Insurance broker code of conduct in India: IRDAI duties

A broker must act in the best interests of the policyholder, provide objective advice, and ensure that the recommended product is suitable. All material terms, conditions, and exclusions must be disclosed in a clear and timely manner.

• Disclose remuneration, commissions, and any conflicts of interest
• Maintain confidentiality of client information
• Provide prompt and fair grievance handling
• Do not induce a policyholder to misrepresent material facts

Brokers must provide accurate and complete information to insurers, avoid misrepresentation, and not engage in unfair competition or inducement practices. They must cooperate with insurers in policy servicing, claims support, and fraud prevention.

• Submit proposals and documents without material omission
• Remit premiums to insurers within the stipulated timeframe
• Cooperate in claim settlements and investigations
• Refrain from rebating or offering unlawful inducements

Brokers must comply with IRDAI regulations, directions, and reporting requirements. They must maintain books, records, and accounts for the prescribed period and submit returns and information as required by the Authority.

• Maintain records of business transactions and client communications
• Submit statutory returns and information within deadlines
• Inform IRDAI of material changes in ownership, management, or address
• Display the Certificate of Registration and follow IRDAI-mandated advertisements