{"id":2732,"date":"2021-02-25T07:16:37","date_gmt":"2021-02-25T07:16:37","guid":{"rendered":"https:\/\/swaritadvisors.com\/blog\/?p=2732"},"modified":"2021-02-25T07:20:41","modified_gmt":"2021-02-25T07:20:41","slug":"procedure-for-insurance-broker-license","status":"publish","type":"post","link":"https:\/\/swaritadvisors.com\/blog\/procedure-for-insurance-broker-license\/","title":{"rendered":"Procedure for Insurance Broker License: A Complete Guide"},"content":{"rendered":"\n<p class=\"has-drop-cap\">Nowadays, a lot of Insurance Products are available\nin the market, but choosing the right one is a challenging task. Further, an\ninsurance broker advises people about the best insurance product available\nbased on their financial needs. It acts as an intermediary between the Issuer\nCompany and the general public. However, to start an Insurance Broker business\nin India, one needs to follow the complete procedure for <strong><a href=\"https:\/\/swaritadvisors.com\/insurance-broker-license\" class=\"text-primary\">Insurance\nBroker License<\/a><\/strong>.<\/p>\n\n\n\n<p>In this blog, we will cover the concept and\nprocedure for Insurance Broker License.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a54f40b3a723\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a54f40b3a723\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/swaritadvisors.com\/blog\/procedure-for-insurance-broker-license\/#Concept_of_Insurance_Broker\" title=\"Concept of Insurance Broker\">Concept of Insurance Broker<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/swaritadvisors.com\/blog\/procedure-for-insurance-broker-license\/#Types_of_Insurance_Broker_License\" title=\"Types of Insurance Broker License\">Types of Insurance Broker License<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/swaritadvisors.com\/blog\/procedure-for-insurance-broker-license\/#Entities_Eligible_for_the_Procedure_for_Insurance_Broker_License\" title=\"Entities Eligible for the Procedure for Insurance Broker License\">Entities Eligible for the Procedure for Insurance Broker License<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/swaritadvisors.com\/blog\/procedure-for-insurance-broker-license\/#Entities_Not_Eligible_for_Insurance_Broker_License\" title=\"Entities Not Eligible for Insurance Broker License\">Entities Not Eligible for Insurance Broker License<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/swaritadvisors.com\/blog\/procedure-for-insurance-broker-license\/#Laws_Governing_the_Procedure_for_Insurance_Broker_License\" title=\"Laws Governing the Procedure for Insurance Broker License\">Laws Governing the Procedure for Insurance Broker License<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/swaritadvisors.com\/blog\/procedure-for-insurance-broker-license\/#Minimum_Requirements_for_Obtaining_Insurance_Broker_License\" title=\"Minimum Requirements for Obtaining Insurance Broker License\">Minimum Requirements for Obtaining Insurance Broker License<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/swaritadvisors.com\/blog\/procedure-for-insurance-broker-license\/#Financial_Requirements\" title=\"Financial Requirements \">Financial Requirements <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/swaritadvisors.com\/blog\/procedure-for-insurance-broker-license\/#Net_Worth_Requirements\" title=\"Net Worth Requirements \">Net Worth Requirements <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/swaritadvisors.com\/blog\/procedure-for-insurance-broker-license\/#Deposit_Requirements\" title=\"Deposit Requirements \">Deposit Requirements <\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/swaritadvisors.com\/blog\/procedure-for-insurance-broker-license\/#Checklist_for_Obtaining_Insurance_Broker_License\" title=\"Checklist for Obtaining Insurance Broker License\">Checklist for Obtaining Insurance Broker License<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/swaritadvisors.com\/blog\/procedure-for-insurance-broker-license\/#Necessary_Documents_for_Insurance_Broker_License\" title=\"Necessary Documents for Insurance Broker License\">Necessary Documents for Insurance Broker License<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/swaritadvisors.com\/blog\/procedure-for-insurance-broker-license\/#Procedure_for_Insurance_Broker_License_in_India\" title=\"Procedure for Insurance Broker License in India\">Procedure for Insurance Broker License in India<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/swaritadvisors.com\/blog\/procedure-for-insurance-broker-license\/#Submit_the_Application_Form\" title=\"Submit the Application Form\">Submit the Application Form<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/swaritadvisors.com\/blog\/procedure-for-insurance-broker-license\/#Document_Examination\" title=\"Document Examination\">Document Examination<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/swaritadvisors.com\/blog\/procedure-for-insurance-broker-license\/#Submit_Additional_Documents\" title=\"Submit Additional Documents\">Submit Additional Documents<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/swaritadvisors.com\/blog\/procedure-for-insurance-broker-license\/#Issuance_of_In_Principal_Approval\" title=\"Issuance of In Principal Approval\">Issuance of In Principal Approval<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/swaritadvisors.com\/blog\/procedure-for-insurance-broker-license\/#Additional_Submission_Obligations\" title=\"Additional Submission Obligations\">Additional