COMPANIES IN INSURANCE SECTOR :-
Regarding name availability for companies in the insurance sector, the Department by its Circular No. 5/2005/14/2000, CL.V,dt. 30-6-2000 has advised the Registrars that instead of following the earlier circular dated 13-5-1999(quoted above), they may allow names with the Insurance Regulatory Authority and such names can be allowed only to new companies.
The contents of the circular are quoted below:
“Attention is invited to this Department’s Circular No.6//99(5/35/98-CL.V) dated 13-5-1999 in regard to allow ability of names for entrepreneurs seeking to promote companies for providing insurance services. In terms of above circular such names were being gig en only after consulting the Insurance Regulatory Authority until now. Consequent on coming into force of Insurance Regulatory and Development Authority Act, 1999 i.e. 19-4-2000, Department has received a reference from Insurance Regulatory Authority advising that embargo on registration of names by new companies could be lifted. In view of this all ROCs are advised that they may allow names with the wore Insurance/assurance or Risk Corporation as part of the name without any need to consult Insurance Regulatory Authority. It is hereby clarified that such names can be allowed only to new companies and not for change of name as existing companies are not allowed to carry on any insurance activity Company Registration Coimbatore.
” However, the Department has issued Circular 19/2003, dated 25-4-2003, dated 25-4-2003 by which it has allowed ROCs to permit change of name of existing companies also to do business of insurance brokers Company Registration Coimbatore.