Overview of Insurance Broker License
An Insurance Broker License is a regulatory approval issued by the IRDAI (Insurance Regulatory and Development Authority of India), enabling professionals or companies to act as intermediaries between clients and multiple insurance companies. Corporate Analytica offers end-to-end support to obtain this license for Life, General, or Composite insurance broking operations in India.
Advantages of Holding a Broker License
- Authorized to offer insurance policies from multiple insurers
- Boosts client trust and legal credibility
- Access to a wider insurance portfolio for customers
- Helps grow an independent and scalable insurance business
- Regulatory recognition by IRDAI across India
Eligibility Criteria
- Company must be registered under Companies Act
- Minimum net worth of ₹50 Lakhs for Direct Broker (₹5 Cr for Composite)
- At least two qualified Principal Officers with IRDAI certifications
- Clean financial and criminal record of directors and promoters
- Well-documented business plan and infrastructure setup
Documents Required
- Certificate of Incorporation and MOA/AOA
- Audited financial statements of the company
- Net worth and capital confirmation certificate from CA
- Details of directors, promoters, and principal officers
- IRDAI training and examination proof of key personnel
- Business plan and organizational structure
Application Process
- Step 1: Company registration and financial preparation
- Step 2: Submission of IRDAI application with all documents
- Step 3: Payment of applicable application fees
- Step 4: Review and inspection by IRDAI
- Step 5: Grant of license and publication of approval
Why Choose Corporate Analytica?
- Expert consultants with deep knowledge of IRDAI norms
- Assistance with capital planning and infrastructure
- Support for Principal Officer training & certification
- Preparation of compliant business plans
- Full lifecycle guidance from application to license grant
Post‑License Compliance
- Annual renewal and fee submission to IRDAI
- Regular filing of returns and reports with the regulator
- Adherence to Code of Conduct for Brokers
- Training and certification of employees
- Maintenance of solvency margin and infrastructure
Frequently Asked Questions (Insurance Broker License)
Q1. Who needs an Insurance Broker License?
Anyone or any company that wants to offer insurance policies from multiple insurers must obtain this license from IRDAI.
Q2. What types of broker licenses are there?
There are three types: Direct Broker (Life or General), Reinsurance Broker, and Composite Broker (both Direct and Reinsurance).
Q3. What is the validity of the license?
The Insurance Broker License is valid for 3 years and is renewable subject to compliance with IRDAI regulations.
Q4. How long does the approval process take?
It typically takes 3–6 months depending on document completeness, IRDAI review time, and fulfillment of infrastructure and staffing requirements.