Submission Obligations<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/swaritadvisors.com\/blog\/procedure-for-insurance-broker-license\/#Issuance_of_Registration_Certificate\" title=\"Issuance of Registration Certificate\">Issuance of Registration Certificate<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/swaritadvisors.com\/blog\/procedure-for-insurance-broker-license\/#Fees_for_the_Procedure_for_Insurance_Broker_License\" title=\"Fees for the Procedure for Insurance Broker License \">Fees for the Procedure for Insurance Broker License <\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/swaritadvisors.com\/blog\/procedure-for-insurance-broker-license\/#Non_Refundable_Application_Fees\" title=\"Non Refundable Application Fees\">Non Refundable Application Fees<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/swaritadvisors.com\/blog\/procedure-for-insurance-broker-license\/#Registration_Fees_for_Fresh_Application\" title=\"Registration Fees for Fresh Application\">Registration Fees for Fresh Application<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/swaritadvisors.com\/blog\/procedure-for-insurance-broker-license\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Concept_of_Insurance_Broker\"><\/span>Concept of Insurance Broker<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The term Insurance Broker means a person or a company, which is registered under the Insurance Regulatory Development Authority of India (IRDAI) and offers advisory services on matters concerning insurance. Further, it is a qualified expert who is engaged in providing insurance covers. That means this business entity assists the clients in getting the best insurance coverage from an insurer and acts as a bridge for them.<\/p>\n\n\n\n<p><strong>Also, Read:<\/strong> <mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/swaritadvisors.com\/blog\/start-insurance-brokerage-business\/\">How to Start Insurance Brokerage Business in India?<\/a><\/mark><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Types_of_Insurance_Broker_License\"><\/span>Types of Insurance Broker License<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The different types of Insurance Broker License are as follows:<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter is-resized\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/swaritadvisors.com\/blog\/wp-content\/uploads\/2021\/02\/Infographic-for-Swarit-Blog-1.png\" alt=\"Types of Insurance Broker License\" class=\"wp-image-2738\" width=\"443\" height=\"348\" srcset=\"https:\/\/swaritadvisors.com\/blog\/wp-content\/uploads\/2021\/02\/Infographic-for-Swarit-Blog-1.png 783w, https:\/\/swaritadvisors.com\/blog\/wp-content\/uploads\/2021\/02\/Infographic-for-Swarit-Blog-1-300x236.png 300w, https:\/\/swaritadvisors.com\/blog\/wp-content\/uploads\/2021\/02\/Infographic-for-Swarit-Blog-1-768x604.png 768w\" sizes=\"(max-width: 443px) 100vw, 443px\" \/><\/figure><\/div>\n\n\n\n<ul><li>Direct Insurance\nBroker License;<\/li><li>Composite\nInsurance Broker License;<\/li><li>Reinsurance\nBroker License;<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Entities_Eligible_for_the_Procedure_for_Insurance_Broker_License\"><\/span>Entities Eligible for the Procedure for Insurance Broker License<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The entities eligible for the procedure for\nInsurance Broker License are as follows:<\/p>\n\n\n\n<ul><li>Any company registered under the Companies Act 2013;<\/li><li>Any registered <strong><a href=\"https:\/\/swaritadvisors.com\/multi-state-co-operative-society-registration\" class=\"text-primary\">cooperative society<\/a><\/strong> under the Cooperative Societies Act 1912;<\/li><li>Any Limited Liability Partnership Firm under the LLP Act 2008;<\/li><li>Any other acknowledged authority;<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Entities_Not_Eligible_for_Insurance_Broker_License\"><\/span>Entities Not Eligible for Insurance Broker License<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The entities that are not eligible for Insurance\nBroker License are as follows:<\/p>\n\n\n\n<ul><li>Non Resident Entity;<\/li><li>Any Foreign <strong><a href=\"https:\/\/swaritadvisors.com\/limited-liability-partnership-registration\" class=\"text-primary\">Limited Liability Partnership<\/a><\/strong>;<\/li><li>Any Individual who resides outside India;<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Laws_Governing_the_Procedure_for_Insurance_Broker_License\"><\/span>Laws Governing the Procedure for Insurance Broker License<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The laws governing the procedure for Insurance Broker License are as follows:<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter is-resized\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/swaritadvisors.com\/blog\/wp-content\/uploads\/2021\/02\/Infographic-for-Swarit-Blog-2-1.png\" alt=\"Laws Governing the Procedure for Insurance Broker License\" class=\"wp-image-2737\" width=\"509\" height=\"301\" srcset=\"https:\/\/swaritadvisors.com\/blog\/wp-content\/uploads\/2021\/02\/Infographic-for-Swarit-Blog-2-1.png 783w, https:\/\/swaritadvisors.com\/blog\/wp-content\/uploads\/2021\/02\/Infographic-for-Swarit-Blog-2-1-300x178.png 300w, https:\/\/swaritadvisors.com\/blog\/wp-content\/uploads\/2021\/02\/Infographic-for-Swarit-Blog-2-1-768x456.png 768w\" sizes=\"(max-width: 509px) 100vw, 509px\" \/><\/figure><\/div>\n\n\n\n<ul><li>Insurance\nRegulatory Development