Assured Wealth Insurance Marketing Pvt Ltd

IMF(Insurance Marketing Firm)

Insurance Marketing firm is an entity registered by the Authority to solicit or procure insurance products as specified in regulation 3(a) of Insurance Regulatory and development authority of India (Registration of Insurance Marketing Firm) Regulations, 2015, to undertake insurance service activities as specified.

Unlike regular insurance agent, a IMF can sell insurance products from Choice of Two Companies in each Category, without any restrictions and across approved insurance categories too, like term life plans, motor insurance, health insurance plans , Agriculture, Export & Import Insurance and more.

More About IMFs

Insurance Marketing Firms (“IMF”) can be a Company or LLP or Cooperative Society; or any other entity as may be specified in the regulations. IMFs are free to sell insurance products from multiple indemnifiers while retaining an honest and upfront responsibility toward their clients. However, an IMF can conduct unlimited business with a single company. Insurance marketing firms can engage in the following activities.

  • Solicitation of insurance products
    IMFs are required to market products of 2 life, 2 general and 2 health insurance companies. However, with regard to general insurance, IMFs can market only retail (individual) lines of products.

  • Insurance servicing activities
    a) back-office activities as per the IRDAI Guidelines on Outsourcing of activities by Insurance Companies, 2011;
    b) becoming the approved person of insurance repositories;
    c) undertaking survey and loss assessment work by employing licensed surveyors & loss assessors;
    d) any other insurance-related activity permitted by IRDAI from time to time.

  • Marketing of other financial products through FSE
    a) mutual funds (SEBI)
    b) pension products (PFRDA)
    c) other financial products (SEBI)
    d) banking/ financial products (RBI)
    e) non-insurance products (Dept of Posts)
    f) any other product permitted by IRDAI