{"id":6908,"date":"2020-04-17T09:54:45","date_gmt":"2020-04-17T04:24:45","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=6908"},"modified":"2020-09-23T14:56:24","modified_gmt":"2020-09-23T09:26:24","slug":"procedure-for-insurance-broker-license-online","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/procedure-for-insurance-broker-license-online\/","title":{"rendered":"Step by Step Procedure for Insurance Broker License"},"content":{"rendered":"\n<p class=\"has-drop-cap\">The Insurance Regulatory and Development Authority (IRDA) governs and issues the Insurance Broker License and the services related to it. The rules and regulations associated with the <a href=\"https:\/\/corpbiz.io\/insurance-broker-license\"><strong>Insurance Broker License<\/strong><\/a> are made under the Insurance Regulatory and Development <strong>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>, in consultation with the Authority and the Insurance Advisory Committee. To supervise and watch the insurance brokers was the primary purpose of establishing the regulations.<\/p>\n\n\n\n<p>The\nbrokers suggest the common people about their insurance needs and then\naccordingly guide the people to pick the appropriate insurance product for\nthem. The insurance brokers are a middle man between the insurance company and\nthe common people who are in search of buying appropriate insurance policies. The\ninsurance brokers have a good knowledge of insurance-related products and laws.\nIn this article, we will discuss the step by step procedure for Insurance\nBroker License. &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;<\/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\/procedure-for-insurance-broker-license-online\/#Who_is_an_Insurance_Broker\" >Who is an Insurance Broker?<\/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\/procedure-for-insurance-broker-license-online\/#What_are_the_requirements_for_Insurance_Broker_License\" >What are the requirements for 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\/procedure-for-insurance-broker-license-online\/#What_is_the_checklist_for_Insurance_Broker_License\" >What is the checklist for Insurance Broker License?<\/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\/procedure-for-insurance-broker-license-online\/#Who_can_be_the_Applicant_for_Insurance_Broker_License\" >Who can be the Applicant for Insurance Broker License?<\/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\/procedure-for-insurance-broker-license-online\/#What_are_the_documents_required_for_Insurance_Broker_License\" >What are the documents required for Insurance Broker\nLicense?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/corpbiz.io\/learning\/procedure-for-insurance-broker-license-online\/#What_is_the_procedure_for_obtaining_an_Insurance_Broker_License\" >What is the procedure for obtaining an Insurance\nBroker License?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/corpbiz.io\/learning\/procedure-for-insurance-broker-license-online\/#What_is_the_fee_required_for_Insurance_Broker_License\" >What is the fee required for Insurance Broker License?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/corpbiz.io\/learning\/procedure-for-insurance-broker-license-online\/#What_is_the_validity_of_the_Insurance_Broker_License\" >What is the validity of the Insurance Broker License?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/corpbiz.io\/learning\/procedure-for-insurance-broker-license-online\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Who_is_an_Insurance_Broker\"><\/span>Who is an Insurance Broker?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Insurance Broker is a business\/company or a person registered as an insurance advisor or qualified people or firm, which is acting through its Directors\/Partners or employees having expert knowledge of insurance-related laws. The insurance brokers lead common people towards their insurance demands. Insurance brokers provide expert knowledge to their clients. The brokers mainly act as a mediator between the insurance company and the common people, asking people to buy an insurance policy. <\/p>\n\n\n\n<p>Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018, provides for the different types of Insurance Brokers.<strong><em> <\/em><\/strong><\/p>\n\n\n\n<p><strong><em>The categorization of different kinds of Insurance Brokers are as follows:<\/em><\/strong><\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" width=\"576\" height=\"336\" src=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/04\/image-56.png\" alt=\"different kinds of Insurance Brokers \" class=\"wp-image-6909\" srcset=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/04\/image-56.png 576w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/04\/image-56-300x175.png 300w\" sizes=\"(max-width: 576px) 100vw, 576px\" \/><\/figure><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Direct\nInsurance Broker<\/h3>\n\n\n\n<ul><li>The Direct Insurance Broker is <strong><em>responsible\nfor procurement and solicitation of business. <\/em><\/strong><\/li><li>The Direct Broker allows the\npeople to buy an appropriate policy from the website or computer software. <\/li><li>The Company gives commission to\nthe Direct Broker whose policy is sold by the broker.