An Insurance Broker registered under the IRDAI (Insurance Brokers) Regulations, 2018 is initially granted registration for a period of three years. The broker must submit an application for renewal at least 30 days prior to the expiry of the existing licence.
The renewal application must be made in FORM K of Schedule – I of the regulations. If the application is submitted after the prescribed period but before the actual expiry of the certificate, an additional fee of Rs. 100/- must be paid along with the application.
In case of delay, if the renewal application is filed within 60 days from the date of expiry of the certificate, a late fee of Rs. 750/- is payable. However, any application received after 60 days from expiry will be considered only after one year. During this one-year period, the broker must not conduct or solicit any new business.
Important Renewal Conditions
- Registration is valid for 3 years from the date of grant.
- Renewal application must be filed at least 30 days before expiry.
- Application must be submitted in FORM K of Schedule – I.
- Late filing before expiry requires payment of Rs. 100/-.
- Filing within 60 days after expiry requires Rs. 750/- as late fee.
- Applications after 60 days are considered only after 1 year.
- Broker cannot conduct or solicit new business after certificate expiry.
- After expiry, broker may only serve existing policyholders.
- Renewal application process is similar to fresh registration.
- If renewal is rejected, the applicant must be formally notified.
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