How to Apply Online for Insurance Broker Certificate?

Seep Gupta

23 May, 2024

In India, the insurance sector is regulated by the Insurance Regulatory and Development Authority of India (IRDAI). Individuals who want to carry on the business of insurance broker in India requires an insurance broker certificate issued by the IRDAI (Insurance Regulatory and Development Authority of India), and for getting this license, certain qualifications and criteria need to be met. This article outlines everything related to the insurance broker certificate, from documents required for registration to the procedure of applying for it online.

What is an Insurance Broker Certificate?

An insurance broker certificate is a type of permit issued by the Insurance Regulatory Development Authority of India (IRDAI) to an individual or a corporate entity that meets certain qualifications and criteria to act as an insurance broker. An insurance broker is a person that acts an intermediary or an interconnection link between the client and an insurance company. He acts on behalf of the client to buy and choose the best suited insurance coverage for his client.

IRDAI, or Insurance Regulatory Development Authority of India, formulates laws, rules and regulations for the people who are looking to become an insurance broker in India. The applicant who wants to become an insurance broker needs to adhere to certain rules and regulations that are given under the IRDAI (Insurance Broker) Regulations Act of 2018.

There are certain rules and regulations that are associated with the Insurance Broker License/Certificate given by the Insurance Regulatory Development Authority of India (IRDAI). These rules are mentioned below:-

• The person who wants to obtain the license in India must carry on the business of insurance broker services only.
• After the issue of insurance broker license by the IRDAI, the applicant must adhere to or comply to the provisions, rules and regulations issued by the Insurance Regulatory and Development of India (IRDAI) Act.
• The broker must comply with all the queries of clients within 14 days of receiving them.
• The broker must only procure or acquire only that amount or number of insurance policies as it can provide services for in an efficient manner.
• It’s the duty or the responsibility of the insurance broker to clarify any sort of information provided by the applicant or client to the Insurance Regulatory Development Authority of India (IRDAI).
• It’s the duty of the insurance broker to capture all the details and to maintain a record in the prescribed format regularly related to the details of the insurance policies sold by him to the customers.
• It’s the duty and responsibility of an insurance broker to not to engage with any type of multi-marketing services at any cost.
• The insurance broker having insurance broker license/certificate to comply with all the protocols mentioned in the code of conduct and must also maintain a book accounts as per the specifications of the Insurance Regulatory Development Authority of India (IRDAI) regulations.

How to Apply For an Insurance Broker Certificate Online?

To apply for an insurance broker certificate online in India, following steps are required. These steps are outlined below:-

• The first and foremost step for registering as an insurance broker in India, the applicant needs to visit the IRDAI website and then click on the ‘Licensing Portal’ tab on the home page.
• After performing the first step, choose ‘Individual’ or ‘Corporate’, either of two which options of them are applicable.
• After selecting the applicable option, the applicant is required to fill in all the personal and professional details, such as name and address, in the application form.
• After performing the above-mentioned step, the applicant is required to upload mandatory documents such as identity proof, address proof, educational qualifications details, experience certificate, and other relevant documents which are mandatorily required for obtaining the insurance broker certificate.
• The next is the payment of the required fee for obtaining the insurance broker license. The fee can be paid through the online payment gateway.
• After performing all the above-mentioned steps, it is required to submit the application form and wait for the Insurance Regulatory and Development Authority of India’s approval. After approving by the IRDAI, the applicant will receive an email notification that will mention all the necessary instructions on how to download insurance broker license in India.

However, one thing is important to keep in mind that the requirements and procedures for obtaining an insurance broker license/certificate in India vary depending on the state the applicant resides in and the type of insurance the applicant needs to take in. Therefore it is highly recommendatory to refer to the latest provisions, rules and regulations mentioned on the IRDAI’s website and stay updated for the latest and the most accurate information.

How Insurance Broker Certificate is Beneficial?

There are several benefits or advantages of Insurance Broker Certificate. Some of these benefits are given below:-

• Insurance broker certificate provides legal recognition to the broker. The insurance broker needs to comply and follow all the relevant rules and regulations mentioned in the Insurance Brokers Regulation Act of 2018 in order to obtain the insurance broker license.
• The license can help in increasing and in enhancing the credibility of the insurance broker in order to provide necessary insurance services to the clients. It is because of the fact that the license demonstrate necessary qualifications and knowledge that is required to become an insurance broker.
• The license is also beneficial in providing improved client’s trust and also provides access to various insurance policies avaliable in the market to choose from. This will help the brokers to provide better options and solutions for their clients.
• Having a license or an insurance broker certification can open the way for increased earnings by providing more opportunities and thus allowing the brokers to work with larger clients.
• The process of obtaining an insurance broker license and certificate can also help in developing the required knowledge and skills required in the field of insurance, which can eventually benefit the client and the broker’s overall career development.

Conclusion

To conclude, it can be said that the insurance broker certificate is highly beneficial as it opens up the new unexplored ways for several potential opportunities, and the market of insurance brokers is rapidly growing day by day by leaps and bounds.

Also Read:
How to get an Insurance Broker License in India?
Procedure for Registration of Indian Insurance Companies under IRDAI Regulations