{"id":4135,"date":"2021-04-14T05:53:02","date_gmt":"2021-04-14T05:53:02","guid":{"rendered":"https:\/\/swaritadvisors.com\/blog\/?p=4135"},"modified":"2021-04-14T05:57:28","modified_gmt":"2021-04-14T05:57:28","slug":"documents-required-for-insurance-broker-license","status":"publish","type":"post","link":"https:\/\/swaritadvisors.com\/blog\/documents-required-for-insurance-broker-license\/","title":{"rendered":"What are the Vital Documents Required for Insurance Broker License?"},"content":{"rendered":"\n<p class=\"has-drop-cap\">Those who want to sell insurance products of other insurance companies can avail Insurance Broker License. The issuance authority of such a license is the IRDA or Insurance Regulatory and Development Authority. For this license, the IRDA Committee makes the rules and regulations. The primary purpose of forming their regulation is to observe and monitor insurance brokers. The insurance brokers advise people about their insurance requirements and, after that, guide them to choose the perfect insurance product for them. The brokers act as the middle person among the people and insurance company who are searching for purchasing insurance policies. They have in-depth knowledge of insurance-related products and laws. Scroll down to check all the essential documents required 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-6a55ac3434642\" 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-6a55ac3434642\"  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\/documents-required-for-insurance-broker-license\/#Insurance_Broker_License_%E2%80%93_An_Overview\" title=\"Insurance\nBroker License \u2013 An Overview\">Insurance\nBroker License \u2013 An Overview<\/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\/documents-required-for-insurance-broker-license\/#Who_can_file_for_the_Insurance_Broker_License_in_India\" title=\"Who can\nfile for the Insurance Broker License in India?\">Who can\nfile for the Insurance Broker License in India?<\/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\/documents-required-for-insurance-broker-license\/#Essential_Documents_Required_for_Insurance_Broker_License_in_India\" title=\"Essential\nDocuments Required for Insurance Broker License in India\">Essential\nDocuments Required for Insurance Broker License in India<\/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\/documents-required-for-insurance-broker-license\/#Application_Process_and_Fees_Structure_for_Insurance_Broker_License\" title=\"Application Process and Fees Structure for Insurance Broker License\">Application Process and Fees Structure 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\/documents-required-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=\"Insurance_Broker_License_%E2%80%93_An_Overview\"><\/span><strong>Insurance\nBroker License \u2013 An Overview<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Before we talk about the vital documents required for Insurance Broker License, let us first understand about <strong><a href=\"https:\/\/swaritadvisors.com\/insurance-broker-license\">Insurance Broker License in India<\/a><\/strong>. The Insurance Advisory Committee drafted the provisions and rules for such a license under the IRDA Act, 1999. The primary purpose of drafting such regulation is to supervise the actions of an insurance broker and ensure that they are working under the bylaws.<\/p>\n\n\n\n<p>The\nprimary role of a broker is to provide the perfect insurance product or plan to\nthe customers who are looking for a good insurance plan as per their\nrequirements. They assist the customers to choose the right product to maximize\nadvantages. In India, to avail of an Insurance Broker License, one has to file\nan application to the IRDA.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Who_can_file_for_the_Insurance_Broker_License_in_India\"><\/span>Who can\nfile for the Insurance Broker License in India?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Following\nis the list of all the eligible applicants who can file for an Insurance Broker\nLicense:<\/p>\n\n\n\n<ol><li>LLP (Limited Liability Partnership) operating under the LLP Act, 2008;<\/li><li>Company functioning under the provisions of Companies Act, 2013;<\/li><li>Registered Co-operative Society established under the norms of the <strong>Co-operative Societies Act, 1912<\/strong><sup><a rel=\"noreferrer noopener\" href=\"https:\/\/legislative.gov.in\/sites\/default\/files\/A1912-02.pdf\" target=\"_blank\"><strong>[1]<\/strong><\/a><\/sup>;<\/li><li>Any individual possesses the required certification from the authority. Note: if an individual is registered LLP, then the following individual cannot be a partner of the same;<\/li><li>Individual residing outside India.<\/li><li>Non-resident company.<\/li><li>Foreign LLP is operating under overseas country laws.<\/li><\/ol>\n\n\n\n<p>The\napplicant wants to commence brokering activities require to file a\ncomprehensive application for the same and attached it with the obligatory\ndocument. The below section would explain the documents required for Insurance\nBroker License. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Essential_Documents_Required_for_Insurance_Broker_License_in_India\"><\/span><strong>Essential\nDocuments Required for Insurance Broker License in India<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Following\nis all the vital documents required for an Insurance Broker License; however,\nremember that the given list encloses the specific documents mentioned in Form\nC of Schedule I of the IRDAI Regulations.