What is the full form of IMF in Insurance?
The IMF full form in insurance is Insurance Marketing Firm. An insurance marketing firm is an entity registered by IRDAI to solicit or procure insurance products as specified in regulation 3(a) of the Insurance Regulatory and Development Authority of India (Registration of Insurance Marketing Firm) Regulations, 2015, to undertake insurance service activities as specified in regulation 3(b), and to distribute other financial products specified in regulation 3(c) of these regulations by employing individuals licensed to
Eligibility criteria to become an IMF:
In order to qualify as an insurance marketing firm, the entity should be a private limited company or a limited liability partnership recognized by the IRDA. The minimum network of the company should stand at INR 10 Lakhs. The firm should hold professional indemnity coverage. The principle officer should fulfill IRDAI eligibility criteria and IRDAI should license all the staff.
Salient features of Insurance marketing firm:
The IMF offers a better income opportunity, and the earnings are increased by selling insurance and financial products. The IMF can solicit insurance products and also distribute the financial products of the other financial regulators. They are also allowed to collect the premiums for online sales, which are similar to the web aggregators.