Press Information Bureau

Government of India

Ministry of Finance

26-March-2012 18:51 IST

Training institutes to register themselves either as a company under the companies act, 1956 or as a society/trust

The Insurance Regulatory and Development Authority (IRDA) has informed that as per the new guidelines dated 07.12.2011, all new applicants have to register themselves either as a company under the Companies Act, 1956 or as a Society/Trust. For the existing accredited Agents’ Training Institutes, six (6) months time from 07.12.2011 has been given to comply with.

This information was given by the Minister of State for Finance, Shri Namo Narain Meena in written reply to a question in Lok Sabha.

DSM/SS/Hb

Registration requirement for training institutes: incorporation as company or registration as society/trust, deadline for compliance. Training institutes seeking accreditation must register either as a company under the Companies Act or as a society/trust; new applicants must comply with this formal registration requirement, and existing accredited agents' training institutes were given a limited period from issuance of the guideline to regularise their legal status.