IRDAI Corporate Agent Checklist: Operations Auditing for Insurtechs

IRDAI Corporate Agent Guidelines for Insurtechs

Insurtech platforms in India must obtain a corporate agency license from the Insurance Regulatory and Development Authority of India (IRDAI). The registration process requires establishing corporate guidelines, verifying net worth limits, and training officers. A compliant agency network maintains clear documentation, audits transaction flows, and logs customer feedback to ensure fair product sales.

SQL Schema for Policy Sales and Commission Audits

IRDAI mandates tracking commissions, policy details, and agent allocations. The following SQL structure registers policy sales logs:

CREATE TABLE irdai_policy_sales (
  policy_number VARCHAR(64) PRIMARY KEY,
  insurer_name VARCHAR(64) NOT NULL,
  customer_name VARCHAR(128) NOT NULL,
  agent_id VARCHAR(32) NOT NULL,
  premium_amount_inr DECIMAL(10, 2) NOT NULL,
  commission_earned_inr DECIMAL(10, 2) NOT NULL,
  created_at TIMESTAMP WITH TIME ZONE DEFAULT CURRENT_TIMESTAMP
);

This database logs policy sales details, securing records against commission discrepancies.

Corporate Agency Licensing and Training Rules

Setting up agency networks requires satisfying IRDAI capital requirements, starting with a 50 Lakh minimum capital requirement. The designated Principal Officer must complete 50+ hours of mandatory training logged before license filing. Insurtechs track these training credits, ensuring compliance teams possess the licenses needed to pass regulatory checks.

Customer Grievance Escalation Config JSON

To maintain a 100% compliance rate target for customer grievance registers, insurtechs automate escalation flows:

{
  "regulatory_framework": "IRDAI",
  "grievance_policy": {
    "acknowledgement_sla_hours": 24,
    "resolution_sla_days": 14,
    "escalation_contact": "nodalofficer@insurtech.in"
  }
}

This workflow logs complaints, resolving tickets within IRDAI limits.

Operations Auditing and local Network Setup

Passing IRDAI audits requires maintaining physical and digital registers of corporate activities. Startups write training logs and track POSP (Point of Sales Person) qualifications. Compliance teams run weekly system audits, verifying that insurance sales follow IRDAI code of conduct rules to avoid policy mis-selling charges.

Corporate Agent Registration Rules and Compliance Log Standards

Insurtech platforms selling policies in India must satisfy IRDAI corporate agent regulations. To qualify for a license, the corporate agent must appoint a designated compliance officer and maintain capital reserves. The registration audit evaluates compliance training logs and database isolation.

Additionally, the platform must show that customer premiums are collected in designated bank accounts, sweeps to insurance companies within 24 hours. Regular compliance reports are submitted to IRDAI portals, ensuring operations remain compliant.