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Composite\nInsurance Broker<\/h3>\n\n\n\n<ul><li>The Composite Insurance Broker\nhas <strong><em>a valid license for offering insurance services to the customers. <\/em><\/strong><\/li><li>The insurance services provided\nby Composite Insurance Broker are life and general insurance. <\/li><li>The licensing process of\nComposite Insurance Broker is very selective by the authority.&nbsp; <\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Reinsurance\nInsurance Broker<\/h3>\n\n\n\n<ul><li>The Reinsurance Insurance\nBroker <strong><em>solicits and arranges the reinsurance of the customers<\/em><\/strong> who\nwant to take the policy of the insurance company again. <\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_are_the_requirements_for_Insurance_Broker_License\"><\/span>What are the requirements for Insurance Broker\nLicense?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong><em>Insurance Regulatory and Development Authority of India has set up certain basic requirements for Insurance Broker License. The basic requirements are categorized as follows:<\/em><\/strong><\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" width=\"576\" height=\"336\" src=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/04\/image-57.png\" alt=\"requirements for Insurance Broker License\" class=\"wp-image-6910\" srcset=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/04\/image-57.png 576w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/04\/image-57-300x175.png 300w\" sizes=\"(max-width: 576px) 100vw, 576px\" \/><\/figure><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Financial\nRequirement<\/h3>\n\n\n\n<p><strong><em>The\nminimum financial requirement for applying for Insurance Broker License is as follows:<\/em><\/strong><\/p>\n\n\n\n<ul><li>Direct Insurance Broker- <strong><em>75\nLakh Rupees<\/em><\/strong>.<\/li><li>Composite Insurance Broker- <strong><em>4\nCrore Rupees.<\/em><\/strong><\/li><li>Reinsurance Insurance Broker<strong><em>&#8211;\n5 Crore Rupees<\/em><\/strong>. <\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Net\nworth Requirement.<\/h3>\n\n\n\n<p><strong><em>The\nInsurance Broker at the time of enrolment of the broker License should maintain\nminimum net worth: <\/em><\/strong><\/p>\n\n\n\n<ul><li>For Direct Insurance Broker- <strong><em>50\nLakh Rupees<\/em><\/strong>.<\/li><li>For Composite and Reinsurance Insurance\nBroker- <strong><em>50% of Minimum Capital requirement.&nbsp; <\/em><\/strong><\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Deposit\nRequirement<\/h3>\n\n\n\n<p>The Insurance Broker applicant is required to submit a minimum amount as a deposit in the bank while applying for Insurance Broker License<strong><em>. <\/em><\/strong><\/p>\n\n\n\n<p><strong><em>The <\/em><\/strong><em style=\"font-weight: bold;\">minimum amount required as deposits is as follows:<\/em><\/p>\n\n\n\n<ul><li>For Direct\ninsurance Broker- <strong><em>10 Lakh rupees.<\/em><\/strong><\/li><li>For\nComposite and Reinsurance Insurance Broker- <strong><em>10% of Minimum Capital\nrequirement<\/em><\/strong>. <\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_the_checklist_for_Insurance_Broker_License\"><\/span>What is the checklist for Insurance Broker License?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong><em>The\nguidelines to be followed for obtaining the Insurance Broker license is as\nfollows:<\/em><\/strong><\/p>\n\n\n\n<ul><li>The word\n\u2018Broker\u2019 or \u2018Broking\u2019 should be there in the name of the entity;<\/li><li>The\nprinciple aim of the Memorandum of Association (AoA) of Company should be\nInsurance Broking;<\/li><li>The least\ncapital requirements should be satisfied by the Company;<\/li><li>The\nforeign capital holdings of the Company should not exceed 26% of the total\npaid-up capital of the Company;<\/li><li>A fixed\ndeposit of 20% from first capital should be paid in a certified bank;<\/li><li>The needed\ninfrastructure and well-trained workforce to run the business of insurance\nbroking should be thereof the Company;<\/li><li>The person\nin securing insurance business should be trained and qualified;<\/li><li>The\nprincipal officer of the Company should have the required qualification and\nshould have passed the brokers exam;<\/li><li>No person,\nconnected directly or directly with applicant, should have been refused the\ngrant of License by the concerned authority;<\/li><li>The net\nworth and capital requirement as prescribed should be fulfilled by the\napplicant; <\/li><li>The\nprinciple officer should maintain the required training for the business;<\/li><li>The\nRegistration Certificate should be granted in the interest of policyholders of\nthe Company;<\/li><li>There\nshould be 2 persons engaged in the obligatory qualification and training.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Who_can_be_the_Applicant_for_Insurance_Broker_License\"><\/span>Who can be the Applicant for Insurance Broker License?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong><em>The\nentity or people who can apply for the Insurance Broker License are as follows:<\/em><\/strong><\/p>\n\n\n\n<ul><li>The\nCompany registered under <strong><em>the Companies Act, 2013<\/em><\/strong>;<\/li><li>Any\nCo-operative Society registered under <strong><em>Co-operative Societies Act, 1912<\/em><\/strong>\nor under any other similar law;<\/li><li>An LLP\n(Limited Liability Partnership) under the provisions of <strong><em>Limited Liability\nPartnership (LLP) Act, 2008;<\/em><\/strong><\/li><li>Any other\nperson who is approved by the authority.