IRDAI Insurance Broking / Web Aggregator License

How It Works

1. 1

   Entity Incorporation and Capital Structuring

   Incorporate a private limited company under the Companies Act, 2013 and ensure paid-up capital meets the minimum threshold: rupees seventy-five lakhs for Direct Broker or rupees twenty-five lakhs for Web Aggregator. Obtain a bank certificate confirming capital deposit.

2. 2

   Appointment of Principal Officer

   Appoint a Principal Officer who holds the Insurance Institute of India qualification or an equivalent IRDAI-recognized certification, and has the required years of experience in insurance. Obtain IRDAI approval for the Principal Officer prior to filing the main application.

3. 3

   Preparation of Application Dossier

   Compile all prescribed documents including the business plan, IT security policy, draft insurer agreements, infrastructure details, and fit and proper declarations. Prepare the prescribed application form (Form IRDAI-IB or web aggregator equivalent) on the IRDAI online portal.

4. 4

   Submission and IRDAI Scrutiny

   Submit the application along with the non-refundable application fee. IRDAI will scrutinize the dossier and may issue a query letter or call for a personal hearing. Respond to all queries accurately and within the stipulated timeframe.

5. 5

   Approval in Principle and Infrastructure Setup

   On receiving approval in principle, operationalize the office infrastructure, technology systems, and compliance framework. Submit evidence of readiness to IRDAI, including lease agreements, IT audit reports, and evidence of staff appointments.

6. 6

   Final License Issuance and Insurer Tie-Ups

   IRDAI issues the final license upon satisfactory review of infrastructure evidence. The licensed entity may then execute formal tie-up agreements with insurers and commence business operations, ensuring all mandatory records are maintained from day one.