𝐏𝐫𝐨𝐜𝐞𝐝𝐮𝐫𝐞 𝐟𝐨𝐫 𝐚𝐩𝐩𝐥𝐲𝐢𝐧𝐠 𝐟𝐨𝐫 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐁𝐫𝐨𝐤𝐞𝐫 𝐋𝐢𝐜𝐞𝐧𝐬𝐞 𝐢𝐧 𝐈𝐧𝐝𝐢𝐚
Suppose you are interested in operating an Insurance Intermediary between the policy seeker and the Insurance Companies or between multiple Insurance Companies. In that case, you must apply for the Insurance Broker License from the IRDAI. Suppose you wish to know about the detailed definitions, funcitons, and eligibilities of an Insurance Broker in India as per the IRDAI’s directives. In that case, you can refer to our Insurance broker license registration service page.
This article will detail the required registration procedure for an Insurance Broking License in India. To know further about the licensing cost, connect with the Insurance Experts at Registrationwala.
Now, let us look at the Insurance Broker registration procedure step-by-step in detail.
𝐅𝐢𝐫𝐬𝐭 𝐒𝐭𝐞𝐩: 𝐀𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧 𝐅𝐢𝐥𝐢𝐧𝐠
How to apply for an Insurance Broker License in India? The Insurance Broker applicant must make an application as per the type of Insurance Broker business in wants to run in Insurance and Financial Market. He must make the registration application for Broker License in Form-B, in Schedule I of the IRDAI Insurance Brokers Regulations.
𝐒𝐭𝐞𝐩 𝐓𝐰𝐨: 𝐀𝐭𝐭𝐚𝐜𝐡𝐢𝐧𝐠 𝐭𝐡𝐞 𝐕𝐢𝐭𝐚𝐥 𝐃𝐨𝐜𝐮𝐦𝐞𝐧𝐭𝐬 𝐟𝐨𝐫 𝐑𝐞𝐠𝐢𝐬𝐭𝐫𝐚𝐭𝐢𝐨𝐧
The applicant must submit the registration along with the documents mentioned in Form-C in Schedule I of the IRDAI Insurance Brokers regulations. To know the required documentation, refer to the document section of this web page.
𝐒𝐭𝐞𝐩 𝐓𝐡𝐫𝐞𝐞: 𝐏𝐚𝐲 𝐭𝐡𝐞 𝐫𝐞𝐪𝐮𝐢𝐬𝐢𝐭𝐞 𝐏𝐫𝐨𝐜𝐞𝐬𝐬𝐢𝐧𝐠 𝐅𝐞𝐞
To get the Certificate of Registration, the applicant must submit an application along with the requisite fee as specified in Form-D in Schedule I of the Insurance Brokers regulations. The applicant must pay the requisite fee as per his chosen Insurance Broker type, such as:
1.For Direct Insurance Broker, the license processing fee is 25000 Rupees
2.For Re-Insurance Broker, the license processing fee is 50000 Rupees
3.For Composite Broker, the license processing fee is 75000 Rupees
𝐈𝐧-𝐏𝐫𝐢𝐧𝐜𝐢𝐩𝐚𝐥 𝐀𝐩𝐩𝐫𝐨𝐯𝐚𝐥 & 𝐑𝐞𝐠𝐢𝐬𝐭𝐫𝐚𝐭𝐢𝐨𝐧 𝐑𝐞𝐧𝐞𝐰𝐚𝐥
𝑰𝒏𝒔𝒖𝒓𝒂𝒏𝒄𝒆 𝑩𝒓𝒐𝒌𝒆𝒓 𝑳𝒊𝒄𝒆𝒏𝒔𝒆 𝑭𝒆𝒆𝒔 𝒊𝒏 𝑰𝒏𝒅𝒊𝒂
Some mandatory Insurance Broker License costs must also be paid for registration:
Every Direct Broker license applicant must pay 50,000 rupees after granting an in-principal approval for a newer application. For renewal purposes, the applicant must pay one lakh rupees for three years.
Every Re-Insurance Broker license applicant must pay 1, 50,000 rupees after granting an in-principal approval for a newer application. For renewal purposes, the applicant must pay three lakh rupees for three years
Every Composite Broker license applicant must pay 2, 50,000 rupees after granting an in-principal approval for a newer application. For renewal purposes, the applicant must pay five lakh rupees for three years.
The payable fee is valid till the Certificate of Registration is valid. The applicant can pay the requisite fee through any of the following:
The fee must be payable in the name of the Insurance Regulatory and Development Authority of India in Hyderabad.
𝐒𝐭𝐞𝐩 𝟒: 𝐂𝐥𝐚𝐫𝐢𝐟𝐢𝐜𝐚𝐭𝐢𝐨𝐧 𝐮𝐩𝐨𝐧 𝐀𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧 𝐀𝐬𝐬𝐞𝐬𝐬𝐦𝐞𝐧𝐭
The Examiner can ask the license applicant to furnish further information if required. The applicant must submit the concerned documents within 30 days of receiving the intimation from the IRDAI.
𝐒𝐭𝐞𝐩 𝟓: 𝐆𝐫𝐚𝐧𝐭 𝐨𝐟 𝐑𝐞𝐠𝐢𝐬𝐭𝐫𝐚𝐭𝐢𝐨𝐧 𝐂𝐞𝐫𝐭𝐢𝐟𝐢𝐜𝐚𝐭𝐞
After the application assessment, the IRDAI assesses the requisite information to comply with the broker License regulations. The IRDAI will then provide an in-principal approval to the applicant for complying with the certification requirements.
After compliance with the stipulated laws and regulations, the authority will grant the Registration Certificate. Also, the Broker License will only be awarded to the applicant when he satisfies the requisite Code of Conduct.
To know further about becoming an Insurance Broker in India, connect with the IRDAI experts at Registrationwala