Apply for Insurance Broker License

Apply for your Insurance Broker License

Choose a right method to get broker license effortlessly

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What is an 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.

Process

Obtain Insurance broker qualification

Step 1

File the application

Step 2

Submit the required fee

Step 3

Let IRDA assess your application

Step 4

Get the Insurance broker license

Step 5

Benefits of Insurance Broker License

An insurance broker license serves as a legal authorization from IRDAI. By obtaining this license, an individual or entity gets the legal permission to operate as a broker in the insurance world.
This license ensures the brokers comply with the established legal norms and ethical standards of the insurance industry.
To be able to obtain this license, one needs to have the skills and expertise it takes to be an insurance broker. Therefore, being in possession of this license proves the broker has the required skills and expertise.
Due to insurance broker license, an individual can set up sale contracts with different businesses which enables them to increase their client base and ultimately their income.
It builds trust and credibility and promotes fair competition in the insurance market.

Eligibility Criteria

An IRDA has prescribed some minimums requirements for obtaining an insurance broker license and these are as follows:

Corporate Structure: A company registered under the Companies Act, 2013 or Company Law 1956; An LLP registered under the Limited Liability Partnership Act 2008
Capital Requirement: Direct Broker - 75 Lakhs; Reinsurance Broker - 4 Crore; Composite Broker - 5 Crore
Net Worth Requirements: 50 Lakh Rupees
Deposit Requirements: 10 Lakh Rupees for a Direct Broker; 10% of the minimum capital for re-insurance/ composite broker.

Documents Required

Certificate of incorporation
Memorandum of Association
Articles of Association
Details of the principle officer
Insurance broker exam qualification certificate
Duly filled declaration
Bank details of the applicant
List of shareholders
Details of the principal banker
Copy of board resolution
Company’s Balance sheet

Why Registrationwala?

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Branches across India

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Testimonials

"I recommend Registrationwala to insurance brokers without a second doubt. They are efficient in the process and help their clients to receive the best service in the industry. "

Amit Kumar

Hyderabad

Registrationwala is amazing. I needed the insurance broker license for a very long time but I didn’t know from where to start. Registrationwala with its team assisted. Thank you, especially Gaurav Bansal, who helped me so much."

Harish Tiwari

Assam

"To get an insurance broker license I was looking for a company. After looking for various sites, I found Registrationwala. The team made the process effortless for me and I got the license without getting my application rejected."