Insurance Broker Compliances

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    Insurance Broker Registration & Compliances

    Insurance brokers, licensed to represent customers, offer policies from various insurance companies and provide expert advice on suitable insurance options. They receive brokerage from the chosen insurance company as compensation for their services.

    Insurance brokers must adhere to timely compliance with various activities mandated by the Insurance Regulatory and Development Authority of India. This includes maintaining books of account, records, implementing an effective internal control system, and fulfilling other specified compliances.

    Consult us for insurance broker registration and compliance guidance.


    Procedure for Applying for an Insurance Broker License


    Categories of insurance broker

    There are five categories of insurance broker which are

    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.

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    post-registration Insurance Broker compliances

    We offer comprehensive range of services to help businesses comply with all applicable regulations and protect their reputation.


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    Have Questions?
    Find Answers Here

    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.

    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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