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Insurance is one of the essential facets of human life. Life is all about uncertainties therefore guarding it against adversity is the thing of the wise. Insurance plays a massive role in guarding you against potential future losses and if you are considering getting insured then contact a certified insurance broker. An insurance broker can be an individual or a company that assists the customers in choosing the best-suited insurance plan for them. An insurance broker is an intermediary between the customer and the insurance company. He requires a license to operate his work. This article contains a brief on the Insurance broker license renewal process.
The administration of the insurance broker is done by the Insurance Regulatory and Development Authority of India (IRDAI). Only IRDAI is responsible for the issuance, cancellation, or renewal of the Insurance broker’s license.
The insurance broker license can be applied for by the following:
Following is the list of relevant documents to be attached with application form:
The following procedure is followed for renewing insurance broker’s license:
If the authority if of the opinion that the application submitted by the applicant doesn’t fulfill the requirements set out in the regulations then it may refuse to issue such license.
Such refusal must be communicated to the applicant by the authority within 30 days of such refusal and the authority must state the grounds for which the application has been refused. Once the applicant learns about the refusal and the grounds for such refusal he may appeal to the Securities Appellate Tribunal.
Where the application of the insurance broker for renewal is refused by the authority, the applicant shall cease to be an insurance broker however he shall be liable for the contracts already entered by him. Such service will continue until the expiry of the contract or for six months maximum. Required arrangements shall be made for another registered insurance broker who shall attend the contracts.
A license is vital for any business without which one cannot operate. It is no different in the case of insurance brokers. One needs to keep a check on the above-mentioned regulations and facts in order to ensure a smooth process of insurance broker license renewal.
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