{"id":17408,"date":"2020-12-04T12:40:06","date_gmt":"2020-12-04T07:10:06","guid":{"rendered":"https:\/\/swaritadvisors.com\/learning\/?p=17408"},"modified":"2021-03-19T18:07:55","modified_gmt":"2021-03-19T12:37:55","slug":"what-documents-required-for-insurance-broker-license-in-india","status":"publish","type":"post","link":"https:\/\/swaritadvisors.com\/learning\/what-documents-required-for-insurance-broker-license-in-india\/","title":{"rendered":"What are the Documents Needed to obtain Insurance Broker License in India?"},"content":{"rendered":"\n<p class=\"has-drop-cap\">Today, a wide range of insurance products are available in the financial market. As a result, a layperson with no financial knowledge or background gets confused regarding the right insurance choice. Therefore, it always advised to approach an experienced Insurance Broker, who can assist you with the right financial decisions. However, if an individual or business entity wants to start dealing in insurance brokerage-related activities, it needs to first acquire an Insurance Broker License in India. <\/p>\n\n\n\n<p>In this blog, we will discuss the concept, basic requirements, and documents needed to obtain Insurance Broker License in India.<\/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-6a33a218c4f27\" 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-6a33a218c4f27\"  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\/learning\/what-documents-required-for-insurance-broker-license-in-india\/#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\/learning\/what-documents-required-for-insurance-broker-license-in-india\/#Three_Main_Types_of_Insurance_Brokers\" title=\"Three Main Types of Insurance Brokers\">Three Main Types of Insurance Brokers<\/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\/learning\/what-documents-required-for-insurance-broker-license-in-india\/#Concept_of_Insurance_Broker_License\" title=\"Concept of Insurance Broker License\">Concept 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-4\" href=\"https:\/\/swaritadvisors.com\/learning\/what-documents-required-for-insurance-broker-license-in-india\/#Governing_Laws_for_Insurance_Broker_License\" title=\"Governing Laws for Insurance Broker License\">Governing Laws 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\/learning\/what-documents-required-for-insurance-broker-license-in-india\/#Eligibility_Criteria_for_Obtaining_Insurance_Broker_License_in_India\" title=\"Eligibility Criteria for Obtaining Insurance Broker License\nin India\">Eligibility Criteria for Obtaining Insurance Broker License\nin India<\/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\/learning\/what-documents-required-for-insurance-broker-license-in-india\/#Documents_Needed_to_obtain_Insurance_Broker_License_in_India\" title=\"Documents Needed to obtain Insurance Broker License in India\">Documents Needed to obtain 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-7\" href=\"https:\/\/swaritadvisors.com\/learning\/what-documents-required-for-insurance-broker-license-in-india\/#Procedure_to_Obtain_Insurance_Broker_License_in_India\" title=\"Procedure to Obtain\nInsurance Broker License in India\">Procedure to Obtain\nInsurance 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-8\" href=\"https:\/\/swaritadvisors.com\/learning\/what-documents-required-for-insurance-broker-license-in-india\/#Fees_for_Obtaining_Insurance_Broker_License\" title=\"Fees for Obtaining Insurance Broker License\">Fees 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-9\" href=\"https:\/\/swaritadvisors.com\/learning\/what-documents-required-for-insurance-broker-license-in-india\/#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-10\" href=\"https:\/\/swaritadvisors.com\/learning\/what-documents-required-for-insurance-broker-license-in-india\/#Fresh_Application_Form_Registration_Fees\" title=\"Fresh Application Form Registration Fees\">Fresh Application Form Registration Fees<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/swaritadvisors.com\/learning\/what-documents-required-for-insurance-broker-license-in-india\/#Renewal_Fees\" title=\"Renewal Fees\">Renewal Fees<\/a><\/li><\/ul><\/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\/learning\/what-documents-required-for-insurance-broker-license-in-india\/#Validity_of_Insurance_Broker_License\" title=\"Validity of Insurance Broker License\">Validity 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-13\" href=\"https:\/\/swaritadvisors.com\/learning\/what-documents-required-for-insurance-broker-license-in-india\/#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 \u201cInsurance Broker\u201d denotes a business entity \/company \/firm of partners\/or a person who is registered as an insurance adviser and had expert knowledge and previous experience with insurance based laws. Further, the main work of an insurance broker is to lead customers to their insurance requirements.