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What is corporate agent license & how to get it?

A Corporate Agent is an entity that sells insurance policies on behalf of insurance companies. This article dives into the question – what is corporate agent and how to become one?

Insurance Companies often find themselves in need of agencies to dispense their services. These agencies, known as corporate agents can be companies, LLPs, cooperative societies and Non Government Financial Organizations. Governed under IRDAI regulations, 2015, corporate agents can only operative once they receive the corporate agent license from the IRDA.

What are the different types of corporate agents?

Corporate Agents have four categories based on the types of insurance services they render:

  1. Corporate Agents for Life Insurance Services
  2. A Corporate Agents for General Insurance Services
  3. Corporate Agents for Health Insurance Services
  4. A Corporate Agents that provide all insurance services, and are known as Composite corporate agents.

One corporate agent is only allowed to partner with two insurance companies. Those insurance companies must provide the insurance services for the categories for which the corporate agent has obtained the corporate agent license. Read More About: Insurance Broker License

What is the eligibility criteria to obtain the Corporate Agent License?

The applicant must meet the following eligibility criteria if he wished to be granted with a corporate agent license:

  1. The applicant must be one of the following entities:
    1. Company incorporated under the Companies Act
    2. Limited Liability Partnership Incorporated Under the LLP Act
    3. Co-Operative Society registered under the Co-operative societies act
    4. Regional Rural bank registered under Rural Banks Act
    5. Micro Lending Financial Institution or an NGO incorporated under Cooperative Societies Act.
  2. The Applicant is required to have access to the following resources to operate as a corporate agent.
    1. Adequate manpower
    2. Sufficient Office Space
    3. Adequate equipment
  3. The applicant entity must appoint a principle officer who has received at least 50 hours of corporate agent training from an IRDA-accredited Insurance Institute.
  4. The Applicant must fit the “Fit and Proper” Criteria of a competent court.

What is the procedure to obtain the Corporate Agent License?

The procedure to get the corporate agent license entails the following steps:

  1. The applicant must prepare the requisite documents as mentioned below:
    1. Certificate of incorporation of the company, LLP, Rural bank or the NGO
    2. Details of the location of the branch office
    3. Information pertaining to the principle officer of the applicant organization
    4. Details of the directors or partners
    5. Organizational chart showcasing the responsibilities of each department
    6. Net worth certificate
    7. Declaration of “Fit and Proper” Criteria
  2. The applicant must file the application via the online IRDA portal
  3. IRDA will assess the application and if it finds the application to be satisfactory, issues the corporate agent license to be applicant.


A corporate agent is an entity that associated with insurance companies to sell their insurance products to the customers. It’s not an intermediary, but an agency.

IRDA rules specific to the Corporate agent are therefore especially stringent and an applicant has to follow them till  the end of the license’s life cycle.

If you wish to know more about corporate agent license, consult with Registrationwala. 

A Corporate Agent is an agency that sells insurance policies on behalf of insurance companies. This article dives into the question – what is corporate agent and how to become one?

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