New Company Names with Insurance Terms No Longer Need Regulatory Approval Under Circular No. 5 of 2000.

Circular No. 5 of 2000, dated June 30, 2000, addresses the registration of new company names involving insurance-related terms. Previously, names for companies providing insurance services required consultation with the insurance regulatory authority. However, following the enactment of the Insurance Regulatory Development Authority Act, 1999, this requirement has been lifted. Registrars of Companies are now advised to approve names containing terms like insurance, assurance, or risk corporation for new companies without consulting the insurance authority. This change does not apply to existing companies seeking a name change, as they are prohibited from engaging in insurance activities.

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