The Insurance broker require registration issued by the Insurance Regulatory and Development Authority (IRDA). In 2018, an updated version of the IRDA Regulations was issued by the IRDA according to which the Insurance Broker Registration could be done in the following ways.
Capital Requirement for Insurance Broker License
1.Direct Broker (Life, General or Life + General) - Rs. 75 Lakhs;
2.Composite Broker – Rs. 5 Crores;
3.Reinsurance Broker - Rs. 4 Crores;
What is Insurance Broker?
An insurance broker is a company or a person registered as an adviser of insurance or qualified people or firm which acts through its partners or directors or employees with expert knowledge of insurance based laws. The Insurance brokers guide people for their insurance requirement. Furthermore, they provide professional services to its customers and act as a mediator between a person and an insurance company seeking to purchase an insurance policy.