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What is IRDA License ? An IRDA license, commonly known as an Insurance Regulatory and Development Authority license, is required for any company wishing to participate in the Indian insurance market. The IRDA is India's insurance regulatory authority, responsible for issuing licenses, regulating insurance businesses, and defending policyholders' interests. Why is IRDA License important for a company? There are various reasons why an IRDA license is required. First and foremost, it is a legal duty. A company in India cannot lawfully function in the insurance industry unless it has an IRDA license. Second, an IRDA license lends credibility and validity to a company. It demonstrates that the company is governed by the IRDA and that it meets certain professional and financial stability standards. Third, an IRDA license might assist a business in attracting and retaining clients. Customers are more likely to do business with an IRDA-licensed and regulated insurance provider.
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