Insurance broker licence in India: IRDAI registration guide

IRDAI accepts applications for direct broker (life), direct broker (general), direct broker (life and general), reinsurance broker, or composite broker registration. An application is made for one category, and the certificate records the approved category.

The Authority considers the applicant entity, infrastructure, trained personnel, financial resources, principal officer, fit-and-proper declarations, business objects, and whether registration serves policyholder interests.

• At least two broker-qualified people, with category-relevant experience where both life and general business are proposed
• Adequate office space, equipment, trained manpower, and IT infrastructure
• The applicable minimum capital, continuing net-worth, and fixed-deposit requirements
• A qualified principal officer and fit-and-proper directors, promoters, partners, and key management personnel
• Exclusive insurance-broking business objects and no conflicting business activity

The application uses Schedule I Form B, includes the documents in Form C, and carries the Form D fee. IRDAI may request clarifications or a personal presentation. If satisfied, it first grants in-principle approval and then issues the Certificate of Registration after the stated conditions are met.

A certificate remains valid for three years. A broker may not solicit or conduct new business without a valid, current certificate.