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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.
Table of Contents
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[1].
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:-
To apply for an insurance broker certificate online in India, following steps are required. These steps are outlined below:-
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.
There are several benefits or advantages of Insurance Broker Certificate. Some of these benefits are given below:-
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
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