{"id":12128,"date":"2018-11-15T12:46:38","date_gmt":"2018-11-15T07:16:38","guid":{"rendered":"https:\/\/enterslice.com\/learning\/?p=12128"},"modified":"2019-11-02T12:11:43","modified_gmt":"2019-11-02T06:41:43","slug":"requirements-for-an-insurance-broker-registration","status":"publish","type":"post","link":"https:\/\/enterslice.com\/learning\/requirements-for-an-insurance-broker-registration\/","title":{"rendered":"Requirements for an Insurance Broker Registration"},"content":{"rendered":"<p class=\"has-drop-cap\">Application for Insurance Broker Registration may be made for life and general insurance broker. The Insurance Regulatory and Development Authority (<a href=\"https:\/\/enterslice.com\/irda-insurance-license-india\">IRDA<\/a>) is the apex authority and regulator for this.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">&nbsp;Submission of application for Insurance Broker Registration: &mdash;<\/h3>\n\n\n\n<p>An applicant shall make its application for Insurance Broker Registration in the specified application form under Schedule I &ndash; Form B of the regulations of IRDA.<\/p>\n\n\n\n<p>Such an application for grant of a certificate of registration shall be submitted as per Regulation 3 along with the necessary documents as mentioned in Schedule I &ndash; Form C of these regulations.<\/p>\n\n\n\n<p>Application for registration shall be submitted along with the required fees as mentioned in Schedule I &ndash; Form D of the regulations.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong><em>&nbsp;<\/em>Documents required for such Insurance Broker Registration: &ndash; <\/strong><\/h3>\n\n\n\n<ul><li>The applicant must submit the following documents with the application: Application Form duly completed and duly signed by at least two directors\/partners. <\/li><\/ul>\n\n\n\n<ul><li>A demand draft for payment of the requisite amount of license fee for Insurance Broker Registration. <\/li><\/ul>\n\n\n\n<ul><li>Memorandum of Association and Article of Association of the company (In the case of the company) or Partnership Deed in case of the <strong><a href=\"https:\/\/enterslice.com\/partnership-firm\">partnership firm<\/a><\/strong> as the case may be.<\/li><\/ul>\n\n\n\n<ul><li>Audited Balance Sheet of the Company, if applicable.<\/li><\/ul>\n\n\n\n<div class=\"mt-2 mb-3 inner-add-form-blog\">\n\t\t\t\t\t\t\t \t<div class=\"row align-content-center\" style=\"align-items: center;\">\n\t\t\t\t\t\t\t\t \t<div class=\"col-xs-12 col-sm-12 col-md-12 col-lg-4\">\n\t\t\t\t\t\t\t\t\t\t<div class=\"enterslice-logo-form\">\n\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/myamcatimages\/company\/images\/5220.png\" alt=\"logo enterslice\"\/>\n\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"col-xs-12 col-sm-12 col-md-12 col-lg-8\">\n\t\t\t\t\t\t\t\t\t\t<h3>Insurance Broker License<\/h3>\n\t\t\t\t\t\t\t\t\t\t<ul class=\"check-none\">\n\t\t\t\t\t\t\t\t\t\t\t<li>In-Principal Approval form IRDA<\/li>\n\t\t\t\t\t\t\t\t\t\t\t<li>Insurance broker Company registration<\/li>\n                                            <li>Business plan for Next 5 Years<\/li>\n                                            <li>Operation plan, Organization Policy<\/li>\n\t\t\t\t\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/enterslice.com\/insurance-broker-license\" class=\"btn-learn-more\">Learn More<\/a>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t <\/div>\n\t\t\t\t\t\t\t <\/div>\n\n\n\n<ol><li>A detailed statement of the shareholding pattern of the company duly certified by the auditor.<\/li><li> IT returns for the last 3 years of Individual shareholders along with their net worth certificates.<br> <\/li><li> Annual accounts of the <a class=\"glossaryLink\"  aria-describedby=\"tt\"  data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Shareholder&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;A shareholder is an individual or entity that owns at least one share of a company&amp;#039;s stock, granting them partial ownership of the company. This status allows them certain rights, including(...)&lt;\/div&gt;\"  href=\"https:\/\/enterslice.com\/learning\/terms\/shareholder\/\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'>shareholder<\/a> companies for the last 3 years, if any.<br> <\/li><li> Board resolution of the shareholder company supporting such investment in the said company.<br> <\/li><li> Auditors certificate regarding <a class=\"glossaryLink\"  aria-describedby=\"tt\"  data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;NBFC&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;Non-Banking Financial Companies (NBFC) operate similarly to banks but do not possess the legal status of a bank. Registered under the Companies Act 2013 and governed by the RBI Act&amp;#039;s section(...)&lt;\/div&gt;\"  href=\"https:\/\/enterslice.com\/learning\/terms\/nbfc\/\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'>NBFC<\/a> status of the shareholding company<br> <\/li><li> If such a shareholding company is an NBFC (Non-banking finance company), then-No Objection Certificate (NOC) from <strong>RBI<\/strong><sup><a href=\"https:\/\/www.rbi.org.in\/\">[1]<\/a><\/sup> is required.<br> <\/li><li> Detailed CV and attested testimonials including training certificate of the Principal Officer of the company.<br> <\/li><li> Detailed CV and testimonials of the key managerial persons of the company.<br> <\/li><li> List of persons responsible for procuring insurance business for the company with their complete testimonials.<br> <\/li><li> Necessary documents and proof of infrastructure, office space, trained manpower, etc. available in the company.<br> <\/li><li> List of prospective clients with expected premium by the company.<br> <\/li><li> Business plans and income projection for next coming 3 years with the class-wise break-up with projected revenue account, profit and loss account, and balance sheet.<br> <\/li><li> Detailed organization chart mentioning the roles and responsibilities of each category of management.<br> <\/li><li> Affidavit in respect of non-suffering from any disqualification under Section 42 D of the Insurance Act.<br> <\/li><li> An undertaking in respect of non-holding of any Directorship\/employment in any other insurance entity by the Director\/employees of the applicant company.