Authority Act 1999;<\/li><li>IRDAI (Insurance\nBrokers) Regulations 2018;<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Minimum_Requirements_for_Obtaining_Insurance_Broker_License\"><\/span>Minimum Requirements for Obtaining Insurance Broker License<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The minimum requirements for obtaining Insurance\nBroker License are as follows:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Financial_Requirements\"><\/span>Financial Requirements <span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The financial requirements for obtaining Insurance\nBroker License can be summarised as:<\/p>\n\n\n\n<ul><li>Rs 75 lakhs for\nDirect Insurance Broker License;<\/li><li>Rs 4 crore for\nReinsurance Broker License;<\/li><li>Rs 5 crore for\nComposite Broker License<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Net_Worth_Requirements\"><\/span>Net Worth Requirements <span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The net worth requirements for obtaining Insurance\nBroker License can be summarised as:<\/p>\n\n\n\n<ul><li>Rs 50 lakhs for\nDirect Insurance Broker License;<\/li><li>50 percent of\nthe Minimum Capital Requirement for Reinsurance Broker License;<\/li><li>50 percent of\nthe Minimum Capital Requirement for Composite Broker License<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Deposit_Requirements\"><\/span>Deposit Requirements <span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The deposit requirements for obtaining Insurance\nBroker License can be summarised as:<\/p>\n\n\n\n<ul><li>Rs 10 lakhs for\nDirect Insurance Broker License;<\/li><li>10 percent of\nthe Minimum Capital Requirement for Reinsurance Broker License;<\/li><li>10 percent of\nthe Minimum Capital Requirement for Composite Broker License<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Checklist_for_Obtaining_Insurance_Broker_License\"><\/span>Checklist for Obtaining Insurance Broker License<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The checklist for obtaining Insurance Broker License\nin India can be summarised as:<\/p>\n\n\n\n<ul><li>Need to use the\nterm \u201cBroking\u201d\nat the end of the Company\u2019s name;<\/li><li>MOA (Memorandum of Association) must include Insurance\nActivities as its Principal Business;<\/li><li>Needs to fulfil\nthe Financial, Net Worth, and Capital Requirements;<\/li><li>&nbsp;Must not hold any Foreign Investment above 26%\nof the total paid up capital;<\/li><li>Should deposit\n20% of the Initial Capital with any registered scheduled bank;<\/li><li>The Principal\nOfficer must possess the necessary qualification and training and must have\ncleared the Broker Examination;<\/li><li>Should appoint\nat least two people with compulsory education and qualification;<\/li><li>Must have the necessary\ninfrastructure and experienced employees for carrying out the activities of\nInsurance Broking Business;<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Necessary_Documents_for_Insurance_Broker_License\"><\/span>Necessary Documents for Insurance Broker License<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Based on the provisions of the IRDA (Insurance\nBroker) Regulations, the necessary documents for Insurance Broker License are\nas follows:<\/p>\n\n\n\n<ul><li>Application for\nRegistration in Form B;<\/li><li>Copies of duly\ncertified MOA and AOA;<\/li><li>Details of\nPrincipal Officer in Form G of Schedule I;<\/li><li>&nbsp;A declaration that the KMPs, Principal\nOfficers, Directors\/ Partners, and other key administrative workforce are not\ncovered under section 42 D of the Insurance Act;<\/li><li>Complete Bank\ndetails of the applicant company;<\/li><li>Complete list\nconcerning the appointed agents along with their qualifications;<\/li><li>Complete list\nconcerning the advertiser, partners, KMPs (Key Managerial Personnel),\ndirectors, etc.;<\/li><li>Details of the\nPrincipal Officers along with their Statutory Advisors;<\/li><li>Audited Balance\nSheet of the Company;<\/li><li>Complete list\nconcerning the Shareholders of the applicant Company;<\/li><li>Certified copy of\nthe Board Resolution passed regarding the promotion and investment in the\ncompany;<\/li><li>Any other\ndetail, if in case required;<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Procedure_for_Insurance_Broker_License_in_India\"><\/span>Procedure for Insurance Broker License in India<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The steps involved in the procedure to obtain an Insurance Broker License in India are as follows:<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter is-resized\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/swaritadvisors.com\/blog\/wp-content\/uploads\/2021\/02\/Infographic-for-Swarit-Blog-3-1.png\" alt=\"Procedure for Insurance Broker License in India\" class=\"wp-image-2739\" width=\"479\" height=\"399\" srcset=\"https:\/\/swaritadvisors.com\/blog\/wp-content\/uploads\/2021\/02\/Infographic-for-Swarit-Blog-3-1.png 900w, https:\/\/swaritadvisors.com\/blog\/wp-content\/uploads\/2021\/02\/Infographic-for-Swarit-Blog-3-1-300x251.png 300w, https:\/\/swaritadvisors.com\/blog\/wp-content\/uploads\/2021\/02\/Infographic-for-Swarit-Blog-3-1-768x642.png 768w\" sizes=\"(max-width: 479px) 100vw, 479px\" \/><\/figure><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Submit_the_Application_Form\"><\/span><strong>Submit the Application Form<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>In\nthe first step of the procedure for Insurance Broker License, the applicant\ncompany requires to submit the application form for registration in Form B of\nSchedule I. Further, the said application form must be furnished with the\nnon-refundable fee and the documents required. