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Insurance Broker License

CorpZo provides services for obtaining an Insurance Broker License in India, regulated by the Insurance Regulatory and Development Authority (IRDA). The website explains the process, categories of insurance brokers, eligibility criteria, prerequisites suc


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An insurance broker license is given to an expert and qualified person, or to a company acting through its directors, partners, or employees, who are knowledgeable about the laws governing insurance and have a sufficient understanding of insurance-related products. They alert people to the necessity for insurance. An insurance broker operates as a go-between for an insurance company and a customer looking to purchase an insurance policy, providing skilled sorts of assistance to both parties.

In Simple words Insurance Broker" refers to a person or a body corporate registered by the Authority as a direct broker, reinsurance broker, or composite broker, unless explicitly specified otherwise.

The Insurance Regulatory and Development Authority (IRDA) regulates and operates the Insurance Broker License. The IRDA is also in charge of the activities and operations of the Insurance Broker License.

An Insurance Broker is a person or a firm that is registered with the IRDA and provides insurance advice. It assists the consumer in obtaining insurance from a provider. An insurance broker is a skilled, expert, and professional person who works to give insurance coverage. An insurance broker acts as a liaison between the insurance business and the clients who are looking to purchase an insurance policy.


An insurance broker can be divided into three categories.

  1. Direct Broker

Insurance sales and acquisition allow its customers to purchase an insurance policy using its website or software while earning a fee from the insurance agency whose policy was sold.

  1.  Composite Broker

It is a form of insurance broker license that, in exchange for payment or other considerations, arranges insurance or maybe reinsurance for its clients with reinsurers based in India or possibly elsewhere.

  1. Reinsurance Broker

It is a form of insurance broker license that provides insurance for its clients with backup plans and additional reinsurers situated in India or potentially elsewhere in exchange for payment or fees.

Who is eligible to apply for an Insurance Broker License?

People that can apply for an Insurance Broker License in India include:

  • Any company that has been registered under the Companies Act of 2013.
  • Any registered co-operative society created in accordance with the Co-operative Societies Act, 1912 or any other similar statute
  • Any LLP incorporated under the Limited Liability Partnership Act of 2008, as well as any other person recognized by the Authority

If the Insurance Broker License applicant is a registered LLP, none of the following can be a partner in the same.

  • Entity that is not a resident;
  • Any foreign LLP registered in accordance with the laws of a foreign nation;
  • Anyone who lives outside of India;

Any other individual or company authorized to engage in activities related to an Insurance Broker


Capital Requirement:

An applicant with the following minimum capital requirements may apply for registration as an insurance broker:

  • Direct Insurance Broker License - Rs 75 Lac Required Capital;
  • Composite Insurance Broker License - Rs 5 Crore Capital Required;
  • Reinsurance broker license - 4 crore capital required.

Net Worth

During the registration process for an Insurance Broker License, the Insurance Broker must have a minimum net worth of 50 Lakhs/200 Lakhs/250 Lakhs for Direct/Reinsurance/Composite Brokers

The net-worth shall not fall below: (during the period of certification)

  • Rs 50 Lakh for Direct Broker
  • The minimum capital requirements or contribution, as specified under Regulation 19(1) for reinsurance/composite broker, shall be 50%

Failure to comply with sub-regulation (1) will require the Insurance Broker to promptly reinstate their net worth to the limits outlined in sub-regulation (1) and report their compliance accordingly. The Insurance Broker must also submit a net worth certificate, duly certified by an Auditor, every six months to the Authority. This certificate ensures the Insurance Broker meets the net worth requirement following registration.

Deposit Required

The applicant must deposit a specified amount with the designated bank. Make sure to deposit the amount before submitting the registration application and throughout the Insurance Broker License process.

  • Direct Broker- Rs 10 Lakh;
  • Reinsurance and Composite Broker- 10% of needed minimum capital;

Infrastructure and Office Space:

To qualify for an Insurance Broker License, the applicant must fulfill essential infrastructure requirements, including sufficient office space, equipment, trained manpower, and IT infrastructure. These facilities are necessary to efficiently carry out their insurance brokering activities.


The applicant must ensure the presence of at least two qualified individuals who have received proper training to function as insurance brokers. This requirement is essential to conduct the insurance broker business. If the applicant engages in insurance brokering for both life insurance and general insurance, the two qualified individuals must possess relevant qualifications in both domains.

Furthermore, the principal officer of the business must also possess the necessary qualifications. This includes holding the required certificate and possessing the skills essential for conducting insurance broker business.

The Principal Officer should be a key management executive, whole-time director, partner, or hold a similar position within the company, and possess the requisite experience for the role.


