Many insurance agents in India reach a stage where they want to expand their business beyond selling policies for a single insurer.

The next logical step? Becoming an IRDAI-licensed insurance broker.

As a broker, you can:

• Work with multiple insurance companies instead of one

• Offer clients a wider product range

• Earn higher commissions and build a scalable business

• Operate at both retail and corporate levels

But before you can start, you’ll need to apply for a broker license from the Insurance Regulatory and Development Authority of India (IRDAI) — and that means having the right documents in place.

Broker License Types for Agents Transitioning Up

For most agents, the Direct Broker License is the right starting point.

However, if you plan to work in reinsurance or both direct and reinsurance, you can opt for Reinsurance Broker or Composite Broker License.

IRDAI Broker License Document Checklist (For Agents)

1. Company Incorporation Documents

• Certificate of Incorporation (from the Ministry of Corporate Affairs)

• Memorandum & Articles of Association with “insurance broking” as a primary business object

• Board resolution approving the license application

Tip: As an agent, you might currently be operating as a sole proprietor — IRDAI requires brokers to be registered companies (Private Ltd or LLP). Incorporation is the first step.

2. Capital & Net Worth Proof

• Chartered Accountant-certified Net Worth Certificate

• Bank statement showing capital as per IRDAI norms:

o Direct Broker – ₹50 lakhs

o Reinsurance Broker – ₹2 crores

o Composite Broker – ₹2.5 crores

3. Fit & Proper Documents

• Background verification reports of Directors, Shareholders, and the Principal Officer

• Self-declarations of no criminal or regulatory violations

4. Principal Officer Qualification Proof

• Broker training completion certificate (minimum 50 hours for Direct Brokers)

• IRDAI Broker Exam pass certificate

Note: Your past experience as an agent is valuable but not a substitute for IRDAI’s broker training requirement.

5. Office Infrastructure Proof

• Office address proof (lease deed or ownership papers)

• Infrastructure list — computers, licensed insurance CRM software, manpower, internet

6. Business Plan & Compliance Policies

• 5-year business plan (sales projections, insurer tie-ups, marketing plans)

• Internal policies for client servicing, grievance handling, and compliance

7. Other Mandatory Attachments

• Professional Indemnity Insurance proposal form

• KYC documents of promoters, shareholders, and directors

• Organizational structure chart

Fast-Track Your Transition from Agent to Broker

• Complete company incorporation early — it’s a non-negotiable IRDAI requirement.

• Prepare your business plan with realistic revenue projections — IRDAI looks for sustainable models.

• Adopt a policy management system like Vantage from day one — it helps with compliance, client data management, and faster IRDAI audits.

Why This Upgrade Matters

Becoming a broker transforms your career. Instead of being tied to one insurer, you become a trusted advisor with access to multiple insurance providers, giving your clients the best deals and coverage options.

With your IRDAI broker license in hand and Vantage – our AI-powered Insurance ERP & CRM, you can manage quotations, policy issuance, claims, commissions, and compliance in one seamless platform