<\/li><\/ul>\n\n\n\n<p>The\napplicant applying for an application of Insurance Broker License is a\nregistered Limited liability Partnership (LLP), <strong><em>then the following cannot\nbe a partner of LLP<\/em><\/strong>:<\/p>\n\n\n\n<ul><li>A\nNon-resident Entity;<\/li><li>A person\nresident outside of India;<\/li><li>LLP\nenrolled under foreign country laws.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_are_the_documents_required_for_Insurance_Broker_License\"><\/span>What are the documents required for Insurance Broker\nLicense?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The application for Broker License is to be presented with some mandatory document and the information as specified in Form C of Schedule I of the Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulation, 2018.<strong><em> The documents required are as follows:<\/em><\/strong><\/p>\n\n\n\n<ul><li>The application of a Broker License, with the essential\ninformation, is to be submitted in Form B;<\/li><li>A true certified copy of Memorandum of Association (MoA) and\nArticles of Association (AoA);<\/li><li>The detailed information of promoters, partners or directors,\nand key managerial personnel of Company;<\/li><li>The list of at least 2 qualified insurance brokers with\nqualifications;<\/li><li>The bank account details of present account;<\/li><li>The detailed information of Principle Bankers;<\/li><li>The detailed information of statutory auditors of principle\nbanks;<\/li><li>The balance sheet of Company;<\/li><li>&nbsp;The complete list of\ncurrent as well as proposed shareholders of Company; <\/li><li>The Board Resolution passed by the shareholder company for\ninvesting and promoting the applicant company;<\/li><li>The information regarding the Principal officer;<\/li><li>The Principal Officers should fulfil the criteria of fit and\nproper as mentioned in Form G of Schedule I;<\/li><li>The Principal Officer should fulfil the training compliances;<\/li><li>The Principal Officer should give a declaration mentioning\nthat he\/she along with Directors or partners and other key managerial personnel\nof Company are not suffering any disqualifications which are mentioned in\nSection 42D of Act;<\/li><li>The IT Returns of the shareholders for the last 3 years;<\/li><li>The applicant company should have the required infrastructure\nfor the Registration process;<\/li><li>The applicant company should submit the detailed information\nof the infrastructure of the Company;<\/li><li>Any other details as requested.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_the_procedure_for_obtaining_an_Insurance_Broker_License\"><\/span>What is the procedure for obtaining an Insurance\nBroker License? <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>After the applicant accumulates all the required documents, the applicant can apply for the Insurance Broker License. <\/p>\n\n\n\n<p><strong><em>The procedure followed for obtaining Insurance Broker License is as follows:<\/em><\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Submission of Application<\/h3>\n\n\n\n<ul><li>The\napplication form for Insurance Broker License is to be submitted in Form B of\nSchedule I as provided in the Insurance Regulatory and Development Authority\nRegulations. The non-refundable application fee with the required documents\nshould be submitted.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Scrutiny of Documents<\/h3>\n\n\n\n<ul><li>The\nconcerned authority will scrutinize the documents. The concerned authority can\nask queries and can ask for more information if needed. The authority can ask\nfor the submission of some additional documents also.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Submission of Additional Documents<\/h3>\n\n\n\n<ul><li>The\nadditional documents asked by the concerned authority should be submitted\nwithin 30 days from the date of communication from the authority.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Issue of In-principle Approval<\/h3>\n\n\n\n<ul><li>After\nexamining all the documents required to be submitted by the applicant, and the\nauthority is satisfied that the applicant fulfils all the required conditions,\nthe authority should issue the in-principle approval for Registration.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Additional Submission<\/h3>\n\n\n\n<ul><li>After the\nin-principle approval is issued, the applicant should comply with all the\nadditional requirements and submit the license fees to the concerned\nauthority.&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Issue of Certificate of Registration&nbsp; <\/h3>\n\n\n\n<ul><li>Once the\nconcerned authority is satisfied with all the requirements as prescribed in the\nregulation and the in-principle approval, the authority will issue a\nCertificate of Registration to the applicant. The Certificate of Registration\nshould be issued in Form J as specified in Schedule I of IRDA Regulations.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_the_fee_required_for_Insurance_Broker_License\"><\/span>What is the fee required for Insurance Broker License?