{"id":4297,"date":"2021-04-22T10:06:13","date_gmt":"2021-04-22T10:06:13","guid":{"rendered":"https:\/\/swaritadvisors.com\/blog\/?p=4297"},"modified":"2021-04-22T10:11:35","modified_gmt":"2021-04-22T10:11:35","slug":"insurance-broker-license-renewal-in-india","status":"publish","type":"post","link":"https:\/\/swaritadvisors.com\/blog\/insurance-broker-license-renewal-in-india\/","title":{"rendered":"An Overview of Insurance Broker License Renewal in India"},"content":{"rendered":"\n<p class=\"has-drop-cap\">Insurance is the most vital aspects of human life. Insurance plays a crucial role in protecting you against possible future losses or damages, and if you are getting insured, then you have to contact a certified insurance broker. An insurance broker can be a company or a person that helps the customers or clients in choosing the best insurance plans for them as per their requirement. A broker is an intermediary between the insurance company and the customer. For that, the broker requires an insurance broker license to operate their work. Scroll down to check more information regarding the Insurance Broker License Renewal.<\/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-6a2b79afe1cc6\" 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-6a2b79afe1cc6\"  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\/insurance-broker-license-renewal-in-india\/#Issuance_of_an_Insurance_Broker_License\" title=\"Issuance of an Insurance Broker License\">Issuance of an 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-2\" href=\"https:\/\/swaritadvisors.com\/blog\/insurance-broker-license-renewal-in-india\/#Who_can_apply_for_Insurance_Broker_License\" title=\"Who can apply for Insurance Broker License?\">Who can apply for Insurance Broker License?<\/a><\/li><\/ul><\/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\/insurance-broker-license-renewal-in-india\/#What_are_the_Vital_Documents_Required_for_Insurance_Broker_License_Renewal_in_India\" title=\"What are the Vital Documents Required for Insurance Broker License Renewal in India?\">What are the Vital Documents Required for Insurance Broker License Renewal 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\/insurance-broker-license-renewal-in-india\/#Process_for_Insurance_Broker_License_Renewal\" title=\"Process for Insurance Broker License Renewal\">Process for Insurance Broker License Renewal<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/swaritadvisors.com\/blog\/insurance-broker-license-renewal-in-india\/#Renewal_Fee_for_Insurance_Broker_License\" title=\"Renewal Fee for Insurance Broker License\">Renewal Fee for Insurance Broker License<\/a><\/li><\/ul><\/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\/insurance-broker-license-renewal-in-india\/#What_to_do_in_case_of_non-issuance_of_an_Insurance_broker_license\" title=\"What to do in case of non-issuance of an Insurance broker license?\">What to do in case of non-issuance of an Insurance broker license?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/swaritadvisors.com\/blog\/insurance-broker-license-renewal-in-india\/#What_happens_if_a_License_for_Insurance_Broker_gets_refused_from_renewal\" title=\"What happens if a License for Insurance Broker gets refused from renewal?\">What happens if a License for Insurance Broker gets refused from renewal?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/swaritadvisors.com\/blog\/insurance-broker-license-renewal-in-india\/#What_are_the_Vital_Points_to_remember_while_applying_for_an_Insurance_Broker_License_Renewal\" title=\"What are the Vital Points to remember while applying for an Insurance Broker License Renewal?\">What are the Vital Points to remember while applying for an Insurance Broker License Renewal?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/swaritadvisors.com\/blog\/insurance-broker-license-renewal-in-india\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Issuance_of_an_Insurance_Broker_License\"><\/span>Issuance of an Insurance Broker License<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The management of the insurance broker is done by <strong>IRDAI (Insurance Regulatory and Development Authority of India)<\/strong><sup><a href=\"https:\/\/www.irdai.gov.in\/\"><strong>[1]<\/strong><\/a><\/sup>. Only IRDAI is liable for the cancellation, issuance or renewal of an insurance broker license.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Who_can_apply_for_Insurance_Broker_License\"><\/span>Who can apply for Insurance Broker License?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Following is the list who can apply for an <a href=\"https:\/\/swaritadvisors.com\/insurance-broker-license\"><strong>insurance broker license<\/strong><\/a>:<\/p>\n\n\n\n<ol><li>A Private Company should be registered under the Companies Act, 2013;<\/li><li>Any person or individual recognized by the authority;<\/li><li>Any LLP or <strong><a href=\"https:\/\/swaritadvisors.com\/limited-liability-partnership-registration\">Limited Liability Partnership<\/a><\/strong> can apply;<\/li><li>A co-operative society made as per the provisions of the Co-operative Societies Act.<\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_are_the_Vital_Documents_Required_for_Insurance_Broker_License_Renewal_in_India\"><\/span>What are the Vital Documents Required for Insurance Broker License Renewal in India?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>You can\ncheck the list of all essential documents required for an insurance broker\nlicense renewal in India below:<\/p>\n\n\n\n<ol><li>Submit duly filed <strong><em>Schedule I Form K<\/em><\/strong>;<\/li><li>Company\u2019s shareholding pattern certified by a\nCA;<\/li><li>List of all broker qualified individuals;<\/li><li>Submit a certificate from CA confirming\ncompliance with regulation 33;<\/li><li>Renewal checklist signed by the Partner or\nDirector and the company\u2019s principal officer;<\/li><li>Undertaking duly signed by the Partner or\nDirector of the company and the company\u2019s principal officer;<\/li><li>Training certificate for renewal undergone by\nthe principal officer and broker qualified persons;<\/li><li>Business best figures and list of top ten\ncustomers annual wise for the previous three years;<\/li><li>Any additional document, if required.