<br> <\/li><li>An undertaking regarding non-holding of any agency\/surveyor\/TPA license by any director\/employee<br> <\/li><li> An undertaking that in the past no person connected to the applicant has been denied license by the authority<br> <\/li><li> An undertaking by the Principal Officer regarding non-violation of the code of conduct<br> <\/li><li> An undertaking that the applicant is not engaged in any other business or activities other than the objectives of the applicant as mentioned in MOA\/Partnership deed.<br> <\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\">Personal Presentation by the applicant <strong>C<\/strong>ompany:<\/h2>\n\n\n\n<p>The applicant after completing the necessary requirements is required to appear before the Authority for a presentation of business plans with reference to its application submitted for Insurance Broker Registration.<\/p>\n\n\n\n<p>The Authority while scrutinizing an application for Insurance Broker Registration shall consider the various aspects of the applicant company and decide to grant the approval to the company.<\/p>\n\n\n\n<p>Every applicant eligible for the grant of a certificate of registration shall pay such fees as specified by the Authority and it shall not process any application which does not submit the required fees.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Procedure for Insurance Broker Registration: &ndash;<\/h2>\n\n\n\n<p><strong>&nbsp;<\/strong>When<strong> t<\/strong>he Authority is satisfied that the applicant company has fulfilled all the specified conditions for Insurance Broker Registration, it shall first issue an in-principle approval to the applicant and subsequently on satisfying and fulfilling necessary requirements will issue a Certificate of Registration.<\/p>\n\n\n\n<p>A Certificate of Registration once issued shall be valid for a period of three years from the date of the issue.<\/p>\n\n\n\n<p>The insurance broker will not be permitted to do insurance business\/activity without a valid Certificate of Registration.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">&nbsp;Rejection of Insurance Broker Registration Application: &ndash;<\/h3>\n\n\n\n<p>An application for Insurance Broker Registration which is not complete in all respects and not conforming to the instructions prescribed in Schedule I &ndash; Form B of the regulations and not adhering to the requirements and\/or directions of the Authority issued from time to time, shall be rejected.<\/p>\n\n\n\n<p>Any applicant, whose application is rejected by the Authority, may appeal within a&nbsp; period of forty-five days from the date of receipt of such intimation, to the Securities Appellate Tribunal for its consideration.<\/p>\n\n\n\n<div class=\"read\"><p><b>Also, Read:<\/b> <mark><a href=\"https:\/\/enterslice.com\/learning\/irdai-broker-license\/\" target=\"_blank\" rel=\"noopener noreferrer\">IRDAI Broker License<\/a><\/mark>.<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Application for Insurance Broker Registration may be made for life and general insurance broker. The Insurance Regulatory and Development Authority (IRDA) is the apex authority and regulator for this. &nbsp;Submission of application for Insurance Broker Registration: &mdash; An applicant shall make its application for Insurance Broker Registration in the specified application form under Schedule I [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":12132,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2080],"tags":[2236,2237],"acf":{"service_id":"115"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v14.6.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Requirements for an Insurance Broker Registration: Complete Process<\/title>\n<meta name=\"description\" content=\"Required to appear before the Authority for a presentation of business plans with reference to its application submitted for Insurance Broker Registration.\" \/>\n<meta name=\"robots\" content=\"index, follow\" \/>\n<meta name=\"googlebot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta name=\"bingbot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterslice.com\/learning\/requirements-for-an-insurance-broker-registration\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Requirements for an Insurance Broker Registration: Complete Process\" \/>\n<meta property=\"og:description\" content=\"Required to appear before the Authority for a presentation of business plans with reference to its application submitted for Insurance Broker Registration.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterslice.com\/learning\/requirements-for-an-insurance-broker-registration\/\" \/>\n<meta property=\"og:site_name\" content=\"Enterslice\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/enterslice\" \/>\n<meta property=\"article:author\" content=\"enterslice\" \/>\n<meta property=\"article:published_time\" content=\"2018-11-15T07:16:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-11-02T06:41:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2018\/11\/Untitled-design.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"500\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:creator\" content=\"@enterslice\" \/>\n<meta name=\"twitter:site\" content=\"@enterslice\" \/>\n<!-- \/ Yoast SEO plugin. -->","authorName":"Narendra Kumar","authorImageUrl":"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2019\/04\/nk-1.jpg","authorDescription":"Experienced Finance and Legal Professional with 12+ Years of Experience in Legal, Finance, Fintech, Blockchain, and Revenue Management.","postViews":454,"readingTime":3,"nextPost":{"id":12147,"slug":"brief-classification-trademark-class"},"prevPost":{"id":12122,"slug":"dematerialization-of-securities-unlisted-public-companies"},"featuredMediaUrl":"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2018\/11\/Untitled-design.jpg","postTerms":"IRDA License","_links":{"self":[{"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/posts\/12128"}],"collection":[{"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/comments?post=12128"}],"version-history":[{"count":0,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/posts\/12128\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/media\/12132"}],"wp:attachment":[{"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/media?parent=12128"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/categories?post=12128"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/tags?post=12128"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}