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Functions & Responsibilities of Brokers Department
The main functions of the Insurance Brokers Department are as follows.
Licensing:
Registration, processing of fresh applications and on being satisfied that the applicant fulfills all the conditions specified for the grant of license, issues the license for a period of three years.
Processing of renewal applications and on being satisfied that the applicant fulfills all the conditions specified for a renewal of the license, renew the license for a period of three years.
Processing of applications for change in category of license and grant license for any other category on fulfilling the requirements of the regulations.
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FAQs
What are the categories of insurance broker?
There are five categories of insurance broker which are (i) Direct Broker (Life), (ii) Direct Broker (General), (iii) Direct Broker (Life & General), (iv) Reinsurance Broker and (v) Composite Broker.
Who is a Direct Broker?
Direct Broker means an insurance broker, registered by the Authority, who for a remuneration and/or a fee, solicit and arranges insurance business for its clients with insurers located in India and/or provides claim consultancy, Risk Management services or other similar services, permitted under IRDAI (Insurance Brokers) Regulations, 2018.
Who is a Reinsurance Broker?
Reinsurance Broker means an insurance broker, registered by the Authority, who for a remuneration and/or a fee, solicit and arranges re-insurance for its clients with insurers or reinsurers with reinsurers and/or insurers located in India and/or abroad; and/or provides claims consultancy, Risk Management services or other similar services, permitted under IRDAI (Insurance Brokers) Regulations, 2018.
Who is a Composite Broker?
Composite Broker means an insurance broker, registered by the Authority, who for a remuneration and/or a fee, solicits and arranges insurance and/or re-insurance for its clients with insurers and/or reinsurers located in India and/or abroad; and/or provides claims consultancy, Risk Management services or other similar services, permitted under IRDAI (Insurance Brokers) Regulations, 2018.
Who is the Principal Officer of an insurance or reinsurance broker?
The Principal Officer is an officer in an executive role designated as such for the purpose of performing the duties and responsibilities as specified in the regulations to carry out the functions of an insurance or reinsurance broker and who shall be the chief executive officer or a whole - time director or managing director, managing partner or a managing trustee or such individual appointed/engaged exclusively to carry out the functions of an insurance broker.