<\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Process_for_Insurance_Broker_License_Renewal\"><\/span>Process for Insurance Broker License Renewal<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Following the process of an insurance broker license renewal:<\/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\/04\/infographic.png\" alt=\"Process for Insurance Broker License Renewal\" class=\"wp-image-4307\" width=\"485\" height=\"688\" srcset=\"https:\/\/swaritadvisors.com\/blog\/wp-content\/uploads\/2021\/04\/infographic.png 647w, https:\/\/swaritadvisors.com\/blog\/wp-content\/uploads\/2021\/04\/infographic-212x300.png 212w\" sizes=\"(max-width: 485px) 100vw, 485px\" \/><\/figure><\/div>\n\n\n\n<ol><li><strong><em>Submission of Application:<\/em><\/strong> The\napplication for insurance broker license renewal should be submitted within\nthirty days before the expiry of an insurance broker license. It should be\nsubmitted to the authority by the broker in <strong><em>Schedule I Form-K<\/em><\/strong>.<\/li><li><strong><em>Processing of Application:<\/em><\/strong> During\nthe processing of an application, the authority, if needed, may look for\nfurther information about the application submitted and the insurance broker is\nneeded to submit such information within twenty days.<\/li><li><strong><em>Fee Payment:<\/em><\/strong> The\napplicant needs to pay the fees for insurance broker license renewal along with\nthe relevant documents for such a renewal. The application for a license will\nnot be processed unless the fee is paid.<\/li><li><strong><em>Renewal for 3 Years:<\/em><\/strong> If the\nauthority is fully satisfied that the applicant fulfils all the criteria for\nrenewal of license, it shall renew the registration for the next three years\nand shall send a notice to that effect to the applicant.<\/li><\/ol>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Renewal_Fee_for_Insurance_Broker_License\"><\/span>Renewal Fee for Insurance Broker License<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul><li>A direct broker needs to pay Rs. 50,000\/- in\ncase of new registration whereas the renewal fee is Rs 1 lakh for a period of\nthree years;<\/li><li>The composite broker needs to pay Rs. 2.5 lakhs\nin case of new registration where renewal fee is Rs. 5 lakhs for a period of\nthree years;<\/li><li>The Reinsurance broker is required to pay Rs.\n1.5 lakhs in case of new registration, whereas the renewal fee is Rs. 3 lakhs\nfor a period of three years.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_to_do_in_case_of_non-issuance_of_an_Insurance_broker_license\"><\/span>What to do in case of non-issuance of an Insurance broker license?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In case\nthe authority is not satisfied by the application submitted by the applicant and\ndoes not fulfil the requirements prescribed in the regulations, then they may\nreject the license.<\/p>\n\n\n\n<p>Such\nrejection should be communicated to the applicant by sending a notice with\nthirty days of such refusal by the authority, and the authority should state\nthe ground for which the application has been rejected. Once the applicant\nlearns about the grounds and refusal, they may appeal to the Securities\nAppellate Tribunal.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_happens_if_a_License_for_Insurance_Broker_gets_refused_from_renewal\"><\/span>What happens if a License for Insurance Broker gets refused from renewal?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Where\nthe renewal application of the insurance broker is refused by the authority,\nthe applicant shall cease to be an insurance broker, but he shall be\nresponsible for the contracts previously entered by him. Such service will\ncontinue until the contract expiry or for a maximum of 6 months. Required\nmeasures shall be made for another registered broker who shall attend the\ncontracts.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_are_the_Vital_Points_to_remember_while_applying_for_an_Insurance_Broker_License_Renewal\"><\/span>What are the Vital Points to remember while applying for an Insurance Broker License Renewal?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Following\nare some vital points to think of while applying for an Insurance Broker\nLicense Renewal:<\/p>\n\n\n\n<ol><li>If the application reaches the authority after\nthirty days but before the expiry of the current registration certificate, then\nthe extra fee of Rs. 100\/- shall be paid to the authority by the applicant;<\/li><li>If the applicant provides a sensible reason in\nwriting for the delay and if the authority is pleased by such reason, it shall\naccept the application for renewal of a license after the expiry of\nregistration up to sixty days on payment of extra fees of Rs. 750\/-;<\/li><li>A broker can submit the application for renewal\nof license 90 days prior to the expiry date of the registration;<\/li><li>The principal officer and the insurance broker\nqualified persons must finish at least 25 hours of practical &amp; theoretical\ntraining before looking for a renewal of license. Such type of training must be\ncommunicated by an institution acknowledged by the authority;<\/li><li>The broker should follow all the compliances\nunder the regulation of the insurance broker in IRDAI.<\/li><\/ol>\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>An insurance broker license is essential for business; without such a license, no one can operate any insurance-related business. It is no different in the case of insurance brokers. One must keep a check on the regulations as mentioned above and guidelines to ensure a smooth process of insurance broker license renewal.<\/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>Insurance is the most vital aspects of human life. Insurance plays a crucial role in protecting you against possible future losses or damages, and if you are getting insured, then you have to contact a certified insurance broker. An insurance broker can be a company or a person that helps the customers or clients in [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":4298,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[44],"tags":[594],"acf":[],"_links":{"self":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/4297"}],"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=4297"}],"version-history":[{"count":9,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/4297\/revisions"}],"predecessor-version":[{"id":4310,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/4297\/revisions\/4310"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/media\/4298"}],"wp:attachment":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/media?parent=4297"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/categories?post=4297"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/tags?post=4297"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}