{"id":2854,"date":"2024-06-26T13:30:04","date_gmt":"2024-06-26T13:30:04","guid":{"rendered":"https:\/\/advisou.com\/blog\/?p=2854"},"modified":"2026-01-21T07:57:18","modified_gmt":"2026-01-21T07:57:18","slug":"insurance-broker-license-fees-in-india","status":"publish","type":"post","link":"https:\/\/advisou.com\/blog\/insurance-broker-license-fees-in-india\/","title":{"rendered":"Insurance Broker License Fees in India: A Brief Overview"},"content":{"rendered":"\n<p>Knowing Insurance Broker License Fees in India is paramount when striving for broker registration. Applying for an insurance broker license requires a fair understanding of legalities and applicable compliances. In this article, we will discuss different aspects of broker registration in detail, including the license fee. In this article, we will get to know about Insurance Broker License Fees in India<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_78 ez-toc-wrap-left counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/advisou.com\/blog\/insurance-broker-license-fees-in-india\/#What_is_an_Insurance_Broker_License\" >What is an Insurance Broker License?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/advisou.com\/blog\/insurance-broker-license-fees-in-india\/#Types_of_Insurance_Broker_Licenses\" >Types of Insurance Broker Licenses<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/advisou.com\/blog\/insurance-broker-license-fees-in-india\/#Eligibility_Criteria_For_Obtaining_an_Insurance_Broker_License\" >Eligibility Criteria For Obtaining an Insurance Broker License<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/advisou.com\/blog\/insurance-broker-license-fees-in-india\/#Understanding_Insurance_Broker_License_Fees_in_India\" >Understanding Insurance Broker License Fees in India<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/advisou.com\/blog\/insurance-broker-license-fees-in-india\/#Notable_Pointers_regarding_Insurance_Broker_License\" >Notable Pointers regarding Insurance Broker License<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/advisou.com\/blog\/insurance-broker-license-fees-in-india\/#Mandatory_Documents_for_Insurance_Broker_License\" >Mandatory Documents for Insurance Broker License<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/advisou.com\/blog\/insurance-broker-license-fees-in-india\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_an_Insurance_Broker_License\"><\/span>What is an Insurance Broker License?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>An <strong><a href=\"https:\/\/advisou.com\/services\/insurance-broker-license\">Insurance Broker License<\/a><\/strong> enables an individual or a firm to serve an intermediary between an insurance company and clients. Their fundamental job is to render professional advice to the clients, helping them understand insurance products&#8217; benefits, coverage, and norms. Besides, they also assist companies to tailor their products as per the customers\u2019s tastes and preferences. Typically, companies struggling with low sales and market reach hire them on remuneration or commission. It\u2019s worth noting that this license is issued by the apex institution viz. Insurance Regulatory and Development Authority of India, aka IRDAI.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Types_of_Insurance_Broker_Licenses\"><\/span>Types of Insurance Broker Licenses<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong>IRDAI<\/strong><sup><a href=\"https:\/\/irdai.gov.in\/\" data-type=\"link\" data-id=\"https:\/\/irdai.gov.in\/\" target=\"_blank\" rel=\"noopener\"><strong>[1]<\/strong><\/a><\/sup> has classified the insurance broker license into three distinct licenses, namely:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Direct Broker<\/strong><\/h3>\n\n\n\n<p>A Direct Broker renders services like guiding clients to select ideal policies, transacting deals with clients (individuals or firms), and providing claim assistance. Firms applying for direct broker licenses must have a minimum capital of Rs. 75 Lakhs and a minimum net worth of Rs. 50 Lakhs.