{"id":19185,"date":"2020-11-09T14:11:35","date_gmt":"2020-11-09T08:41:35","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=19185"},"modified":"2020-11-09T14:15:17","modified_gmt":"2020-11-09T08:45:17","slug":"documents-required-for-insurance-broker-license-in-india","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/documents-required-for-insurance-broker-license-in-india\/","title":{"rendered":"What type of Documents required for the Insurance Broker License?"},"content":{"rendered":"\n<p class=\"has-drop-cap\">Insurance broker license is availed by those individuals or firms who wish to sell insurance products of other Insurance companies. The issuance authority of the <a href=\"https:\/\/corpbiz.io\/insurance-broker-license\"><strong>insurance broker license in India<\/strong><\/a> is the Insurance Regulatory and Development Authority, aka IRDA. This article will reveal the list of the documents required for the insurance broker license.\u00a0<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">Page Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/corpbiz.io\/learning\/documents-required-for-insurance-broker-license-in-india\/#Overview_on_Insurance_Broker_License_under_Bylaws\" >Overview on Insurance Broker License under Bylaws<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/corpbiz.io\/learning\/documents-required-for-insurance-broker-license-in-india\/#Eligible_Candidates_for_the_Insurance_Broker_License\" >Eligible Candidates for the Insurance Broker\nLicense<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/corpbiz.io\/learning\/documents-required-for-insurance-broker-license-in-india\/#Documents_Required_For_the_Insurance_Broker_License\" >Documents Required For the Insurance Broker\nLicense<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/corpbiz.io\/learning\/documents-required-for-insurance-broker-license-in-india\/#Brief_on_Application_Procedure_and_Fee_Structure\" >Brief on Application Procedure and Fee Structure<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/corpbiz.io\/learning\/documents-required-for-insurance-broker-license-in-india\/#Conclusion\" >Conclusion&nbsp;<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Overview_on_Insurance_Broker_License_under_Bylaws\"><\/span>Overview on Insurance Broker License under Bylaws<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The rules and the provisions for such license are drafted by the Insurance Advisory Committee under the view of the\u201d <strong>Insurance Regulatory and Development Authority Act, 1999<\/strong><sup><a href=\"https:\/\/www.irdai.gov.in\/ADMINCMS\/cms\/frmGeneral_Layout.aspx?page=PageNo108&amp;flag=1\"><strong>[1]<\/strong><\/a><\/sup>. The primary objective behind drafting these regulations to supervise the actions of the insurance broker and make sure that they are working under the bylaws. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Primary Role of an Insurance Broker<\/h3>\n\n\n\n<p> The primary role of an insurance broker is to offer the best suitable insurance plan to the willing customers as per their needs. In short, they help them to pick the right product to maximize benefits. The insurance brokers act as an intermediary among the potential customer and the insurance company. In general, the insurance brokers have a deep understanding related to insurance-oriented product and services. To avail of an insurance broker license in India, one has to make file a detailed application to the IRDA. <\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" width=\"653\" height=\"576\" src=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/11\/image-30.png\" alt=\"Documents required for the Insurance Broker License\" class=\"wp-image-19186\" srcset=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/11\/image-30.png 653w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/11\/image-30-300x265.png 300w\" sizes=\"(max-width: 653px) 100vw, 653px\" \/><\/figure><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Eligible_Candidates_for_the_Insurance_Broker_License\"><\/span>Eligible Candidates for the Insurance Broker\nLicense<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul><li>Company operating under the provisions of Companies Act, 2013.\u00a0<\/li><li>Any registered co-operative society established under the regulations of the Co-operative Societies Act, 1912.<\/li><li><strong>LLP<\/strong> operating under the LLP Act, 2008.\u00a0<\/li><li>Any other individual posses required certification from the authority. Note: if a person is a<strong> <\/strong><a href=\"https:\/\/corpbiz.io\/llp-registration\"><strong>registered LLP<\/strong><\/a><strong> <\/strong>then the following person cannot be a partner of the same;\u00a0<\/li><\/ul>\n\n\n\n<ol><li>Non-resident entity<\/li><li>Foreign LLP operating under foreign country laws<\/li><li>Person residing outside India\u00a0 <\/li><\/ol>\n\n\n\n<p>Applicant willing to undertake brokering activities need to file a comprehensive application for the same and attached it with the compulsory document. The section below would explain documents required for the insurance broker license. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Documents_Required_For_the_Insurance_Broker_License\"><\/span>Documents Required For the Insurance Broker\nLicense<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The following section exhibits the list of documents\nrequired to avail insurance broker license. Keep in mind that the given list\nencloses the particular documents mentioned in Form C of Schedule I of the IRDA\nregulations.&nbsp;<\/p>\n\n\n\n<ul><li>Application related to the Insurance Broker License and other compulsory documentation to be submitted in Form B.\u00a0<\/li><li>Xerox of MOA and AOA of the organization.