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IRDAI Insurance Broker License

Expert assistance for obtaining IRDAI Insurance Broker registration. Guidance on ₹75 Lakhs networth, professional training, and portal filing.

Becoming a Professional Insurance Broker

Expert assistance for obtaining IRDAI Insurance Broker registration. Guidance on ₹75 Lakhs networth, professional training, and portal filing.

Obtain an IRDAI Insurance Broker license to legally sell insurance products from multiple companies and provide risk management services.

Build a professional insurance brokerage. Represent your clients and provide them with the best insurance solutions from all major insurers.

An Insurance Broker is a person or entity that acts as an intermediary between insurance companies and clients. Unlike insurance agents who represent one company, a broker represents the client and can offer products from any insurance company in India.

The IRDAI (Insurance Brokers) Regulations, 2018, provide the framework for licensing and operating a brokerage. It requires a high level of professional competence, significant capital, and a commitment to protecting investor interests through unbiased advice and claims assistance.

QuickTaxperts offers specialized consulting for aspiring brokers, from company incorporation with the right objects to managing the rigorous IRDAI licensing process.

  • Category: Insurance
  • Provide expert risk assessment and insurance placement services.
  • Mandatory for entities looking to handle large corporate insurance portfolios.
  • Authorized to collect premium (subject to bank guarantee) and assist in claims.
  • Requires Principal Officer training and NISM-like certifications.
  • Mandatory for selling products of multiple insurance companies
  • Registration under IRDAI (Insurance Brokers) Regulations, 2018
  • Requires high professional training and capital investment
  • Enables Direct, Reinsurance, or Composite brokerage services

Broker License Categories

Choose based on your business model.

  • Direct Broker: Sells Life and General insurance to retail/corporate clients. Min Capital: ₹75 Lakhs.
  • Reinsurance Broker: Handles reinsurance placements between insurers. Min Capital: ₹4 Crores.
  • Composite Broker: Combination of Direct and Reinsurance brokerage. Min Capital: ₹5 Crores.

Eligibility Requirements

Key prerequisites for the license.

  • Legal Form: Must be a Company (Pvt Ltd/Public) or a registered Co-operative Society.
  • Principal Officer: Must be a graduate with at least 50 hours of training and passed the exam.
  • Networth: Must maintain the minimum capital and a networth of at least 100% of capital.
  • Infrastructure: Adequate office space, IT systems, and professional workforce.

Documents required

Document requirements vary by entity type, state, premises, and authority. These are the usual groups we verify before submission.

  • IRDAI Filing Checklist: Certificate of Incorporation and MOA/AOA (Insurance objects).; Networth Certificate and Audited Financials for 3 years (if applicable).; Principal Officer's training and exam passing certificate.; Detailed Business Plan for the next 3 years.; Professional Indemnity Insurance policy draft.; KYC and experience profiles of all Directors.; Shareholding pattern and source of funds declaration.

Process and timeline

  • Company Formation: Incorporating a company with 'Insurance Broker' in its name and objects.
  • Training & Exam: The Principal Officer completing the mandatory training and passing the IRDAI exam.
  • Application Submission: Filing Form B on the IRDAI portal with all technical annexures.
  • IRDAI Inspection: Responding to queries and hosting IRDAI officials for a physical inspection.
  • License Issuance: Obtaining the Certificate of Registration (In-principle then Final).

Expert review

IRDAI Insurance Broker License content is reviewed by QuickTaxperts Insurance Compliance Team, IRDAI Regulatory Consultants.

  • Checklist-led review
  • Document pre-verification
  • Authority-specific next steps

Frequently asked questions

These quick answers cover common planning questions before you request a checklist or quote.

  • What is an Insurance Broker?: An Insurance Broker is an intermediary who represents the client and helps them choose the best insurance products from various insurers.
  • How is a Broker different from an Agent?: An agent represents one insurance company, while a broker represents the client and can sell products from all insurance companies.
  • What is the minimum capital for a Direct Broker?: The minimum paid-up capital required for a Direct Insurance Broker is ₹75 Lakhs.
  • Who can be a Principal Officer (PO)?: A PO must be a graduate with specific insurance training and must have passed the exam conducted by the Insurance Institute of India (III).
  • Is professional indemnity insurance mandatory?: Yes, all brokers must maintain a Professional Indemnity Insurance policy to protect against errors and omissions.
  • What are the fees for the license?: Application fees are ₹25,000 to ₹1,25,000 depending on the category, plus registration fees upon grant.
  • How long is the license valid?: The IRDAI broker license is valid for 3 years and must be renewed before expiry.
  • What is a Composite Broker?: A Composite Broker is licensed to handle both direct insurance (retail/corporate) and reinsurance business.