{"id":3516,"date":"2019-02-20T13:55:47","date_gmt":"2019-02-20T13:55:47","guid":{"rendered":"https:\/\/swaritadvisors.com\/learning\/?p=3516"},"modified":"2020-02-27T18:00:34","modified_gmt":"2020-02-27T12:30:34","slug":"insurance-broker-registration-requirements-process","status":"publish","type":"post","link":"https:\/\/swaritadvisors.com\/learning\/insurance-broker-registration-requirements-process\/","title":{"rendered":"Insurance Broker Registration Requirements and Process"},"content":{"rendered":"\n<p>Before we discuss the Insurance Broker Registration process and requirements, it&#8217;s important to know why you should engage in this business, if there&#8217;s any scope, or will this be beneficial for you, etc. Therefore, let us first peep into the market size of Insurance Broker Business so that you can decide whether or not you should jump into it and commence the business.<\/p>\n\n\n\n<div class=\"wp-block-button aligncenter\"><a class=\"wp-block-button__link has-background\" href=\"https:\/\/swaritadvisors.com\/insurance-broker-license\" style=\"background-color:#01669c\">Get Insurance Broker License within Weeks &#8211; Register Now<\/a><\/div>\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-6a54946333545\" 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-6a54946333545\"  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\/insurance-broker-registration-requirements-process\/#Market_size_of_Insurance_Broker_Business\" title=\"Market size of Insurance Broker Business\">Market size of Insurance Broker Business<\/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\/insurance-broker-registration-requirements-process\/#What_is_Insurance_Broker_Registration\" title=\"What is Insurance Broker Registration?\">What is Insurance Broker Registration?<\/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\/insurance-broker-registration-requirements-process\/#What_is_Insurance_Broker\" title=\"What is Insurance Broker?\">What is Insurance Broker?<\/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\/insurance-broker-registration-requirements-process\/#Who_can_be_the_applicant_for_Insurance_Broker_License_in_India\" title=\"Who can be the applicant for Insurance Broker License in India?\">Who can be the applicant 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-5\" href=\"https:\/\/swaritadvisors.com\/learning\/insurance-broker-registration-requirements-process\/#Financial_requirements_for_Insurance_Broker_License\" title=\"Financial requirements for Insurance Broker License\">Financial requirements 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-6\" href=\"https:\/\/swaritadvisors.com\/learning\/insurance-broker-registration-requirements-process\/#Minimum_Financial_Requirement\" title=\"Minimum Financial Requirement\">Minimum Financial Requirement<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/swaritadvisors.com\/learning\/insurance-broker-registration-requirements-process\/#Net_worth_Requirement\" title=\"Net worth Requirement\">Net worth Requirement<\/a><\/li><\/ul><\/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\/insurance-broker-registration-requirements-process\/#Checklists_for_Insurance_Broker_Registration\" title=\"Checklists for Insurance Broker Registration\">Checklists for Insurance Broker Registration<\/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\/learning\/insurance-broker-registration-requirements-process\/#What_are_the_documents_essential_for_obtaining_Insurance_Broker_License\" title=\"What are the documents essential for obtaining Insurance Broker License?\">What are the documents essential 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-10\" href=\"https:\/\/swaritadvisors.com\/learning\/insurance-broker-registration-requirements-process\/#Procedure_for_obtaining_Insurance_Broker_License\" title=\"Procedure for obtaining Insurance Broker License\">Procedure 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-11\" href=\"https:\/\/swaritadvisors.com\/learning\/insurance-broker-registration-requirements-process\/#Step1_Submit_the_application_in_Form_B\" title=\"Step1: Submit the application in Form B\">Step1: Submit the application in Form B<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/swaritadvisors.com\/learning\/insurance-broker-registration-requirements-process\/#Step2_The_concerned_authority_will_examine_the_application\" title=\"Step2: The concerned authority will examine the application\">Step2: The concerned authority will examine the application<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/swaritadvisors.com\/learning\/insurance-broker-registration-requirements-process\/#Step3_Submission_of_additional_documents_in_case_of_any_query\" title=\"Step3: Submission of additional documents, in case of any query\">Step3: Submission of additional documents, in case of any query<\/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\/learning\/insurance-broker-registration-requirements-process\/#Step4_In-principle_approval_for_Insurance_Broker_License\" title=\"Step4: In-principle approval for Insurance Broker License\">Step4: In-principle approval for Insurance Broker License<\/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\/learning\/insurance-broker-registration-requirements-process\/#Step5_Additional_formalities_after_the_issuance_of_in-principle_approval\" title=\"Step5: Additional formalities after the issuance of in-principle approval\">Step5: Additional formalities after the issuance of in-principle approval<\/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\/learning\/insurance-broker-registration-requirements-process\/#Step6_Issuance_of_Registration_in_Form_J\" title=\"Step6: Issuance of Registration in Form J \">Step6: Issuance of Registration in Form J <\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/swaritadvisors.com\/learning\/insurance-broker-registration-requirements-process\/#Fee_for_Insurance_Broker_Registration_License\" title=\"Fee for Insurance Broker Registration License\">Fee for Insurance Broker Registration License<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/swaritadvisors.com\/learning\/insurance-broker-registration-requirements-process\/#Fees_for_Non-Refundable_Application\" title=\"Fees for Non-Refundable Application\">Fees for Non-Refundable Application<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/swaritadvisors.com\/learning\/insurance-broker-registration-requirements-process\/#Fees_for_Fresh_Registration\" title=\" Fees for Fresh Registration \"> Fees for Fresh Registration <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/swaritadvisors.com\/learning\/insurance-broker-registration-requirements-process\/#Renewal_fees_for_three_years\" title=\" Renewal fees for three years \"> Renewal fees for three years <\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/swaritadvisors.com\/learning\/insurance-broker-registration-requirements-process\/#Wrapping_up\" title=\"Wrapping up\">Wrapping up<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Market_size_of_Insurance_Broker_Business\"><\/span><strong>Market size of Insurance Broker Business<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"shadow3\">\n<p>The study says that the government&#8217;s policy of ensuring has steadily pushed insurance penetration in India and advancement of insurance schemes.<\/p>\n<p>In the FY18, gross premium written in India touched Rs 5.53 trillion (US$ 94.48 billion) with Rs 4.58 trillion (US$ 71.1 billion) from life insurance and Rs 1.51 trillion (US$ 23.38 billion) from non-life insurance. As a whole, insurance penetration in India touched 3.69% in 2017 from 2.71% in 2001.<\/p>\n<p>However, in FY19, the premium for new life insurance business hiked 3.66% year-on-year to Rs. 1.09 trillion. In FY19, gross direct premiums of non-life insurers touched Rs 962.05 billion (US$ 13.71 billion), displaying a year-on-year growth rate of 12.40%.<\/p> <b>Data Source:<\/b> ibai.org\n<\/div>\n\n\n\n<p>The above numbers portray that the business of insurance broker has always experienced growth, whether steady or fast. Hence, starting an Insurance Broker Company won&#8217;t be of risk. But again before we start with the process, let us understand what Insurance Broker is and what its requirements are.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_Insurance_Broker_Registration\"><\/span><strong>What is Insurance Broker Registration?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Insurance broker registration is the permit issued by the Insurance Regulatory and Development Authority (IRDA). In 2018, the IRDA issued the updated version of the IRDA (Insurance Broker) Regulations according to which Insurance Broker Registration could be done in the following ways:<\/p>\n\n\n\n<ul><li>Direct Insurance Broker License \u2013 the capital requirement of Rs. 75 Lakhs;<\/li><li>Composite Insurance Broker License \u2013 the capital requirement of Rs. 5 crores;<\/li><li>Reinsurance broker License \u2013 the capital requirement of Rs. 4 crores.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_Insurance_Broker\"><\/span>What is Insurance Broker?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>An insurance broker is a company or person registered as an advisor of insurance or qualified people or firm which acts through its partners\/directors or employees with proficient knowledge of insurance based laws. Insurance brokers guide people on their insurance requirement. Furthermore, they offer professional services to its customers and acts as an intermediary between a person and an insurance company seeking to purchase an insurance policy.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Who_can_be_the_applicant_for_Insurance_Broker_License_in_India\"><\/span><strong>Who can be the applicant for Insurance Broker License in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Following people or entity could be applicants for insurance broker license in India:<\/p>\n\n\n\n<ul><li>A company listed under the Companies Act, 2013 or 1956;<\/li><li>A registered co-operative society created under the Co-operative Societies Act, 1912 or any other similar law;<\/li><li>An LLP registered under the Limited Liability Partnership Act, 2008;<\/li><li>Any other individual recognized by the Authority.<\/li><\/ul>\n\n\n\n<p><strong><em>Note:<\/em><\/strong><em> If the applicant is a registered LLP, then none of these can be a partner of the same; <\/em><\/p>\n\n\n\n<ul><li><em>Any individual residing outside India;<\/em><\/li><li><em>Foreign LLP enrolled under Foreign Country Laws;<\/em><\/li><li><em>Non-resident entity.<\/em><\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Financial_requirements_for_Insurance_Broker_License\"><\/span><strong>Financial requirements for Insurance Broker License<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Minimum_Financial_Requirement\"><\/span><strong>Minimum Financial Requirement<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The minimum financial requirements for Insurance Broker Registration are as follows:<\/p>\n\n\n\n<ul><li>75 lakhs for the direct broker;<\/li><li>4 crores for the reinsurance broker; and<\/li><li>5 crores for the composite broker.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Net_worth_Requirement\"><\/span><strong>Net worth Requirement<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>During the course of registration, the insurance broker needs to maintain a minimum net worth of:<\/p>\n\n\n\n<ul><li>50 Lakh required for Direct Broker, and<\/li><li>50% of the minimum capital requirement for composite and reinsurance Broker.