Insurance Broker License

Package Inclusion :

  • In-Principal Approval form IRDA
  • Insurance broker Company registration
  • Business plan for Next 5 Years
  • Operation plan, Organization Policy
  • Advisory on Work Flow and SOP
  • Assistance In Filling of Application for Insurance broker license
  • End to End Follow-up with IRDA

Insurance Broker License

What is Insurance Broker?

An Insurance broker has professionally qualified people or firm acting thru its directors or Partners or employees with expert knowledge of insurance-related laws as depth knowledge of insurance products. They advise people on their insurance need. An insurance broker provides professional services to its client and working as middlemen between an insurance company and a person who is looking for purchasing an insurance policy. A further Insurance broker can be categorized in there (3) Types -

A. Direct Insurance Broker – solicitation and procurement of the business of insurance and Allows its client to buy an insurance policy from its website or Computer software and earns commission from the insurance company whose policy has been sold. You can have a detailed view of the function of Direct insurance broker

B. Composite Insurance Broker – is an insurance agent and hold valid license to offer insurance related services for both lives as well as general insurance.  Composite insurance broker licensing process is very selective by the authority.

C. Reinsurance Broker – A company who has the Power to bind reinsurance on the behalf of an insurance company

What is Insurance Broker License?

In India Insurance Broker License as well as their operations is regulated by regulations issued by the Insurance Regulatory and Development Authority (IRDA). In 2018, an updated version of IRDA (Insurance Broker) Regulations, 2018 were issued by the IRDA. As per these regulations Insurance Broker License can be done in any of the following categories:

Who can be an Applicant for Insurance Broker License?

Following people can be an applicant for Insurance Broker License in India;

Note: If the applicant of Insurance Broker License application is a registered LLP then none of the following can be a partner of the same;

Minimum Financial Requirements for Insurance Broker License

Paid-up Capital/ Contribution Requirement
Following is the minimum capital requirement in order to apply for insurance broker registration;

Net worth Requirement

At the time of registration and during the course of Insurance Broker License the insurance broker is required to maintain minimum net worth of

Deposit Requirement

Before filing the application for registration and during the course of Insurance Broker License the applicant is required to deposit with the scheduled bank an amount of;

Insurance Broker License fee

Application for Insurance Broker Licenses shall is submitted along with the requisite fees as specified in Schedule I – Form D of these regulations.

Non-Refundable Application Fees

Registration Fees for Fresh Registration

Renewal Fees for a period of 3 years

Documents Required for Insurance Broker License

The application for Insurance Broker License is required to be submitted along with all the required documents and information. Following is a list of such documents and information specified in Form C of Schedule I of the IRDA (Insurance Broker) Regulations, 2018;

Insurance Broker License Procedure

Finally, we will discuss the process of submission of an application for Insurance Broker Registration. Following are the steps involved in the Insurance Broker License procedure;

Insurance broker License Validity & Renewal

Insurance broker Certificate of Registration issued for three years from the date of such issuance. The registered insurance broker is required to submit an application for renewal of Insurance Broker License at least one month before the expiry of these three years of registration.

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