\u00a0<\/li><li>The applicant should provide the details regarding a Principal Officer in terms of training compliance, qualifications, and other criteria as cited in Form G of Schedule 1.\u00a0<\/li><li>A written declaration rendered by the principal officer, partners, and directors, regarding their acceptance to the provisions cited under the Section 42D of the Act,\u00a0<\/li><li>Comprehensive details regarding the promoter, director, and other managerial personnel.\u00a0<\/li><li>Bank account details such as account number, IFSC code, etc.\u00a0<\/li><li>Particular related to two qualified brokers as well as their qualifications.\u00a0<\/li><li>List of all shareholders associated with the company. If the organization is acting as a shareholder then furnish board resolution verified by the company.\u00a0<\/li><li>Particulars related to the statutory auditors and principal bankers.\u00a0<\/li><li>Company\u2019s balance sheet.<\/li><li>Particulars related to the infrastructure of the company such as equipment, IT infra, workforce, and area of the business premises.\u00a0\u00a0<\/li><li>Other documents as included in the form.\u00a0<\/li><\/ul>\n\n\n\n<p>So, these is the complete list of documents required for the insurance broker license<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Brief_on_Application_Procedure_and_Fee_Structure\"><\/span>Brief on Application Procedure and Fee Structure<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>After gathering the said documents, the applicant needs to\napply Form B as given in Schedule I of the IRDA regulations with the authority.\nThe application will go along with non-refundable fees with the above-mentioned\ndocuments. The authority will then conduct an in-depth evaluation of the\napplication to pinpoint the possible loopholes in the same. If authority\nmanages to detect any issue then it will intimate the applicant for the same\nand ask them to take required actions to eliminate the disparities. <\/p>\n\n\n\n<p>On the contrary, if the authority finds the application error-less on every aspect then they will grant the in-principle approval for the registration. Keep in mind that in-principal approval is not equivalent to a registration certificate. Instead, it acts as a provisional approval to conduct brokering related activities for a certain timeframe. During this timeframe, the authority undertakes an evaluation take to examine the applicant\u2019s performance and look out for possible violations of the bylaws. If they found everything legit under the limit of compliances, then they will issue the registration certificate.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Fee Structure<\/h3>\n\n\n\n<p>Coming to the fee structure of the said license, the direct broker has to bear a sum of Rs 25,000 as a fee for application which is non-refundable. Similarly, the applicants like reinsurance and the composite broker have to pay fees up to 50,000 and 75,000 respectively to avail a license. The authority has laid down the different fees structure for the new applicant seeking the license. The authority demands the fees of Rs 50,000, 1.5 lakh, and 2.5 lakh from Direct, reinsurance, and composite broker respectively for issuing new license. The license remains active for three years and after that applicant can apply for the renewal.\u00a0 <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>An applicant needs to submit a long list of documents for obtaining the insurance broker license in India. If you are about to make a business decision regarding the same then you must follow the above guideline precisely. Arrange the documents following the given bylaws. In case if you find it hard to cope up with the compliance requirement, then talk to <a href=\"https:\/\/corpbiz.io\/\"><strong>CorpBiz<\/strong><\/a>&#8216;s expert without any second thought. The help seekers can connect with our professional through several modes of communication that include online chat as well.\u00a0<\/p>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/procedure-for-insurance-broker-license-online\/\">Step by Step Procedure for Insurance Broker License\n<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Insurance broker license is availed by those individuals or firms who wish to sell insurance products of other Insurance companies. The issuance authority of the insurance broker license in India is the Insurance Regulatory and Development Authority, aka IRDA. This article will reveal the list of the documents required for the insurance broker license.\u00a0 Overview [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":19188,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[334],"tags":[1193],"acf":{"service_id":"302"},"authorName":"Pankaj Tyagi","authorImageUrl":"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2022\/01\/MicrosoftTeams-image-42.jpg","authorDescription":"Pankaj has a diverse experience of writing research papers, blog, and articles during his college time. Earlier, he was working as a tax consultant in a financial firm, but his interest in writing drives him to pursue a career in the writing field.","postViews":6760,"readingTime":4,"_links":{"self":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/19185"}],"collection":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/comments?post=19185"}],"version-history":[{"count":9,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/19185\/revisions"}],"predecessor-version":[{"id":19196,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/19185\/revisions\/19196"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media\/19188"}],"wp:attachment":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media?parent=19185"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/categories?post=19185"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/tags?post=19185"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}