  • The candidate with the authorization must submit an Insurance Broker License application in Form B, as outlined in Schedule I of the standards, along with the non-refundable application fee and required papers.
  • If the Authority has any questions after reviewing the application for an Insurance Broker License, it might approach the candidate for information, papers, or even direct them to consent to any requirements.
  • The candidate must submit such data, report, or explanation within 30 days of the date of such contact.
  • If, following careful consideration of the application for Insurance Broker License, the candidate meets all of the previously indicated standards, the Authority will provide in-principle permission for Insurance Broker Registration.
  • Following the issuance of basic approval, the candidate must agree to the further requirements and submit Insurance Broker License expenses to the Authority either on the web or in person.
  • If the Authority is satisfied that the candidate has met all of the requirements expressed in the Act, guidelines, Rules, rules, fliers, and so on, in addition to the conditions expressed in the on a basic level approval declaration, it will issue a Certificate of Registration in Form J as recommended in plan 1.


To receive an Insurance Broker License, all necessary documents and information must be submitted.

An applicant must submit the following documents in addition to the information specified in Form C of Schedule I of the IRDA (Insurance Broker) Regulations, 2018.

  • Submission of relevant information as per Schedule I - Form B.
  • Provide a copy of the Memorandum of Association and Articles of Association in compliance with the Companies Act 2013. [The applicant must ensure that the primary purpose of the business is insurance brokering, and this objective should be explicitly stated in the objects clause of both the Articles of Association (AOA) and the Memorandum of Association (MOA)].
  • Remit the fee corresponding to the specific category of the insurance broker license.
  • Conduct training for employees who will be involved in the insurance broker business.
  • Complete Schedule I - Form F with relevant data concerning the principal officer.
  • Obtain a Fit and Proper certification, as specified in Schedule I - Form G.
  • Obtain a declaration from the key management executive, principal officer, and directors of the company, stating that they do not have any disqualification under the Act.
  • Provide details of Directors/Partners, Promoter, and Key Management Personnel in the appropriate Form.
  • Submit Schedule I - Form F, which includes a list of qualified persons responsible for managing and procuring brokerage business along with their qualifications.
  • Provide details of statutory auditors and Principal Bankers, along with the Bank Account Number of the applicant.
  • Furnish details of infrastructure, including IT infrastructure, along with supporting evidence such as ownership or lease agreements confirming sufficient space for managing the brokering business.

Compliance with these requirements ensures that the applicant meets the necessary criteria for obtaining an insurance broker license.


To obtain a certificate of registration as an insurance broker, the applicant must submit an application along with the specified fees mentioned in FORM D of Schedule I of the IRDAI (Insurance Brokers) Regulations. The application fees for each category of insurance broker are as follows:

  • Direct broker: Rs. 25,000.
  • Re-insurance broker: Rs. 50,000.
  • Composite broker: Rs. 75,000.

In addition to the application fees, there are mandatory fees that must be paid to meet the registration requirements:

Direct Broker:

  • Rs. 50,000/- after receiving an in-principal approval for new applications.
  • Rs. 1,00,000/- for renewal of registration, valid for a period of 3 years.

Re-insurance Broker:

  • Rs. 1,50,000/- after obtaining an in-principal approval for new applications.
  • Rs. 3,00,000/- for renewal of registration, valid for 3 years.

Composite Broker:

  • Rs. 2,50,000/- after obtaining an in-principal approval for new applications.
  • Rs. 5,00,000/- for renewal of registration, valid for 3 years.

The mandatory fees are applicable for the entire validity period of the certificate of registration.

All fees must be paid through electronic means or by demand draft (DD) in favor of the Insurance Regulatory and Development Authority of India, located in Hyderabad.


The Certificate of Registration for an Insurance Brokers License, granted by the IRDAI, will remain valid for a period of three years from the date of issue, subject to any orders or regulations issued by the authority.

It is essential for an insurance broker to possess a valid certificate and be registered with the authority. Without a proper certificate and registration, they are not permitted to conduct insurance broker business. Compliance with these requirements ensures that insurance brokers operate within the legal framework and meet the necessary standards set by the regulatory authority.

For the renewal of an insurance broker license, the following guidelines must be followed:

  • Submit the application for renewal in FORM K of Schedule – I of the regulations to the relevant authority at least 30 days before the expiry of the license.
  • If the application for renewal is made after the expiry but before the actual expiry date, a payment of Rs. 100/- must be made along with the application.
  • In case of a delay in applying for renewal within 60 days of the certificate's expiry, the applicant must pay Rs. 750/-.
  • Any application received after the 60-day period will only be considered after 1 year. During this one-year period, the insurance broker must refrain from conducting any business or soliciting new clients.
  • An insurance broker cannot apply for renewal if more than 90 days have passed since the certificate's expiry.
  • After the certificate's expiry, the insurance broker cannot engage in brokering business except to serve existing policyholders.
  • The application process for the renewal of the insurance broker certificate is the same as the process for a new application.
  • If the application for renewal is rejected, the applicant must be notified accordingly.
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