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How can you become an Insurance Broker in India?

To become an Insurance Broker, one needs to obtain the Insurance Broker License. However, getting the license is not the crux of this blog. It is to provide you with a step-by-step guide to establishing your insurance business and removing all the confusion you have about this entity along the way.

Insecurity towards the future has forced many to buy insurance policies. However, the number of trusted insurance companies is few; fewer still are the insurance brokers who have the integrity to deliver the correct facilities.

Thankfully, we are on the precipice of change. As insurance entities are getting more limelight, so are the insurance intermediaries. Therefore, becoming an insurance broker now has more value than before.

  • But how can you become one?
  • What are the steps you must take?
  • How to get the insurance broker license?

These questions deserve simple answers, and this blog is here to deliver.

First, you must understand what an Insurance Broker is and what it is not.

A broker is not an agent. So, if you want to know about the requirements to become an insurance agent, you should leave this article right now.

Read Content: Improve Your Pagespeed


Are you still here? Well, in that case, here is a complete detail of what an insurance broker is:

It is an intermediary: 

Thus, it ties up with insurance companies and sells their insurance policies to customers.

It represents the customers: 

An Insurance broker doesn’t represent the companies; it acts on behalf of the customers.

It provides insurance advice to those seeking insurance policies:

A broker renders advisory services to insurance customers to help them select an insurance policy as per their requirements.

It is a business entity: 

A broker is not an individual but a business entity like a private limited company. As an organization, it has employees that render insurance intermediation services.

It has three types:

There are three types of brokers in India:

  1. Brokers who act as an intermediary between an insurance company and the customers are the direct insurance brokers.
  2. There are those who provide intermediation services while bridging between an insurance company and a reinsurance company. They are the reinsurance brokers.
  3. And finally, some are both direct and reinsurance brokers. They are the composite brokers.

Related Article: Steps to start an ISNP in India

Now that you understand the meaning of broker, you must establish your company.

You can incorporate your Private Limited Company with the help of business registration experts.

Things that you must keep in mind while establishing your business entity:

  1. Meet the net worth and paid-up capital requirementsThe direct, reinsurance, and composite brokers must meet their net worth requirements.
    1. Direct: INR 75 lakhs (paid-up) and INR 520 Lakh (net worth)
    2. Reinsurance: INR 4 Crore (paid-up) and 50 percent of paid-up capital is its net worth requirement.
    3. Composite: INR 5 Crore (paid-up) and 50 percent of paid-up capital is its net worth requirement.
  1. Mention in the company’s Memorandum of Association that providing insurance brokering services is your business objective.
  2. Ensure that your co-directors and you meet the “Fit and Proper ” criteria to provide your services.

Train your Principal Officer

Your Principal Officer will be the primary executive personnel of your insurance business. Therefore, he must undergo insurance brokering training under IRDA. Thus, go online and make him go through the requisite training for 50 hours.

Get a file and populate it with the mandatory documents.

The documentation you provide lets the IRDA assess your eligibility to provide insurance brokering facilities. Therefore, you must carefully prepare a file and fill it with the following documents:

  1. Your company’s incorporation certificate
  2. Memorandum of Association
  3. Details of your principal officer
  4. Certification of completion of Insurance Broker examination
  5. List of two insurance agents with qualifications in insurance brokering
  6. Details of your bank
  7. Net worth certificate


Apply online for the license

Once you have taken care of the documents, the application and understand the insurance broker business, all that’s left for you to do is apply for the insurance broker license.

The process is simple. Just go online, register, fill the application form, attach the required documents, and pay the application processing fee.

As your application goes to IRDA officials, it will go through an assessment. If they encounter any discrepancies with your request, you will receive a notification of the same. Fix your mistakes, and within the next few months, you will receive your license in your inbox.



To become an Insurance Broker, you need to understand what it is. But, if you want to become an insurance agent, you should not read this article. The process of establishing a company, furnishing the documents and applying for the certificate will be under the watchful eye of your faithful IRDA consultants. So, don’t worry about taking care of everything on your own. However, if you are looking for the right experts, you must consult Registrationwala.





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