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Checklists_for_Insurance_Broker_Registration\"><\/span><strong>Checklists for Insurance Broker Registration<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>It is imperative that you satisfy the following criteria for obtaining Insurance Broker Registration:<\/p>\n\n\n\n<ul><li>Whether the entity has the word Broking or Broker in its name;<\/li><li>Memorandum of Association should contain the insurance broking as its principal aim;<\/li><li>Whether the company satisfies the minimum capital requirement as provided in the regulations;<\/li><li>It should not hold any foreign capital which exceeds 26% of the total paid-up capital;<\/li><li>If the fixed deposit of 20% of initial capital is paid in the registered bank;<\/li><li>The principal officer should hold the fair qualification, should have passed the brokers&#8217; exam, and possess the necessary training;<\/li><li>The company must engage a minimum of two persons with the obligatory qualification and training;<\/li><li>The company has the required infrastructure and well-trained workforce to run the business of insurance broking;<\/li><li>The persons engaged in securing insurance business are qualified and trained.<\/li><\/ul>\n\n\n\n<div class=\"browse\">\n<p>Browse through our articles on servies provided at <a href=\"https:\/\/swaritadvisors.com\">Swarit Advisors<\/a>, and just let us know if we can help you with your NBFC registration or NBFC for Sale or RBI Advisory Services.<\/p>\n<div class=\"browse1\">\n<table class=\"table1\">\n<tbody>\n<tr>\n<td><a href=\"https:\/\/swaritadvisors.com\/nbfc-registration\"><span>NBFC Registrtaion<\/a>&nbsp;<\/span><\/td>\n<td><a href=\"https:\/\/swaritadvisors.com\/nbfc-registration\"><span>FFMC License<\/span><\/a><\/td>\n<td><a href=\"https:\/\/swaritadvisors.com\/msme-registration\"><span>MSME Registration<\/span><\/a><\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/swaritadvisors.com\/nbfc-takeover-agreement\"><span>NBFC Takeover<\/span><\/a><\/td>\n<td><a href=\"https:\/\/swaritadvisors.com\/prepaid-wallet-license\"><span>Prepaid Wallet License<\/span><\/a><\/td>\n<td><a href=\"https:\/\/swaritadvisors.com\/nidhi-company-registration\"><span>Nidhi Company Registration<\/span><\/a><\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/swaritadvisors.com\/nbfc-for-sale\"><span >NBFC For Sale<\/span><\/a><\/td>\n<td><a href=\"https:\/\/swaritadvisors.com\/peer-to-peer-lending-license\"><span >P2P Lending License<\/span><\/a><\/td>\n<td><a href=\"https:\/\/swaritadvisors.com\/payment-gateway-license\"><span >Payment Gateway License<\/span><\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/table>\n<\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_are_the_documents_essential_for_obtaining_Insurance_Broker_License\"><\/span><strong>What are the documents essential for obtaining Insurance Broker License?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The applicant needs to present the application along with the mandatory documents and information as Form C of Schedule I of the <a href=\"http:\/\/ibai.org\/law-regulations\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">IRDA (Insurance Broker) Regulations, 2018<\/a> specifies. The required documents are as follows:<\/p>\n\n\n\n<ul><li>The Insurance Broker License application, along with the essential information, needs to be submitted in Form B;<\/li><li>A copy of the MOA (Memorandum of Association) and AOA (Articles of Association) of the applicant company;<\/li><li>The applicant is supposed to present the information regarding the Principal Officer, and whether they fulfil the fit and proper criteria in Form G of Schedule I. Furthermore, he\/she must ensure that they have fulfilled the training compliances before submitting the application;<\/li><li>A written declaration of the Principle Officer affirming that they along with the directors or partners and other essential managerial personnel don&#8217;t suffer from any disqualifications as mentioned in Section 42D of the Act;<\/li><li>Complete details of all the promoters, directors or partners, and other key managerial personnel;<\/li><li>List of at least two qualified brokers along with their qualifications;<\/li><li>Present bank account details;<\/li><li>Details about the Principal Bankers along with the statutory auditors;<\/li><li>For the registration process, the applicant must have the required infrastructure. Therefore, the entity needs to submit the details of infrastructure along with the application which may include equipment, IT infra, office space, and the workforce.<\/li><li>List of all the shareholders of the applicant company, current as well as proposed;<\/li><li>If the shareholder(s) is company\/companies, furnish the Board Resolution passed by them in investing in and promoting the applicant company;<\/li><li>The balance sheet of the company;<\/li><li>Other details on request.<\/li><\/ul>\n\n\n\n<p>Now that we know what documents are essential for the Insurance Broker License, let&#8217;s find out how we can get Insurance broker license.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Procedure_for_obtaining_Insurance_Broker_License\"><\/span><strong>Procedure for obtaining Insurance Broker License<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Once you have accumulated all the documents essential for Insurance Broker license, you can follow the below steps to for the registration process:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Step1_Submit_the_application_in_Form_B\"><\/span><strong>Step1: Submit the application in Form B<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>You need to submit the application for Insurance Broker License in Form B as provided in Schedule I of the IRDA regulations with authority. Additionally, you also need to present the non-refundable application fee with the required documents.