Read about: Overview of Insurance Broker License Different Types of Insurance Brokers Regulatory Laws for Insurance Broker Companies Functions of a Composite Broker Functions of a Direct Broker Functions of a Reinsurance Broker Documents Required Procedure to get the Insurance Brokers License Fee for Broker’s License MUDS OFFERS MUDS SERVICES

1. INSURANCE BROKER
LICENSE SERVICES
MUDS Management Pvt. Ltd.

2. MUDS OFFERS
Getting the Insurance
broker license from
IRDA
Applying in IRDA for
registration of new
Insurance broker
company
Help in getting IRDA’s
in-principal approval for
Insurance Broker License
Compilation of all
necessary
documents for
registration
Regular updates
regarding
compliance norms
of IRDA
Advisory on
SOP and
workflow of the
new company
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MUDS Management Pvt. Ltd.

3. MUDS SERVICES
Insurance Broker
License
Insurance Marketing
Firm
Web Aggregator
License
MUDS Management Pvt. Ltd.

4. An insurance broker company guides people on
choosing the right insurance product for their
requirement and so, helps people in making the
right financial decision. An insurance broker is
kind of a middleman between the insurance
company and the client requiring insurance.
These insurance brokers assist people in buying
the most appropriate insurance product according
to their needs.
Overview of Insurance Broker License
MUDS Management Pvt. Ltd.

5. 01
Composite Insurance Broker
02
Reinsurance Broker
03
Direct Insurance Broker
Different Types of
Insurance Brokers
MUDS Management Pvt. Ltd.

6. Regulatory Laws for
Insurance Broker Companies
The Insurance Regulatory
Development Authority
of India Act, 2018
The Insurance Regulatory
Development Authority
Act, 1999
MUDS Management Pvt. Ltd.

7. Functions of a Composite Broker
A Composite Broker can perform the functions of
both the Reinsurance Broker and Direct Broker.
MUDS Management Pvt. Ltd.

8. Functions of a Direct Broker
01 Keeping track of all insurance products and
businesses in the market.
02
Devising risk retention strategy for customers
and advising them about the appropriate
insurance policy for them.
03 Offering suitable quotations to clients about
insurance policies.
MUDS Management Pvt. Ltd.

9. Functions of a Reinsurance Broker
01
Devising risk management strategy for the
client and keeping records of the insurer’s
business.
02
Advising on matters related to
reinsurance markets and other matters
related to insurance covers.
03
Maintain a database of available insurance
markets with insolvency ratings of every
insurer.
04 Negotiating with the reinsurance company
on behalf of the customer.
MUDS Management Pvt. Ltd.

10. Document Required
To be submitted with the form C of schedule I
of the IRDAI (insurance brokers) rules 2018
1
Form B needs to be
filled to apply for the
Insurance brokers
license.
2
A copy of Article
of Association
with Memorandum
of Association.
3
Information about the
principal officer
should be filled in
Form G schedule I.
The officer must
have passed the
broker’s exam
and had training.
MUDS Management Pvt. Ltd.

11. Document Required
To be submitted with the form C of schedule I
of the IRDAI (insurance brokers) rules 2018
4
A declaration must be
attached expressing
that the PO, key
administrative
officers, and
directors/partners are
not excluded in the
Insurance Act’s
section 42 D.
5
All details of
directors, partners,
and other
administrative
personnel.
6
Details of two
qualified agents
with their
respective
qualifications.
MUDS Management Pvt. Ltd.

12. Document Required
To be submitted with the form C of schedule I
of the IRDAI (insurance brokers) rules 2018
7
List of all
shareholders and
the details of
principal bankers.
8
A copy of the
resolution passed by
the company’s board
for promoting
and investing
in the company.
9
Copy of audited
balance sheet
and other details
of the company.
MUDS Management Pvt. Ltd.

13. Procedure to get the
Insurance Brokers License
Step 1
Application Submission
Step 2
Documents Verification
Step 3
Issuing In-principal
Approval to Company
Step 4
License Fee Payment
Step 5
Issuance of Certificate of
Company Registration
MUDS Management Pvt. Ltd.

14. Type of Broker License
Non-Refundable
Application Fee
Registration fee for
a fresh application
Renewal Fee for a
period of 3 years
For Direct Broker Rs. 25000 Rs. 50000 Rs. 100000
For Reinsurance Broker Rs. 50000 Rs. 150000 Rs. 300000
For Composite Broker Rs. 75000 Rs. 250000 Rs. 500000
Fee for Broker’s License
MUDS Management Pvt. Ltd.