<\/p>\n\n\n\n<p>In other words, an Insurance Broker acts as a Mediator between the Insurance Company and Customers who are willing to buy insurance policies.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Three_Main_Types_of_Insurance_Brokers\"><\/span>Three Main Types of Insurance Brokers<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Further, the different types of Insurance Broker prevalent 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\/learning\/wp-content\/uploads\/2020\/12\/Different-Types-of-Insurance-Broker.png\" alt=\"types of Insurance Broker \" class=\"wp-image-17412\" width=\"527\" height=\"317\" srcset=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/12\/Different-Types-of-Insurance-Broker.png 1000w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/12\/Different-Types-of-Insurance-Broker-300x181.png 300w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/12\/Different-Types-of-Insurance-Broker-768x462.png 768w\" sizes=\"(max-width: 527px) 100vw, 527px\" \/><\/figure><\/div>\n\n\n\n<ol><li>Direct Insurance\nBroker;<\/li><li>Reinsurance\nBroker;<\/li><li>Composite\nInsurance Broker;<\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Concept_of_Insurance_Broker_License\"><\/span>Concept of Insurance Broker License<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In India, IRDA or Insurance Regulatory and Development Authority is responsible for governing and administering the functions and operations for Insurance Broker License in India. Also, every individual or business entity that wants to deals in insurance brokerage-related activities, it needs to first acquire an <a href=\"https:\/\/swaritadvisors.com\/insurance-broker-license\"><strong>Insurance Broker License<\/strong><\/a> from IRDA.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Governing_Laws_for_Insurance_Broker_License\"><\/span>Governing Laws for Insurance Broker License<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The laws and regulations governing the 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\/learning\/wp-content\/uploads\/2020\/12\/Governing-Laws-for-Insurance-Broker-License.png\" alt=\"Governing Laws Insurance Broker License\" class=\"wp-image-17411\" width=\"642\" height=\"208\" srcset=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/12\/Governing-Laws-for-Insurance-Broker-License.png 1000w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/12\/Governing-Laws-for-Insurance-Broker-License-300x98.png 300w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/12\/Governing-Laws-for-Insurance-Broker-License-768x250.png 768w\" sizes=\"(max-width: 642px) 100vw, 642px\" \/><\/figure><\/div>\n\n\n\n<ol><li>Insurance\nRegulatory Development Authority Act 1999;<\/li><li>Insurance\nRegulatory Development Authority of India (Insurance Brokers) Regulations 2018;<\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Eligibility_Criteria_for_Obtaining_Insurance_Broker_License_in_India\"><\/span>Eligibility Criteria for Obtaining Insurance Broker License\nin India<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The eligibility criteria for obtaining Insurance\nBroker License in India are as follows:<\/p>\n\n\n\n<ol><li>Any company incorporated under the provisions of the Companies Act 2013;<\/li><li>Any registered co-operative society formulated as per the norms and regulations of the Co-operative Societies Act 1912;<\/li><li>Any <strong><a href=\"https:\/\/swaritadvisors.com\/limited-liability-partnership-registration\" class=\"text-primary\">LLP registered<\/a><\/strong> under the provisions of the Limited Liability Partnership Act 2008;<\/li><li>Any other person acknowledged by the Authority;<\/li><\/ol>\n\n\n\n<p>However,\nit shall be relevant to note that in the case of Limited Liability Partnership,\nthe persons that are not allowed to become partners are as follows:<\/p>\n\n\n\n<ol><li>Non\nResident Entity;<\/li><li>Any\nForeign LLP (Limited Liability Partnership) registered based on the law of that\nforeign country;<\/li><li>Any\nperson or individual who resides outside India;<\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Documents_Needed_to_obtain_Insurance_Broker_License_in_India\"><\/span>Documents Needed to obtain Insurance Broker License in India<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The Documents needed to obtain Insurance Broker\nLicense in India are as follows:<\/p>\n\n\n\n<ol><li>Application in Form B;<\/li><li>A copy of MOA (Memorandum of Association);<\/li><li>A copy of AOA (Articles of Association);<\/li><li>Form G of Schedule I for furnishing the details regarding the Principal Officer;<\/li><li>A Statement of Declaration expressing that the Principal Officer, Directors\/ Partners, and any other administrative workforce are not excluded under the provisions of section 42D of the <strong>IRDA Act 1999<sup><a href=\"https:\/\/www.irdai.gov.in\/ADMINCMS\/cms\/frmGeneral_Layout.aspx?page=PageNo108&amp;flag=1\" class=\"text-primary\"><strong><em>[1]<\/em><\/strong><\/a><\/sup><\/strong>;<\/li><li>Complete