IRDAI insurance broker licence renewal: timeline, training, and fees
Plan an Indian insurance broker registration renewal using the IRDAI filing window, training requirement, late-fee rules, and category-specific renewal fees.
An insurance broker should submit Form K at least 30 days before its three-year IRDAI registration expires and may file up to 90 days before expiry. The principal officer and broker-qualified people must complete 25 hours of renewal training within the prescribed six-month window.
Renewal filing window
File the renewal application at least 30 days before expiry. IRDAI permits filing up to 90 days before expiry. An application filed inside the final 30 days but before expiry attracts an additional fee of Rs 100.
IRDAI may accept an application up to 60 days after expiry when written reasons are accepted, with an additional fee of Rs 750. After 60 days, the regulations impose a 12-month wait from the late application, during which the certificate ceases and no new business may be solicited.
Training and supporting documents
Before renewal, the principal officer and broker-qualified people must complete at least 25 hours of theoretical and practical training from an institution recognised by IRDAI. The training must be completed within six months before three years have elapsed since the previous training.
The renewal application uses Form K with the supporting material prescribed in Forms M, N, and O. IRDAI may request additional information while processing the application.
Renewal fees for three years
Schedule I Form D sets the renewal fee for the full three-year validity period.
- Direct broker: Rs 1,00,000
- Reinsurance broker: Rs 3,00,000
- Composite broker: Rs 5,00,000
Source
IRDAI (Insurance Brokers) Regulations, 2018, amended up to 30 October 2019
Anchors: Regulation 14; Schedule I, Forms D and K-O