yamuna 1 Question 0 Answers 0 Best Answers 27 Points View Profile 3 yamuna Asked: June 5, 20212021-06-05T04:05:19+00:00 2021-06-05T04:05:19+00:00In: Finance Topics What are the steps to creating an insurance company? 3 What are the steps to creating an insurance company? insurance company Share Facebook Related Questions What is the minimum credit score required to get a mortgage loan? What are the downsides to doing a reverse home mortgage? What is a good home insurance company? How will self-driving cars affect the auto insurance industry? What is the best health insurance in the US? 2 Answers Voted Oldest Recent bindu Bangalore, India 8 Questions 3 Answers 0 Best Answers 92 Points View Profile bindu 2021-06-05T04:10:16+00:00Added an answer on June 5, 2021 at 4:10 am When you talk about being an insurer (insurance company) in India let me tell you that it is almost a Herculean task. You must first be eligible to run the insurance business in India, which includes a proven track record for the past 5 years with quarterly revenue in financial business IRDA Approval First Security Deposit (I don’t know the official name for it) of nearly INR 1 billion (yes that’s right) which will increase by a percentage of your maximum insurance each year AND if you don’t own an Indian company you will need to find an Indian partner and a 50-50 joint venture (this could happen in the near future change, since the latest draft of the financial reform provides 100 I in the insurance sector, currently it is 49% or 50%). I haven’t factored in the money and energy you will spend lobbying ministers and other officials. Disclaimer: None of the above facts were adopted from any official source. . I was just remembering my preparation for the IRDA exam. This topic was included in the IRDA exam preparation book. 11 Reply Share Share Share on Facebook Share on Twitter Share on LinkedIn Share on WhatsApp jeevitha 1 Question 29 Answers 19 Best Answers 164 Points View Profile Best Answer jeevitha 2021-06-05T04:08:13+00:00Added an answer on June 5, 2021 at 4:08 am Starting an insurance company requires a significant amount of start-up capital. In all fairness there are very few new insurance companies today because most insurance companies do not make an underwriting profit (they don’t make money on their insurance) Products) earn money on their investments with the bonuses they receive. However, much of the award they receive must be handled in accordance with regulations (e.g., they must follow Kenny’s relationship which states that for every $ 3 gross award they must be in liquid form). some companies that are just starting out like Berkshire Hathaway Specialty Insurance. They have been funded with hundreds of millions of dollars. Ideally, you’d want capital between at least $ 5 million to $ 10 million, but less than that, I’d suggest starting an agency or broker and taking a good 15% commission on the sale, or just an investment company that allows you to To generate income for investments without any liquidity constraints. Answers are needed in the insurance industry. A bit of a scattered answer, but as a consultant, I tried to answer the question I thought you wanted to ask, not the one you asked! -7 Reply Share Share Share on Facebook Share on Twitter Share on LinkedIn Share on WhatsApp Leave an answerLeave an answerCancel reply Featured image Select file Browse Save my name, email, and website in this browser for the next time I comment.