development Authority of India vide notification dated 5th December, 2022 has issued the Insurance Regulatory and Development Authority of India (Registration of Indian Insurance Companies) Regulations, 2022 to promote growth of insurance sector by simplifying the process of registration of Indian insurance companies and to promote ease of doing business.
As per the regulation, no company or co-operative society shall be incorporated in India with a name that contains words ‘insurance’ or ‘assurance’ or ‘reinsurance’ without obtaining a No-objection Certificate from the Authority.
Upon request by the applicant to issue the No-objection Certificate in the specified format, the applicant may be issued the No-objection Certificate. The No-objection Certificate issued to the applicant shall be valid for a period of 6 months within which the applicant shall file application for issuance of requisition for registration application i.e. Form IRDAI/R1.