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Forum > How to Start an Insurance Broking Business Legally
How to Start an Insurance Broking Business Legally
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keshawmishra
1 post
Apr 16, 2025
4:32 AM 		Starting an insurance broking business in India can be a rewarding opportunity, but it's important to follow the legal process laid out by IRDAI (Insurance Regulatory and Development Authority of India)

To begin with, understand the difference between an Insurance Broker License and an insurance agent license. While an agent represents one insurer, an insurance broker can offer products from multiple insurers—giving clients more choices and you, more business potential.

If you want to become an insurance broker, you must apply for an Insurance Broker License through IRDAI. Here’s a quick overview of the process:


  1. Choose your broker type – Direct, Reinsurance, or Composite.

  2. Form a company under the Companies Act with the right capital requirements (e.g., ?75 lakh for direct brokers).

  3. Appoint a Principal Officer who has the required qualifications and certification.

  4. Prepare documentation, including business plans, infrastructure details, and compliance policies.

  5. Apply online through IRDAI's portal and submit all documents with the application fee.

  6. Wait for inspection and approval. Once cleared, you’ll receive your Insurance Broker License.



Compliance doesn’t end after getting licensed—regular reporting, audits, and renewal are all part of running a legal broking business in India.

If you're stuck or need help navigating the IRDAI process, feel free to ask here. Let’s build a community that makes insurance entrepreneurship easier!

Last Edited by keshawmishra on Apr 16, 2025 4:10 AM
Neha Neha
20 posts
Apr 16, 2025
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