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Step2_The_concerned_authority_will_examine_the_application\"><\/span><strong>Step2: The concerned authority will examine the application<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>If authority raises any query after the verification of the application for Insurance Broker License, it can demand the applicant for additional documents and information. Moreover, it can order the applicant to comply with any requirements.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Step3_Submission_of_additional_documents_in_case_of_any_query\"><\/span><strong>Step3: Submission of additional documents, in case of any query<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>If the authority has asked you to provide any further paper or information, then you are required to submit them within thirty days from the date of such communication.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Step4_In-principle_approval_for_Insurance_Broker_License\"><\/span><strong>Step4: In-principle approval for Insurance Broker License<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Firstly, the authority will undergo a thorough investigation of the application. If it finds everything valid and accurate, it will, then, issue an in-principle approval for the Insurance Broker license.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Step5_Additional_formalities_after_the_issuance_of_in-principle_approval\"><\/span><strong>Step5: Additional formalities after the issuance of in-principle approval<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Once you have got in-principle approval, you need to comply with the extra requirements and submit the license fees with the Authority online.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Step6_Issuance_of_Registration_in_Form_J\"><\/span><strong>Step6: Issuance of Registration in Form J <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>If the authority is convinced with all the requirements prescribed in the regulation and the in-approval certificate, then you will receive a Certificate of Registration in Form J specified in Schedule1.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Fee_for_Insurance_Broker_Registration_License\"><\/span><strong>Fee for Insurance Broker Registration License<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The entity needs to submit the application for Insurance Broker License with the mandatory fees as prescribed in Schedule I &#8211; Form of these regulations.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Fees_for_Non-Refundable_Application\"><\/span><h4><strong><em>Fees for Non-Refundable Application<\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4><\/h4>\n\n\n\n<ul><li>25,000 for Direct Broker;<\/li><li>50,000 for Reinsurance Broker; and<\/li><li>75,000 for Composition Broker.<\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Fees_for_Fresh_Registration\"><\/span> <strong style=\"font-size: 1em;\"><em>Fees for Fresh Registration<\/em><\/strong> <span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<ul><li>50,000for Direct Broker;<\/li><li>1,50,000 for Reinsurance Broker; and<\/li><li>2,50,000 for Composite Broker.<\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Renewal_fees_for_three_years\"><\/span> <strong style=\"font-size: 1em;\"><em>Renewal fees for three years<\/em><\/strong> <span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<ul><li>1,00,000 for Direct Broker;<\/li><li>3,00,000 for Reinsurance Broker; and<\/li><li>5,00,000 for Composite Broker.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Wrapping_up\"><\/span><strong>Wrapping up<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"shadow4\">As a result of the above discussion, we can conclude that Insurance broker registration is a mandatory permit. Every insurance broker company must obtain the insurance broker license for commencing the business of insurance. The Insurance Regulatory and Development Authority (IRDA) is a responsible body for issuing the license. Therefore, the person willing to obtain the registration for the insurance broker must submit the required documents to the concerned authority with the prescribed fees.<\/div>\n\n\n\n<p>Moreover, the Insurance Broker business is an ever-growing business. Therefore, the chances of failure are quite negligible, if you proceed with a great <a href=\"https:\/\/swaritadvisors.com\/business-plan\">business plan<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Before we discuss the Insurance Broker Registration process and requirements, it&#8217;s important to know why you should engage in this business, if there&#8217;s any scope, or will this be beneficial for you, etc. Therefore, let us first peep into the market size of Insurance Broker Business so that you can decide whether or not you [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":3517,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[545],"tags":[378,377],"_links":{"self":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts\/3516"}],"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\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/comments?post=3516"}],"version-history":[{"count":25,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts\/3516\/revisions"}],"predecessor-version":[{"id":9191,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts\/3516\/revisions\/9191"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/media\/3517"}],"wp:attachment":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/media?parent=3516"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/categories?post=3516"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/tags?post=3516"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}