details concerning Partners\/ Advertisers\/ Directors and other Key Managerial Personnel;<\/li><li>Name and Qualification details of at least two qualified agents;<\/li><li>Complete Bank Account details;<\/li><li>Details of the Principal Bankers, together with the Statutory Advisors;<\/li><li>List of all the Shareholders;<\/li><li>A copy of Board Resolution passed in company\u2019s Board Meeting;<\/li><li>Audited Balance Sheet of the company for the previous financial years;<\/li><li>Any other detail as may be required;<\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Procedure_to_Obtain_Insurance_Broker_License_in_India\"><\/span>Procedure to Obtain\nInsurance 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\nBroker License in India are as follows:<\/p>\n\n\n\n<ol><li>Firstly, the\napplicant requires to furnish Form B of Schedule I as the application for\nregistration with IRDA, together with the fees prescribed;<\/li><li>After the\nsubmission of application, the authorities will verify the same;<\/li><li>In the next\nstep, the applicant needs to submit the required documents with the authorities\nwithin 30 days of filing the application;<\/li><li>If the\nauthorities are satisfied with the application form and documents filed, they\nwill grant the Certificate of Registration to the applicant in the form J of Schedule\nI;<\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Fees_for_Obtaining_Insurance_Broker_License\"><\/span>Fees for Obtaining Insurance Broker License<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The fees for obtaining Insurance Broker License can\nbe 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<ol><li>For Direct\nBroker: Rs 25000;<\/li><li>For Reinsurance\nBroker: Rs 50000;<\/li><li>Form Composite\nBroker: Rs 75000;<\/li><\/ol>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Fresh_Application_Form_Registration_Fees\"><\/span>Fresh Application Form Registration Fees<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ol><li>For Direct\nBroker: Rs 50000;<\/li><li>For Reinsurance\nBroker: Rs 150000;<\/li><li>Form Composite\nBroker: Rs 250000;<\/li><\/ol>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Renewal_Fees\"><\/span>Renewal Fees<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ol><li>For Direct\nBroker: Rs 100000;<\/li><li>For Reinsurance\nBroker: Rs 300000;<\/li><li>Form Composite\nBroker: Rs 500000;<\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Validity_of_Insurance_Broker_License\"><\/span>Validity of Insurance Broker License<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In India, the certificate of Insurance Broker\nLicense remains valid for a period of 3 years, commencing from the date of\nissuance of the certificate. That means the applicant requires to file the\napplication for renewal prior to the expiry of the validity period.<\/p>\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 acts as a Mediator\nbetween the Insurance Company and Customers, who are willing to buy insurance\npolicies. Also, to start dealing in the insurance\nbrokerage-related activities, an individual or a person needs to first acquire\nInsurance Broker License, which again is an intricate and complex task and\nrequires a lot of documents and basic requirements.<\/p>\n\n\n\n<p><b>Also, Read:<\/b> <mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/swaritadvisors.com\/learning\/educational-requirements-for-insurance-broker-license\/\">Insurance Broker Educational Requirements for Insurance Broker License<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Today, a wide range of insurance products are available in the financial market. As a result, a layperson with no financial knowledge or background gets confused regarding the right insurance choice. Therefore, it always advised to approach an experienced Insurance Broker, who can assist you with the right financial decisions. However, if an individual or [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":17410,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[651],"tags":[1025],"_links":{"self":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts\/17408"}],"collection":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/users\/17"}],"replies":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/comments?post=17408"}],"version-history":[{"count":16,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts\/17408\/revisions"}],"predecessor-version":[{"id":18184,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts\/17408\/revisions\/18184"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/media\/17410"}],"wp:attachment":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/media?parent=17408"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/categories?post=17408"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/tags?post=17408"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}