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Re-insurance Broker<\/strong><\/h3>\n\n\n\n<p>A reinsurance broker serves the reinsurance market and helps insurance companies secure reinsurance coverage. They help insurance firms to transfer their risk portfolio to other insurers. The minimum capital and net worth requirement for a re-insurance broker has been capped at Rs. 4 Crore and Rs. 2 Crore, respectively.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Composite Broker<\/strong><\/h3>\n\n\n\n<p>A Composite Broker can serve a dual role i.e. a direct and reinsurance broker. The minimum capital and net worth requirement for a composite broker has been set at Rs. 5 Crore and Rs. 2.5 Crore, respectively.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Eligibility_Criteria_For_Obtaining_an_Insurance_Broker_License\"><\/span>Eligibility Criteria For Obtaining an Insurance Broker License<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong><em>Criteria<\/em><\/strong><\/td><td><strong><em>Direct Broker<\/em><\/strong><\/td><td><strong><em>Re-insurance Broker<\/em><\/strong><\/td><td><strong><em>Composite Broker<\/em><\/strong><\/td><\/tr><tr><td>Corporate Structure<\/td><td>Company under Companies Act 2013\/1956, LLP under LLP Act 2008, Co-operative society under Co-operative Societies Act 1912<\/td><td>Company under Companies Act 2013\/1956, LLP under LLP Act 2008, Co-operative society under Co-operative Societies Act 1912<\/td><td>Company under Companies Act 2013\/1956, LLP under LLP Act 2008, Co-operative society under Co-operative Societies Act 1912<\/td><\/tr><tr><td>Capital Requirements<\/td><td>Rs. 75 Lakhs<\/td><td>Rs. 4 Crore<\/td><td>Rs. 5 Crore<\/td><\/tr><tr><td>Net Worth Requirements<\/td><td>Rs. 50 Lakhs<\/td><td>Rs. 2 Crore (50% of minimum capital)<\/td><td>Rs. 2.5 Crore (50% of minimum capital)<\/td><\/tr><tr><td>Deposit Requirements<\/td><td>Rs. 10 Lakhs<\/td><td>10% of minimum capital<\/td><td>10% of minimum capital<\/td><\/tr><tr><td>Office Space\/Facilities<\/td><td>Adequate office space, equipment, trained manpower, and IT infrastructure<\/td><td>Adequate office space, equipment, trained manpower, and IT infrastructure<\/td><td>Adequate office space, equipment, trained manpower, and IT infrastructure<\/td><\/tr><tr><td>Qualified Personnel<\/td><td>At least two qualified persons with necessary training; Principal Officer with requisite qualifications<\/td><td>At least two qualified persons with necessary training; Principal Officer with requisite qualifications<\/td><td>At least two qualified persons with necessary training; Principal Officer with requisite qualifications<\/td><\/tr><tr><td>Professional Indemnity Insurance<\/td><td>Required to maintain at all times<\/td><td>Required to maintain at all times<\/td><td>Required to maintain at all times<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Understanding_Insurance_Broker_License_Fees_in_India\"><\/span>Understanding Insurance Broker License Fees in India<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The table below depicts the Insurance Broker License Fees in India:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong><em>Fee Type<\/em><\/strong><\/td><td><strong><em>Direct Broker<\/em><\/strong><\/td><td><strong><em>Re-insurance Broker<\/em><\/strong><\/td><td><strong><em>Composite Broker<\/em><\/strong><\/td><\/tr><tr><td>Application Fee<\/td><td>Rs. 25,000<\/td><td>Rs. 50,000<\/td><td>Rs. 75,000<\/td><\/tr><tr><td>Initial Registration Fee (New)<\/td><td>Rs. 50,000<\/td><td>Rs. 1,50,000<\/td><td>Rs. 2,50,000<\/td><\/tr><tr><td>Renewal Registration Fee (3 years)<\/td><td>Rs. 1,00,000<\/td><td>Rs. 3,00,000<\/td><td>Rs. 5,00,000<\/td><\/tr><tr><td>Late Application Fee (before expiry)<\/td><td>Rs. 100<\/td><td>Rs. 100<\/td><td>Rs. 100<\/td><\/tr><tr><td>Late Renewal Fee (within 60 days)<\/td><td>Rs. 750<\/td><td>Rs. 750<\/td><td>Rs. 750<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Notable_Pointers_regarding_Insurance_Broker_License\"><\/span>Notable Pointers regarding Insurance Broker License<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Choose FORM B-Schedule I of the IRDAI (Insurance Brokers) regulations to apply for the broker license.<\/li>\n\n\n\n<li>Use FORM-C Schedule I of the IRDAI (Insurance Brokers) regulations for furnishing founding documents (listed below).