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The Insurance Regulatory and Development Authority of India (IRDAI)[1] is the sole regulatory authority that grants Insurance Broker Licence in India. The Insurance Act 1938 and the Insurance Regulatory and Development Act 1999 empowers IRDAI to make rules and regulations for activities related to Insurance Business. Furthermore, the Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018, also apply to Insurance Broker Licence. The Direct Broker is also known as General Insurance Broker. The insurance broker licence is mandatory to carry out the insurance business in India.
To apply for a new Direct or General Insurance Broker registration, an applicant must register in the portal. The user name and password would be generated by the system and sent to the user’s registered e-mail id. Subsequently, an application can be filled out and submitted online by accessing the website: http://www.irdabap.org.in. The application for a new broker’s registration shall be accepted only through online mode. The application fee for the Direct or General Insurance Broker is Rs.25, 000. The fee can be paid online.
In case the AoA of an entity provides for any of the above, it is advised to amend it accordingly.
The Renewal application of Certificate of Registration shall be submitted as follows:
The following documents for renewal application are as follows:
The fulfilment of the above-listed requirements are necessary for acquiring the General Insurance Broker Licence in India. IRDA (Insurance Brokers) Regulations, 2018 lays the guidelines and rules for availing the registration and renewal of the Insurance Broker Licence; and for ensuring compliance with relevant laws and regulations related to insurance products.
Read our Article: How to get an Insurance Broker License in India?
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