<\/p>\n\n\n\n<ol><li>Submit an application of the Insurance Broker\nLicense and other mandatory documentation to be submitted in Form B;<\/li><li>Submit the copies of MOA (Memorandum of\nAssociation) and AOA (Article of Association) of the organization;<\/li><li>Submit a written declaration declared by the\ndirectors, partners, and principal officer about their qualification and other\ncriteria as stated in Form G of Schedule 1;<\/li><li>Complete details regarding the director,\npromoter, and other managerial personnel;<\/li><li>Details of the bank account (account number,\nIFSC Code, branch name, etc.);<\/li><li>The applicant must provide the details of the\nPrincipal Officer in terms of qualification, training compliance, and other\ncriteria as stated in Form G of Schedule 1;<\/li><li>Particular related to 2 qualified brokers and\ntheir qualification;<\/li><li>A detailed list of all members linked with the\ncompany. If an organization is acting as a member, then provide board\nresolution confirmed by the company;<\/li><li>A balance sheet of the company;<\/li><li>Facts\nrelated to the company&#8217;s infrastructure such as IT infrastructure, workplace,\nworkforce, equipment, and area of business;<\/li><li>Other documents as comprised in the form.<\/li><\/ol>\n\n\n\n<p>So,\nthis is the detailed list of all the vital documents required for an Insurance\nBroker License; without any such document, you are not able to get Insurance\nBroker License. So it is advisable to arrange all the documents before applying\nfor registration carefully.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Application_Process_and_Fees_Structure_for_Insurance_Broker_License\"><\/span><strong>Application Process and Fees Structure<\/strong> for Insurance Broker License<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>After\ncollecting all the above-mentioned documents, the applicant requires to apply\nForm B as mentioned in Schedule I of the IRDA Regulations with authority. The\napplication will be submitted with the fees, which are non-refundable with the\naforementioned documents. The authority will examine the application to\nidentify the possible loopholes in the same. If the authority manages to find\nany issue or problem, then it will copy the application and ask them to take\nneeded actions to eliminate the discrepancies.<\/p>\n\n\n\n<p>In\ncontrast, if the authority finds the application without any errors on every\naspect, then they will issue the in-principal consent for the registration.\nAlways remember that such consent is not equivalent to a registration\ncertificate. Instead, it acts as provisional consent to conduct brokering\nactivities for a limited time frame. At this time frame, the authority\nundertakes an estimation to examine the performance of the applicant and search\nfor potential violations of the bylaws. If they found everything perfect under\nthe limit of compliances, then they will issue the certificate.<\/p>\n\n\n\n<p>The\ndirect broker has to endure a total of Rs. 25,000\/- as a fee for application\nwhich is non-refundable. Similarly, the applicants like reinsurance and the\namalgamated broker have to pay fees up to Rs. 50,000\/- to Rs. 70,000\/-\nrespectively to avail an Insurance Broker License. The authority has created a\ndifferent fee structure for the new applicant searching for the license. The\nauthority demands the fees of Rs. 50,000, Rs. 1,50,000, and Rs. 2,50,000 from\nDirect, reinsurance, and combined broker respectively for issuing the license.\nThe license remains the same for three years, and after that, the applicant\nneeds to apply for renewal.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>An applicant requires to submit a long list of vital documents required for an Insurance Broker License. If you are going to make a business decision regarding the same, you should obey the aforementioned guidelines correctly. If you find it too hard to arrange all the documents and registration process, you can hire an expert who will help you.<\/p>\n\n\n\n<p><strong>Also, Read:<\/strong> <mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/swaritadvisors.com\/learning\/what-is-the-procedure-for-renewal-of-insurance-broker-license\/\">What is the Procedure for Renewal of Insurance Broker License?<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Those who want to sell insurance products of other insurance companies can avail Insurance Broker License. The issuance authority of such a license is the IRDA or Insurance Regulatory and Development Authority. For this license, the IRDA Committee makes the rules and regulations. The primary purpose of forming their regulation is to observe and monitor [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":4136,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[44],"tags":[577],"acf":[],"_links":{"self":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/4135"}],"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\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/comments?post=4135"}],"version-history":[{"count":5,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/4135\/revisions"}],"predecessor-version":[{"id":4143,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/4135\/revisions\/4143"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/media\/4136"}],"wp:attachment":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/media?parent=4135"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/categories?post=4135"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/tags?post=4135"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}