Procedure for applying for Insurance Broker License in India

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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:

• For Direct Insurance Broker, the license processing fee is 25000 Rupees
• For Re-Insurance Broker, the license processing fee is 50000 Rupees
• 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:

Direct Broker

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.

Re-Insurance Broker

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.

Composite Broker

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:

• Electronic Mode
• Demand Draft

The fee must be payable in the name of the Insurance Regulatory and Development Authority of India in Hyderabad.

Step Four: 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 Five: 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.

Also Read: General Insurance Broker License Acquiring Qualifications

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