An Insurance Broker License allows businesses to act as intermediaries between clients and multiple insurance companies—offering comparative advice, customised plans, and enhanced client trust. Brokers are regulated by the Insurance Regulatory and Development Authority of India (IRDAI).
🗂️ 2. Types of Licenses Offered
IRDAI offers five broker categories under the Insurance Brokers Regulations 2018:
- Direct Broker (Life)
- Direct Broker (General)
- Direct Broker (Life & General)
- Reinsurance Broker
- Composite Broker
👤 3. Who Needs These Services?
Insurance Broker License is suitable for:
- Existing brokers seeking to formalize their operation
- Corporate entities (NBFCs, MSMEs) entering insurance advisory
- Insurtech startups offering comparison and advisory platforms
- Consultants providing full-service insurance solutions
🤝 4. Why Choose a Registration Service Provider?
A specialized provider ensures:
- Accurate and compliant submission of Form B & C
- Correct documentation (e.g. MoA/AoA clauses)
- Smooth coordination of Principal Officer (PO) setup
- Advisement on capital & net worth norms
- Assistance on Professional Indemnity policy
📝 5. Registration Process – Step by Step
- Prepare Legal Entity (Company/LLP)
- Appoint Principal Officer & ensure PO exam eligibility
- Open IRDAI-BAP Portal account
- Fill Form B & C online
- Upload MoA, AoA, audited financials, indemnity cover proof
- Pay application & registration fees
- Direct Broker: ₹25k + ₹50k
- Reinsurance: ₹50k + ₹100k
- Composite: ₹75k + ₹150k
- IRDAI evaluation & review
- Receive license (valid for 3 years)
📋 6. Required Documents
- MoA & AoA (with broker-specific clauses)
- PAN, GST, CIN
- Board resolution appointing PO
- Audited financials (last 2 yrs)
- Net worth proof & capital confirmation
- Professional Indemnity Insurance certificate
- Infrastructure & IT system details
💰 7. Cost Involved
| Item | Approx. Cost (₹) |
| Application + Registration Fees | 25k–75k + 50k–150k |
| PO Training & Exam | 10k–20k |
| Consultant guidance | 30k–60k |
| Professional Indemnity cover | 15k–30k annually |
| Total Estimated | ₹1 lakh – ₹2.5 lakhs+ |
⏱️ 8. Time Taken
| Process Stage | Timeline |
| Document Preparation | 1–2 weeks |
| IRDAI PO Exam & Training | 2–3 weeks |
| Submission & Fees | 1 week |
| IRDAI Evaluation & Review | 4–6 weeks |
| Total Estimated Time | 8–12 weeks (~2–3 months) |
⚠️ 9. Common Mistakes to Avoid
- Incorrect MoA/AoA wording
- Not assigning PO before application
- Underestimating net worth or capital requirements
- Expired indemnity policy or incomplete infrastructure detail
- Skipping official IRDAI user manual review
📞 10. Call-to-Action (CTA)
Ready to launch your Insurance Brokerage with full compliance?
📧 Email: opriyatrendingpvtltd@gmail.com
📱 WhatsApp: +91 7588756518
🌐 Visit: www.opriyatrending.in 📈 Chat-bubble icon
❓ 11. FAQs
Q1. What’s the validity of the license?
➡️ 3 years, renewable upon compliance.
Q2. Can I serve life and general under one license?
➡️ Yes—choose “Life & General Direct Broker” or composite model.
Q3. Is PO exam required?
➡️ Yes, IRDAI exam and certification for PO is mandatory.
Q4. What are net worth requirements?
➡️ ₹50 lakhs (Direct), ₹2 cr (Reinsurance), ₹2.5 cr (Composite)
Q5. Are foreign investments allowed?
➡️ Up to 49% FDI as per IRDAI regulations
