Insurance Broker Explained
Unlike an agent who represents the insurance company, an Insurance Broker represents the customer. The broker's primary duty is to the policyholder—to analyze their risk, recommend the best coverage, and assist with claims.
Brokers are independent professionals and can solicit business for any insurance company in India, offering unbiased advice to clients.
Categories of Brokers
Direct Broker
Solicits insurance business directly from clients (Life & General). Min Capital: ₹75 Lakhs.
Reinsurance Broker
Arranges reinsurance for insurers with other reinsurers. Min Capital: ₹4 Crore.
Composite Broker
Can do both Direct and Reinsurance broking. Min Capital: ₹5 Crore.
Key Requirements
- Deposit: Fixed deposit of 20% of initial capital with a scheduled bank.
- Training: Principal Officer must undergo 50/25 hours of detailed training.
- Professional Indemnity: Must have a PI Policy to cover errors and omissions.
Document Checklist
Company Docs
- COI, MOA, AOA
- Net Worth Certificate
- Shareholding Pattern
Personnel
- Principal Officer Profile
- Fit & Proper Declaration
- Training Certificates
Business
- 3-Year Business Plan
- IT Infrastructure Details
- Organization Chart
Frequently Asked Questions
Find answers to common questions about Insurance Broker License.
What documents are required for Insurance Broker License?
Required documents typically include identity proof, address proof, business plan, financial statements, and specific regulatory forms. Our team will provide a complete checklist during consultation.
How long does the registration process take?
The timeline varies based on complexity and regulatory requirements. Typically, the process takes 30-90 days. We offer fast-track options for urgent requirements.
What is the cost for this service?
Pricing depends on the specific requirements and scope. Contact us for a customized quote. We offer competitive pricing with transparent fee structures.
Do you provide post-registration support?
Yes! We provide comprehensive post-registration compliance support including annual filings, regulatory updates, and ongoing advisory services.
Related Services
Discover other compliance solutions we offer.
NBFC Registration
Complete RBI license support
IRDA Registration
Insurance broker licensing
SEBI Registration
Investment advisor licensing
Choose Your Package
Flexible pricing options tailored to your business needs.
Starter
For small businesses
- Basic Document Preparation
- Application Filing
- Email Support
- Dedicated Manager
Professional
For growing companies
- Complete Documentation
- Priority Processing
- Dedicated Manager
- 6-Month Compliance Support
Enterprise
For large organizations
- Everything in Professional
- Multi-Entity Support
- Annual Compliance Retainer
- 24/7 Priority Support
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