COMPANIES IN INSURANCE SECTOR :-
Regarding name availability for companies in the insurance sector, the Department by its Circular has advised the Registrars that instead of following the earlier circular dated , they may allow names with the Insurance Regulatory Authority and such names can be allowed only to new companies LLP Registration.
The contents of the circular are quoted “Attention is invited to this Department’s Circular 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, 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. However, the Department has issued Circular by which it has allowed ROCs to permit change of name of existing companies also to do business of insurance brokers LLP Registration.
CORPORATE IDENTITY NUMBE (CIN) :-
In order to identify companies belonging to a State, Industry, ownership or age, registered the Department has asked the Registrars to allocate a Corporate Identity Number. The text of the circular dated may be seen in Appendix . It will be seen from the restructured Form for e-filing in Chapter 30 that all companies are required to indicate the CIN in the Form LLP Registration.
MEMORANDUM AND ARTICLES OF ASSOCIATION :-
Simultaneously with making the application to the Registrar for availability of name, the promoters may find it convenient to arrange for the preparation of the draft Memorandum of Association and Articles of Association which are required for registration of a company. These are dealt with in the next two chapters LLP Registration.