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The word “insurance” has been thrown around a lot of late, especially since the world is battling the ongoing COVID-19 pandemic. Medical bills sky-rocketing to ridiculous amounts have only increased the general public’s awareness regarding the importance of insurance. Moreover, the insurance sector is growing in India at a steady pace, and the brokers are a dime a dozen. These brokers are most commonly referred to as insurance brokers.
(1) Provide access to multiple insures
(2) Customize sale strategy
(3) Give the legal status
(1) The applicant should make an application regarding the type of insurance broker business.
(2) The application for an Insurance Broker License must be made in FORM B- Schedule I of the regulations.
(3) The application must be submitted with documents mentioned in FORM-C Schedule I of the regulations.
(4) For granting the certificate of registration, an application must be submitted along with the fees specified in FORM D- Schedule I of the Insurance Regulations.
(5) The fee payable as the mandatory fee would be for the validity period of the certificate of registration.
(6) Fees must be paid through electronic means or demand draft (DD) payable in favor of the Insurance Regulatory and Development Authority of India, Hyderabad.
(1) Submission of relevant information as required in the Schedule I – Form B.
(2) Copy of the Memorandum of Association and Articles of Association should be according to the requirements of the Companies Act 2013.
(3) Remittance of the Fee for the particular category of Insurance broker licence.
(4) Training for the employees starting an insurance broker business.
(5) Schedule-I Form F should have the relevant data of the principal officer.
(6) Fit and Proper certification, which is required as per Schedule-I Form G.
(7) Declaration submitted by a key management executive, principal officer, director of the company that they are not having any form of disqualification under the Act.
(8) Details of Directors/ Partners, Promoter and Key Management Personnel are to be provided in the Form.
(9) Schedule I- Form F- List of qualified persons responsible for managing and procuring brokerage business along with their qualifications.
(10) Details of statutory auditors and Principal Bankers along with the Bank Account Number of the applicant
(1) What is Insurance Broker License?
(2) Who can apply for insurance broker license?
(3) How much of insurance do i need?
(4) What is under writting?
(5) What is insurance broker license fee?
(5) How are insurance broker paid?
