An insurance broker can be a company formed under the Companies Act, 2013 or a cooperative society registered under Co-operative Societies Act of 1912 or under any law for the registration of co-operative societies; or a LLP formed under the LLP Act.
Insurance Broker Compliances
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- To apply for an Insurance Broker License, the applicant must submit an application in FORM B as per IRDAI(Insurance Brokers) regulations and include the necessary documents outlined in FORM-C.
- The fees for the license application are specified in FORM D: Rs.25,000 for a Direct broker, Rs.50,000 for a Re-insurance broker, and Rs.75,000 for a Composite broker.
- Mandatory fees for registration need to be paid after granting in-principal approval: Rs.50,000 for Direct Broker, Rs.1,50,000 for Re-insurance Broker, and Rs.2,50,000 for Composite Broker.
- Renewal fees for registration are Rs.1,00,000 for Direct Broker, Rs.3,00,000 for Re-insurance Broker, and Rs.5,00,000 for Composite Broker for a 3-year period.
- These fees should be paid via electronic means or through a demand draft payable to the Insurance Regulatory and Development Authority of India.
- If the authority feels that all the requisite information complies with the Insurance broker license, then an in-principal approval would be provided to the applicant for complying with the requirements related to the certificate of registration.
Direct Broker
A "Direct Broker" is an Insurance Broker registered by the Authority, engaging for compensation, in soliciting and facilitating insurance business for clients with insurers in India. They also offer permitted services such as claims consultancy, Risk Management, or similar services according to the Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018.
Reinsurance Broker
A "Reinsurance Broker" is an authorized Insurance Broker facilitating re-insurance arrangements for clients with insurers or reinsurers globally, alongside providing permissible services per IRDAI's regulations.
Composite Broker
A "Composite Broker" is an authorized Insurance Broker registered by the Authority, facilitating both insurance and re-insurance arrangements for clients with insurers or reinsurers globally, along with offering permissible services under IRDAI's regulations.
- We ensure insurance brokers' compliance with IRDAI rules, regulations, and guidelines.
- We track and monitor application statuses on behalf of our clients.
- Our services extend to post-engagement compliance for Insurance Brokers.
- We provide consultancy services for Insurance Brokers.
- Get expert guidance on recent updates of IRDAI compliance norms.
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The net-worth of an Insurance Broker shall at no time during the period of certificate of registration fall below: rupees fifty lakh for direct broker; 50% of the minimum capital requirements or contribution or equivalent specified under Regulation 19(1) for reinsurance / composite broker.
The insurance brokers are required to have the word “Insurance Broker” or “Insurance Brokers” or “Insurance Broking” in the Insurance Broker name.
Insurance agents and insurance brokers can both help you buy an insurance policy. But insurance agents represent the insurance provider that employs them and help sell policies from that single provider. Insurance brokers represent the consumers who use them and can help them shop for policies from multiple providers.
As an insurance broker, you’ll act as an intermediary between your clients, who can either be individuals or commercial businesses and organizations, and insurance companies, and will offer products from more than one insurer to ensure that your clients get the best deal.
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