Select Your Location
In India, the provisions related to an insurance broker are governed and regulated by the Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations Act, 2018, also known as IRDAI. Insurance brokers act as intermediaries or as interconnecting links between clients and insurance companies. They work on behalf of the client, and their primary role includes making appropriate and informed decisions regarding various insurance policies in the market. This article outlines all the necessary requirements which are mandatory for registering as a broker.
Table of Contents
Insurance brokers, as mentioned, act as intermediaries between insurance companies and agents. They make money from the commissions they receive after selling insurance to individuals who are generally their clients and businesses. The commission brokers normally receive 2 to 8 per cent of the insurance commission. Brokers sell all types of insurance, including health insurance, life insurance, accident insurance, homeowners insurance and annuities.
One thing that is important to note is that brokers are very different from insurance agents. Insurance brokers act on behalf of the customers and not from the side of insurance companies. They help clients in choosing the best insurance policy according to their specific and customised needs.
There are generally three types of insurance brokers. They are mentioned below in thorough detail:-
To register as a broker or insurance, the person needs to get a license formulated and laid down in the Insurance Regulatory and Development Authority Act, 1999, and the Insurance Regulatory Development Authority of India (Insurance Brokers) Regulations Act 2018. After securing the license for registering as a broker, the broker must comply with all the necessary requirements of the above-mentioned laws and rules. The broker acts as a middleman or as an intermediary between the clients and the insurance companies to sell more insurance policies on behalf of the insurance policy.
Given below are the eligibility, documents required and procedures that are required in order to get registered as a broker in India.
Following documents are required in order to get successfully registered as a broker in India. These are mentioned below:-
However, other important documents may also be required as required by the IRDAI as per needs from time to time.
Following are the requirements and the eligibility criteria that are required for registering as an insurance broker in India. This is mentioned below:-
There are several benefits to registering as broker. These benefits and advantages are given below:-
Overall, it can be concluded that registering as a broker provides a plethora of benefits, including legal recognition and credibility. These added advantages can certainly be proved to be helpful to run a successful and compliant business in the insurance industry.
Also Read:IRDAI Broker LicenseRequirements for an Insurance Broker RegistrationHow to get an Insurance Broker License in India?
Seep is a lawyer by profession. She has done BA LLB and now shifted to full-time legal writing. She has extensive prior experience of freelance content writing and has worked for both Indian and international clients. She is vehemently curious and overtly passionate about so many things like blogging, reading, writing and travelling. She always wanted to explore the domains of the unconventional field of law. She has extensive experience in the area of corporate law and in drafting both Indian and International agreements as well. Her driving force is versatility and flexibility. She doesn’t restrict herself only to the field of law.
Black money has been the subject of heated political debate in India for a long time. Successiv...
The Apex Court pronounced a judgement in the case titled Tata Motors Vs The Brihan Mumbai Elect...
Since economies are moving towards digitalisation and making it feasible to conduct transaction...
The Alternative Investment Funds (AIFs) Pro-rata and Pari-Passu Rights Proposal Consultation Pa...
The Financial Action Task Force, i.e. FATF (the Force), is the global money laundering and terr...
Advance tax refers to the payment of the tax liability before the end of the relevant financia...
On 11.12.15, the Hon’ble Delhi High Court (HC) pronounced a landmark judgement in the case ti...
Money laundering can be defined as the process of illegal concealment of the origin of money ob...
Every assessee in India is obligated to file an income tax return and make the timely payment o...
In the recent past, India has seen burgeoning demand for internet and smartphones. The rapid ri...
Are you human?: 3 + 8 =
Easy Payment Options Available No Spam. No Sharing. 100% Confidentiality
Driving innovation through new technologies has brought commendable changes in the financial sector. It has not onl...
19 Jan, 2021
The Insurance Regulatory and Development Authority of India (IRDAI), published through its official gazette, the IR...
09 Mar, 2018
Red Herring Top 100 Asia enlists outstanding entrepreneurs and promising companies. It selects the award winners from approximately 2000 privately financed companies each year in the Asia. Since 1996, Red Herring has kept tabs on these up-and-comers. Red Herring editors were among the first to recognize that companies such as Google, Facebook, Kakao, Alibaba, Twitter, Rakuten, Salesforce.com, Xiaomi and YouTube would change the way we live and work.
Researchers have found out that organization using new technologies in their accounting and tax have better productivity as compared to those using the traditional methods. Complying with the recent technological trends in the accounting industry, Enterslice was formed to focus on the emerging start up companies and bring innovation in their traditional Chartered Accountants & Legal profession services, disrupt traditional Chartered Accountants practice mechanism & Lawyers.
Stay updated with all the latest legal updates. Just enter your email address and subscribe for free!
Chat on Whatsapp
Hey I'm Suman. Let's Talk!