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The applicant entity has to submit the mandatory fees for Insurance Broker License. The fee is prescribed under Form D of Schedule I of the IRDA Regulations. <\/p>\n\n\n\n<p><strong><em>The different fees required for Insurance Broker License are as follows:<\/em><\/strong><\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" width=\"576\" height=\"336\" src=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/04\/image-58.png\" alt=\"fee required for Insurance Broker License\" class=\"wp-image-6911\" srcset=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/04\/image-58.png 576w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/04\/image-58-300x175.png 300w\" sizes=\"(max-width: 576px) 100vw, 576px\" \/><\/figure><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Non-Refundable Application Fees<\/h3>\n\n\n\n<p><strong><em>The\nInsurance Broker has to pay a non-refundable application fee at the time of\nsubmitting the application for Certificate of Registration. The fees to be paid\nis as follows:<\/em><\/strong><\/p>\n\n\n\n<ul><li>Rs 25,000\nfor Direct Insurance Broker;<\/li><li>Rs 50,000\nfor Reinsurance Insurance Broker; and<\/li><li>Rs 75,000\nfor Composite Insurance Broker.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Fresh Registration Fees<\/h3>\n\n\n\n<p><strong><em>The\nInsurance Broker should pay the following fees for fresh Registration prescribed\nas below:<\/em><\/strong><\/p>\n\n\n\n<ul><li>Rs. 50,000\nfor Direct Insurance Broker<\/li><li>Rs.\n1,50,000 for Reinsurance Insurance Broker<\/li><li>Rs,\n2,50,000 for Composite Insurance Broker<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">3 Years Renewal Fees<\/h3>\n\n\n\n<p><strong><em>The\nInsurance Broker should pay the following fees for the renewal of 3 years\nprescribed as under:<\/em><\/strong><\/p>\n\n\n\n<ul><li>Rs. 1,00,000 for Direct\nInsurance Broker<\/li><li>Rs. 3,00,000 for Reinsurance\nInsurance Broker<\/li><li>Rs. 5,00,000 for Composite\nBroker<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_the_validity_of_the_Insurance_Broker_License\"><\/span>What is the validity of the Insurance Broker License?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The Certificate\nof Registration for Insurance Broker is allotted for 3 years from the date of\nissuance of Certificate. For the renewal of the Insurance Broker License, the\ncertified insurance broker is required to apply at least 1 month before the\nexpiry of Registration in 3 years for renewal of Insurance Broker License. The\ncertified Insurance Broker, do not apply for the renewal of License in time,\nthe penalty will be imposed for the same. The delay in renewal is continued;\nthen, the Insurance Broker has to apply for a fresh License.&nbsp; <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p> We can conclude that the Registration of Insurance Broker is a mandatory permit. Every Insurance Broker Company should obtain the Insurance Broker License for commencing the Insurance business. Insurance Regulatory and Development Authority or IRDA is the body responsible for issuing a Broker License in India. The person willing to acquire the License for the Insurance Broker should submit the required documents to the authority in concern. The business of Insurance Broker is an ever-growing business. Hence, we can say that the failure of such a company is quite negligible if one proceeds with a good business plan. The process of Registration for Insurance Broker is long-lasting and time-consuming. We at <a href=\"https:\/\/corpbiz.io\/\"><strong><em>Corpbiz<\/em><\/strong><\/a> have experts to help you with the process of Insurance Broker License. Our experts will assist you and will ensure the successful completion of your work.&nbsp;  <\/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\/rbi-issues-new-guidelines-for-payment-aggregators\/\">RBI Issues New Guidelines for Payment Aggregators\n<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Insurance Regulatory and Development Authority (IRDA) governs and issues the Insurance Broker License and the services related to it. The rules and regulations associated with the Insurance Broker License are made under the Insurance Regulatory and Development Authority Act, 1999[1], in consultation with the Authority and the Insurance Advisory Committee. To supervise and watch [&hellip;]<\/p>\n","protected":false},"author":16,"featured_media":6913,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[334],"tags":[495],"acf":{"service_id":"302"},"authorName":"Sakshi Sharda","authorImageUrl":"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/02\/sakshi-sharda.jpg","authorDescription":"Sakshi Sharda has done BBALLB(HONS) and holds a strong knowledge on the matters pertaining to finance and law. From the past one year she is working as a legal advisor and in her leisure time she works on improvising her knowledge. Sakshi is spreading her knowledge by writing for Corpbiz.","postViews":5893,"readingTime":7,"_links":{"self":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/6908"}],"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\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/comments?post=6908"}],"version-history":[{"count":10,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/6908\/revisions"}],"predecessor-version":[{"id":11837,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/6908\/revisions\/11837"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media\/6913"}],"wp:attachment":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media?parent=6908"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/categories?post=6908"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/tags?post=6908"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}