<\/li>\n\n\n\n<li>Consider FORM D-Schedule I of the IRDAI (Insurance Brokers) regulations for fee submission.<\/li>\n\n\n\n<li>A late fee of Rs 750 shall be imposed on applicants reviving the license expired for less than 60 days.<\/li>\n\n\n\n<li>Application for reviving expired licenses shall not be processed for one year if the authority receives the same after 60 days from the expiry. In the meantime, the business shall be prohibited from conducting business activities cited in the license.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Mandatory_Documents_for_Insurance_Broker_License\"><\/span>Mandatory Documents for Insurance Broker License<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Completed application form (Form B1)<\/li>\n\n\n\n<li>Proof of identity (such as a government-issued ID)<\/li>\n\n\n\n<li>Proof of address (such as utility bills or rental agreement)<\/li>\n\n\n\n<li>Proof of educational qualifications (such as degree certificates)<\/li>\n\n\n\n<li>Proof of experience (such as employment certificates)<\/li>\n\n\n\n<li>Details of directors\/partners and key management personnel<\/li>\n\n\n\n<li>Background check and police verification reports<\/li>\n\n\n\n<li>Memorandum of Association (MoA) and Articles of Association (AoA) for companies<\/li>\n\n\n\n<li>Business plan and financial projections<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>That\u2019s our take on the Insurance Broker License Fees in India and other key aspects. It\u2019s worth noting that an insurance broker license is compliance-intensive and attracts delicate paperwork, making it prone to human mistakes, which often leads to application cancellation.<\/p>\n\n\n\n<p>With so many norms tied to this license, clients often make mistakes while application filing, ultimately leading to delayed processing or even cancellation. To avoid such mishaps, it is advisable to proceed professionally, preferably under the expert\u2019s firm supervision. Speaking of the firm, <a href=\"https:\/\/advisou.com\/\"><strong>Advisou<\/strong><\/a> has been helping clients secure complicated licenses and registration with zero hassle.<\/p>\n\n\n\n<p><strong>Read Our Article:<\/strong>&nbsp;<a href=\"https:\/\/advisou.com\/blog\/procedure-for-an-insurance-broker-license-2024\/\">Procedure For An Insurance Broker License (2024)<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Knowing Insurance Broker License Fees in India is paramount when striving for broker registration. Applying for an insurance broker license requires a fair understanding of legalities and applicable compliances. In this article, we will discuss different aspects of broker registration in detail, including the license fee. In this article, we will get to know about [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":2856,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[514],"tags":[512,516],"class_list":["post-2854","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-insurance-broker-license","tag-insurance-broker-license","tag-insurance-broker-license-fees-in-india"],"blocksy_meta":[],"_links":{"self":[{"href":"https:\/\/advisou.com\/blog\/wp-json\/wp\/v2\/posts\/2854","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/advisou.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/advisou.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/advisou.com\/blog\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/advisou.com\/blog\/wp-json\/wp\/v2\/comments?post=2854"}],"version-history":[{"count":12,"href":"https:\/\/advisou.com\/blog\/wp-json\/wp\/v2\/posts\/2854\/revisions"}],"predecessor-version":[{"id":6702,"href":"https:\/\/advisou.com\/blog\/wp-json\/wp\/v2\/posts\/2854\/revisions\/6702"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/advisou.com\/blog\/wp-json\/wp\/v2\/media\/2856"}],"wp:attachment":[{"href":"https:\/\/advisou.com\/blog\/wp-json\/wp\/v2\/media?parent=2854"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/advisou.com\/blog\/wp-json\/wp\/v2\/categories?post=2854"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/advisou.com\/blog\/wp-json\/wp\/v2\/tags?post=2854"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}