Certificate of registration for managing general agents depends on capital, competence, fitness and policyholder interest. A person may act as a Managing General Agent only after obtaining a certificate of registration from the Competent Authority. In examining the application, the Competent Authority considers the applicant's undertaking to meet capital and net worth requirements, underwriting or claims-processing competence, the fitness and propriety of specified persons, the proposed principal officer's direct employment and residence in India, adequate office space, IT systems, and data security protocols in the IFSC, and whether registration would be in the interest of policyholders.