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Document_Examination\"><\/span><strong>Document Examination<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Further, the authorities will examine the form and\ndocuments submitted and, if in case required, can raise queries and request\nadditional information and clarification as well. Also, it can ask for the\nsubmission of additional documents as well.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Submit_Additional_Documents\"><\/span><strong>Submit Additional Documents<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>If in case the applicant has been asked by the\nauthorities to submit some additional documents, the same needs to be furnished\nwithin 30 days from the date of receiving intimation from the Insurance\nRegulatory Development Authority of India.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Issuance_of_In_Principal_Approval\"><\/span><strong>Issuance of In Principal Approval<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Once the documents submitted are fully examined and\nverified, and the authorities are of the opinion that the applicant has\nsatisfied all the conditions, in that case, it will issue an in house principal\napproval for the Insurance Broker License.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Additional_Submission_Obligations\"><\/span><strong>Additional Submission Obligations<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Once the applicant has received the in-principal\nApproval, it needs to comply with all the additional conditions, requirements\nas imposed by the authorities.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Issuance_of_Registration_Certificate\"><\/span><strong>Issuance of Registration Certificate<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Lastly, after satisfying all the steps mentioned above, the applicant will be granted a <a href=\"https:\/\/en.wikipedia.org\/wiki\/Certificate_of_incorporation\">Certificate of Registration<\/a> by the IRDAI authorities.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Fees_for_the_Procedure_for_Insurance_Broker_License\"><\/span>Fees for the Procedure for Insurance Broker License <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The fees involved in the procedure for Insurance\nBroker License can be summarised as:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Non_Refundable_Application_Fees\"><\/span>Non Refundable Application Fees<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The\nnon-refundable application fee levied for the procedure for Insurance Broker\nLicense can be summarised as:<\/p>\n\n\n\n<ul><li>Rs 25000 for the Direct Insurance Broker;<\/li><li>Rs 50000 for the Reinsurance Broker;<\/li><li>Rs 75000 for the Composite Broker;<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Registration_Fees_for_Fresh_Application\"><\/span>Registration Fees for Fresh Application<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The registration fee levied in the case of a fresh\nInsurance Broker License application can be summarised as:<\/p>\n\n\n\n<ul><li>Rs 50000 for the Direct Insurance Broker;<\/li><li>Rs 1.50 lakhs for the Reinsurance Broker;<\/li><li>Rs 2.5 lakhs for the Composite Broker;<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In a nutshell, Insurance Broker means an entity or person who is engaged in the business of offering advisory services concerning Insurance Products. Further, this concept is bifurcated into three parts and is governed by the provisions of the Insurance Act and the rules made thereunder. However, one needs to satisfy the procedure for Insurance Broker License to carry out the functions of an Insurance Broker.<\/p>\n\n\n\n<p><strong>Also, Read:<\/strong> <mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/swaritadvisors.com\/blog\/why-insurance-broker-license-is-required-in-india\/\">Why Insurance Broker License is required in India?<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Nowadays, a lot of Insurance Products are available in the market, but choosing the right one is a challenging task. Further, an insurance broker advises people about the best insurance product available based on their financial needs. It acts as an intermediary between the Issuer Company and the general public. However, to start an Insurance [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":2734,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[44,43],"tags":[428],"acf":[],"_links":{"self":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/2732"}],"collection":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/comments?post=2732"}],"version-history":[{"count":5,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/2732\/revisions"}],"predecessor-version":[{"id":2744,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/2732\/revisions\/2744"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/media\/2734"}],"wp:attachment":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/media?parent=2732"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/categories?post=2732"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/tags?post=2732"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}