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Planning to start an insurance brokerage? Get your insurance broker license with Enterslice expert-led support and 10X your revenue. We handle 100% of your broker license compliance, offering ease to you.
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If you are a broker looking to offer insurance advisory, solicitation, and policy servicing, you are required to obtain an insurance broker license from the IRDAI. The grant of regulatory approval helps safeguard the investors’ interests and uphold compliance with the industry’s legal and ethical guidelines. It also helps brokers operate as intermediaries, offering unbiased advice in the insurance sector.
The insurance broker license empowers brokers to assist clients in choosing suitable insurance products, negotiate terms with insurers, and support policyholders throughout the policy lifecycle. Worried about the challenges faced while securing an insurance broker license? Connect Enterslice experts to ensure a smooth, compliant, and hassle-free registration process in compliance with the IRDAI regulations.
Authorizes to act as an insurance intermediary
Allows solicitation and servicing of insurance policies
Provides professional risk assessment & insurance solutions
Facilitates better claim support and policyholder assistance
Insurance penetration to reach 10% from the current 3.7%
Insurance market to exceed $500 billion by 2040
Ensure 100% compliant application, timely submissions, and adherence to IRDAI norms throughout the process of insurance broker license registration.
In India, the insurance brokers are generally classified into three major categories.
A direct broker is an IRDAI-licensed broker responsible for soliciting and procuring business and allows clients to buy a policy on the website. However, under the direct broker category, the brokers may operate in life, general, or both segments.
A reinsurance broker is also an IRDAI-approved broker responsible for arranging reinsurance contracts between direct insurers and reinsurers. Moreover, these brokers are also responsible for maintaining statistics and a database of the re-insurance market.
A composite broker is an institution that performs the functions of both direct and reinsurance brokers. However, this form of insurance brokerage also advises clients on the right insurance cover, policy terms, and insurance risk management.
The objectives of the IRDAI insurance broker license are as discussed below:
Have a look at the significant benefits of getting an insurance broker license online-
Obtaining an insurance broker license helps businesses identify and mitigate risks through appropriate insurance products.
Obtaining a valid insurance broker license from IRDAI enhances credibility and builds trust among customers.
The grant of an IRDAI insurance broker license increases revenue potential, as brokers earn commissions from various insurers.
The grant of an insurance broker license helps entities operate within the prescribed legal framework, thereby avoiding penalties for non-compliance or violations.
An insurance broker license enables you to offer professional advice and personalised services, thereby helping to strengthen a strong, long-term relationship with clients.
Obtaining an insurance broker license from IRDAI allows brokers to work with multiple companies, thereby giving them access to a wider range of products.
The process to apply for insurance broker license online in India requires compliance with the following steps, as discussed below:
Before applying for an insurance broker license, applicants must meet all eligibility criteria set by the Insurance Regulatory and Development Authority of India.
The next step requires applicants to file an application via Form B, an official document used to apply for an insurance broker license in India.
Once the application is scrutinized, the applicants must submit the necessary documents or information as and when required.
Upon satisfaction of the applicable conditions, the regulatory authority issues an in-principle approval. In case any inconsistencies are found, the authority also holds the right to reject the application along with the reasons stated in writing.
The final step requires applicants to submit the prescribed license fees, which may vary depending on the type and duration for which the insurance broker license is sought.
Upon satisfaction of the requirements and regulations, and upon payment of the licensing fees, the IRDAI grants the insurance broker a license under Form J of Schedule I of the regulation.
After the validity period, brokers must apply for renewal by submitting the renewal fees and required documents before the license expires.
The timeline for obtaining an insurance broker license online typically ranges from 3 to 6 months. Have a look at the timeline breakdown, as discussed below:
It usually takes 10 to 15 days to meet the eligibility criteria and prepare the required documents to obtain an insurance broker license in India.
Once all eligibility criteria are met, it takes about 7 to 14 days to file Application Form B, along with other supporting documents.
After receiving the application, IRDAI takes 5 to 7 working days to conduct an initial scrutiny to confirm its completeness.
It takes around 15 to 30 working days for the RDAI to issue an in-principle approval, allowing applicants to proceed with the remaining formalities.
It takes around 5 to 10 working days to make payment of the prescribed license fees and complete final compliance requirements.
Once all compliance conditions are fulfilled, IRDAI takes around 3 to 7 working days to grant the insurance broker license, thereby authorising the company to operate in India.
The list of essential documents needed to apply online for insurance broker license is as follows:
Relevant information stated under Schedule I of Form B
Copy of Memorandum and Articles of Association (MOA&AOA)
Copy of certificate of incorporation (varying based on the type of company)
Fit & proper declaration under Schedule I of Form G
Declaration submitted by a key management executive
Details of directors, promoters & key management personnel
Details of statutory auditors & principal bankers
Details of qualified people managing the business under Schedule I of Form F
Infrastructure details, balance sheet, board resolution copy, shareholders list
IT returns of the last three years of shareholders
Any other supporting documents (if required)
Scale your insurance business without regulatory hurdles.
Before the grant of the insurance broker license, the brokers must comply with the following conditions set forth by IRDAI:
Talk to Enterslice consultants, and let us help you overcome the challenges with minimum effort.
Any non-compliance with the IRDAI insurance broker license regulations comprise the following penalties, as discussed below:
The eligibility criteria to apply online for insurance broker license in India are as discussed below:
Know the Checklist to Apply Online for Insurance Broker License?
What are the Required Qualifications to Apply Online for Insurance Broker License?
The following is the list of mandatory compliances after securing an insurance broker license-
The key differences between insurance brokers and insurance repositories are as outlined below
If you want to start your journey as an insurance broker, connecting with Enterslice consultants helps you manage the regulatory hurdles. Have a look at the key reasons why you should choose Enterslice for obtaining an insurance broker license in India:
An insurance broker license is an IRDAI authorisation that permits individuals and companies to act as independent intermediaries between insurance providers and customers. The grant of regulatory approval further helps safeguard the investors’ interests and uphold compliance with the industry’s legal and ethical guidelines.
Insurance brokers are IRDAI-authorized insurance brokers who apply their knowledge of the insurance industry to act as intermediaries between those seeking insurance policies.
The process for obtaining an insurance broking license requires the applicant to comply with the online procedure specified on the IRDAI portal. However, have a look at the following steps explaining the entire process to get an insurance broking license in India:
An insurance agent represents one or more insurance companies, whereas an insurance broker represents the client and seeks the best policy from multiple insurers.
Direct brokers, reinsurance brokers, and composite brokers are the three major types of insurance brokers in India.
Yes, it can be a good field due to its high earning potential, flexibility, and diversified opportunities for career growth. However, it is also challenging due to a commission-based structure and the need for strong sales and client-building skills.
The minimum capital required to obtain an insurance broker license varies by type of broker. However, a minimum capital of Rs. 75 lakhs is required for direct brokers, Rs. 4 crores for reinsurance brokers, and Rs. 5 crores for composite brokers.
The 7 fundamental pillars of insurance brokerage are not a set standard, but ensure the proper functioning of insurance contracts between the insured and the insurer. Have a look at the 7 key pillars:
Becoming an insurance broker in India involves regulatory hurdles such as mandatory IRDAI licensing, significant capital requirements, and high demand for the job and qualifications.
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