Get an insurance Broker License In India
Application for insurance broker certification
To get an insurance broker licence in India, the applicant must submit an application, FORM B- Schedule I.
A document listed in the FORM-C Schedule I of the rules shall be attached to the application.
The application must be submitted with the fees listed in FORM D- Schedule I in order for the certification to be granted. Before applying for an insurance broker licence, make sure to review the following pricing structure.
Rs.25,000 for a direct broker.
Rs.50,000 for a reinsurance broker.
Rs. 75,000 for a composite broker
Aside from that, there are fees associated with obtaining insurance broker certification
Where the application is new, the direct broker will receive INR. 50,000/- after conferring the in-principle permission. The authorities would collect Rs 1,00,000/- in renewal costs for a period of three years.
In the case of a fresh application, a reinsurance broker will be paid INR 1,50,000/- after conferring in-principle permission. The registration renewal costs have been set at Rs 3,00,000/- for a period of three years.
After receiving an in-principle approval, a composite broker would be paid Rs.2,50,000/- for a new application. The authorities would charge Rs 5,00,000/- as a normal cost for three years of registration renewal.
The mandatory fee would be for the registration certificate's validity period.
Fees must be paid either online or by demand draught made payable to IRDAI, Hyderabad.
Additional Information/Clarification
The authority may ask the applicant to supply information.
The applicant must provide such papers within thirty days after receiving notification if they are required.
The Process of Obtaining an Insurance Broker License(registration)
The authorities will award the applicant in principle permission for the certificate of registration after evaluating the essential requirements for an Insurance broker licence.
If the applicant has followed the underlying requirements, the authority will issue the certificate.
The applicant would get a certificate of registration after satisfying the bylaws' suggested code of behaviour.
Other IRDAI registrations are available to brokers seeking a certificate of registration. Following the issuing of the certificate of registration, such registrations would be granted.
After being rejected by the authorities due to a change in law or being held by a Securities Appellate Tribunal, an applicant can reapply for the certificate of registration. In this case, an application to the authorities can only be submitted after one year.