Become an Insurance Broker with Insurance Broker License
An insurance broker is a person or a business entity who implements their knowledge of insurance to act as an intermediary between customers and insurance companies. Insurance broker license is the required permit to become one. Consult with our experts for insurance broker license.
An insurance broker is referred to a person or a business entity who implements their knowledge about the insurance industry to act as an intermediary between those who are seeking insurance policies and those who are selling it.
However, in order to become a insurance broker, one needs to obtain the Insurance Broker license.
Thus, to become an insurance broker, online application has to be filed. That application is provided by the IRDA portal. Registrationwala is a team of professional business license consultants. They will hold your hand as you walk through the process of acquiring the insurance broker license.
To become a licensed insurance agent or an insurance broker, you need to know about the types of insurance brokers that are present. Categorically, one can split an insurance broker into three types:
Direct Insurance Brokers
Direct insurance brokers are those who after getting the insurance broker register, act as an intermediary between reinsurers and the customers. It provides the following services:
Reinsurance brokers are those entities that after getting the IRDA broker registration, provide act as an intermediaries between reinsurers and insurers. They provide services such as:
Only company, a cooperative society or an LLP can apply for the insurance broker license.
Other than that, following are the insurance broker requirements in terms of financial, net-worth and deposit.
Minimum financial/minimum capital requirement for insurance broker license
Following is the paid up capital contribution requirement for each types of insurance brokers:
Net worth requirement
When the applicant is applying for insurance broker license online, at the time he must adhere to the following net worth requirements:
Following are the deposit requirement criteria, which comes to surface when the applicant has to submit an amount to the scheduled bank for the insurance broker license:
Once you meet the insurance broker license requirements, you can move ahead with the procedure to acquire the license.
Following is the procedure the applicant has to adhere to in order to obtain the license to become an insurance broker.
Insurance broker requirements pertaining to the documentations that have to be submitted alongside a duly filled application are as follows:
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