Insurance broker licence renewal fees and penalties in India
IRDAI renewal fee schedule, late-filing penalties, and fee-related conditions for Indian insurance broker registration renewal.
IRDAI renewal fees for three years are Rs 1,00,000 for a direct broker, Rs 3,00,000 for a reinsurance broker, and Rs 5,00,000 for a composite broker. Filing inside the final 30 days before expiry adds Rs 100; filing after expiry but within 60 days adds Rs 750.
Three-year renewal fee schedule
Schedule I Form D prescribes the renewal fee payable for the full three-year validity period of the Certificate of Registration.
- Direct broker: Rs 1,00,000
- Reinsurance broker: Rs 3,00,000
- Composite broker: Rs 5,00,000
Late-filing penalties
Renewal should be filed at least 30 days before expiry and may be filed up to 90 days before expiry. Different additional fees apply depending on when the application is submitted.
- Filed within the final 30 days before expiry: additional fee of Rs 100
- Filed after expiry but within 60 days, with accepted written reasons: additional fee of Rs 750
- After 60 days from expiry: a 12-month waiting period applies from the late application, during which the certificate ceases and no new business may be solicited
Fee payment and Form K
The renewal application is made in Schedule I Form K, supported by documents in Forms M, N, and O. The applicable renewal fee and any additional fee must accompany the application. IRDAI may seek clarifications or additional information before deciding.
Source
IRDAI (Insurance Brokers) Regulations, 2018, amended up to 30 October 2019
Anchors: Regulation 14; Schedule I, Forms D and K-O