IRDA License

Requirements for General Insurance Broker License in India

General Insurance Broker

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.

Registration Process of General Insurance Broker

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: 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.


  • A General Insurance Broker can be a company registered under the Companies Act, 2013 or
  • co-operative society, or a
  • LLP formed under the Limited Liability Partnership Act, 2008 with no partner being a non-resident entity/person as defined in provisions of the Foreign Exchange Management Act, 1992 FEMA, and not being a registered foreign limited liability partnership.
  • The capital required for a Direct or General Insurance broker is Rs.75 Lakhs.
  • The General Insurance Broker should maintain the net worth of Rs.50 lakhs at any point of time after getting registration.
  • The maximum permissible limit for foreign direct investment (FDI) is 49 percent of the total paid-up capital of the broking entity.
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Necessary Document for Fresh Application for General Insurance Broker Certificate of Registration

Memorandum of Association (MoA)/ Article of Association (AoA)

  • Copy of Memorandum of Association or Article of Association of the entity;
  • Suppose the applicant is applying for a Direct or General Insurance broker. In that case, the  primary object of the applicant is “To act as a Direct Broker or General Insurance Broker under the IRDA (Insurance Brokers) Regulations, 2018 as amended from time to time”.
  • The Paid-up – Capital of the Direct or General Insurance Broker should be a minimum of Rs.75 lakhs.
  • The Article of Association (AoA) of the entity should not provide for:
    • issuance of shares other than equity and with/or differential voting rights 
    • Shares are allotted in consideration other than cash.

In case the AoA of an entity provides for any of the above, it is advised to amend it accordingly.


  • Copy of a shareholders agreement shall be submitted;
  • If anapplicant is a Private Limited Company, a certificate issued by the CA on the overall shareholding structure of that entity certifying the details related to the shareholder’s name, allotments of shares, date wise share allotted, total number of the shares held by all shareholders. etc., along with authorized paid-up capital of the applicant entity.
  • If the applicant entity is an LLP under the Limited Liability Partnership Act, 2008, a certificate issued by the CA on the overall partnership structure of the applicant entity certifying the names of partners, percentage of contribution in the total partnership of the entity along with the authorized and paid-up capital of the applicant entity.
  • If the shareholder is an individual, copy of last three years Income Tax Returns and its computation and the net worth certificate before making investment in the applicant entity with its computation which should be issued by a CA.
  • Promoters/partners/shareholders shall submit a self-declaration with respect to the fund used to invest as equity capital, not from borrowing but are from the own earning and saving of the promotors/partners
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Applicant entity

  • IRDAI (Insurance Brokers) Regulations, 2018 -Form F & G.
  • A declaration must be submitted by the Principal Officer stating that the applicant ( (directors/partners, principal officer, and key management personnel of the company) are not suffering from disqualifications mentioned under Section 42D of the Act.
  • Details of entity’s infrastructure, including IT infrastructure along with supporting evidence like ownership/lease agreement papers regarding office space/equipment/trained workforce, etc. for the registered office with the photographs of premises and the plans for establishing branch offices around the country.
  • Future Projection of administrative expenses, salaries and wages and other expenses, draw the revenue account, the profit & loss statement and the balance sheet for the projected three years.
  • An organisation chart must be prepared to give a complete picture of the company’s activities like IT, underwriting, risk assessment, claims settlement, marketing, accounts, back office, etc.
  • List of experienced personnel inducted having insurance background with good knowledge and experience of working in risk assessment, underwriting and claims management, etc. A detailed CV (Curriculum vitae), copies of educational qualifications, and the people’s appointment/joining letters, so selected.
  • IRDAI (Insurance Brokers) Regulations, 2018- Form O.
  • Any other information relevant to the nature of services rendered by the applicant entity for the growth and promotion of the insurance business.

Renewal application form for Certificate of Registration

The Renewal application of Certificate of Registration shall be submitted as follows:

  • A General Insurance Broker is permitted to submit the application for renewal 90 days before the Certificate of Registration expires.
  • If a renewal application is submitted before 30 days of the expiry of the certificate of registration, no additional fee is charged.
  • During thirty days before the expiry of Certificate of Registration (for example: if the date of CoR is 31/03/18, the application should reach during 02/03/18 to 31/03/18.). Rs.100/- is charged as an additional fee.
  • In case, an application for renewal is submitted after the date of expiry upto a period of 60 days (for example: if the date of expiry of CoR is 31/03/18, the application should reach before 30/05/18.). An additional fee of Rs. 750/- and reason for the delay in submission.
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Required Documents for Application of Renewalof Certificate of Registration

The following documents for renewal application are as follows:

  1. IRDAI (Insurance Brokers) Regulations, 2018 Schedule I – Form K (Renewal Form);
  2. Demand Draft (DD) or payment details of a renewal fee;
  3. The Director/Partner and the Principal Officer of the Company shall sign the renewal checklist;
  4. Shareholding pattern of the entity as of now and at the time of last renewal duly certified by a CA as per Schedule I – Form N.
  5. A Renewal training certificate for 25 hours undergone by the Principal Officer and Broker Qualified Persons.
  6. An Undertaking signed by a Director/Partner and the Principal Officer of the company as per Schedule I – Form O.
  7. List of Broker Qualified Persons and the Branch Office they are reporting.


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.

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