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Application for Insurance Broker Registration may be made for life and general insurance broker. The Insurance Regulatory and Development Authority (IRDA) is the apex authority and regulator for this.
An applicant shall make its application for Insurance Broker Registration in the specified application form under Schedule I – Form B of the regulations of IRDA.
Such an application for grant of a certificate of registration shall be submitted as per Regulation 3 along with the necessary documents as mentioned in Schedule I – Form C of these regulations.
Application for registration shall be submitted along with the required fees as mentioned in Schedule I – Form D of the regulations.
The applicant after completing the necessary requirements is required to appear before the Authority for a presentation of business plans with reference to its application submitted for Insurance Broker Registration.
The Authority while scrutinizing an application for Insurance Broker Registration shall consider the various aspects of the applicant company and decide to grant the approval to the company.
Every applicant eligible for the grant of a certificate of registration shall pay such fees as specified by the Authority and it shall not process any application which does not submit the required fees.
When the Authority is satisfied that the applicant company has fulfilled all the specified conditions for Insurance Broker Registration, it shall first issue an in-principle approval to the applicant and subsequently on satisfying and fulfilling necessary requirements will issue a Certificate of Registration.
A Certificate of Registration once issued shall be valid for a period of three years from the date of the issue.
The insurance broker will not be permitted to do insurance business/activity without a valid Certificate of Registration.
An application for Insurance Broker Registration which is not complete in all respects and not conforming to the instructions prescribed in Schedule I – Form B of the regulations and not adhering to the requirements and/or directions of the Authority issued from time to time, shall be rejected.
Any applicant, whose application is rejected by the Authority, may appeal within a period of forty-five days from the date of receipt of such intimation, to the Securities Appellate Tribunal for its consideration.
Also, Read: IRDAI Broker License.
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