Documents Required for Insurance Broker License: A Complete, Easy-to-Understand Guide



Dreaming of starting your own insurance broking business? That’s a great move — the insurance industry in India is growing fast, and brokers play a crucial role in helping clients make smarter, safer choices.

But before you can officially start operating as a licensed broker, there’s one important step: getting your IRDAI broker license. And the most important part of that process? Your documentation.

In this post, we’ll walk you through the key documents required for an insurance broker license, why each one matters, and how to make your application process smoother — with some expert insights from Helios Global, a trusted name in insurance licensing and compliance support.

Why Documents Matter So Much

We know paperwork can feel tedious — forms, signatures, certificates, and checklists. But when it comes to insurance broking, documentation isn’t just a formality; it’s how the regulator (IRDAI) ensures your company is financially sound, trustworthy, and compliant.

Think of it as your proof of credibility — a way to show that your business is legitimate and ready to operate responsibly in the financial sector. Submitting accurate, complete, and organized documents can help you avoid unnecessary delays or rejections.

When Do You Need These Documents?

The documentation process starts early in your licensing journey.
Once you decide to apply, you’ll be filing Form B of Schedule I (the main application form) along with supporting papers. These help IRDAI assess your eligibility, business model, and financial readiness.

The documentation stage also appears again during “in-principle approval” and “final approval,” so keeping your papers updated and ready is a smart move.

The Essential Documents Required for an Insurance Broker License

Here’s a simplified checklist of the key documents you’ll need when applying for your license:

1. Company and Legal Documents

  • Certificate of Incorporation (from MCA)

  • Memorandum and Articles of Association (MoA & AoA) with a clear mention of insurance broking as your main objective

  • PAN, GST registration, and CIN

  • LLP Agreement or Partnership Deed (if applicable)

These documents show that your entity is legally recognized and authorized to carry out insurance broking activities.

2. Ownership and Management Details

  • Shareholding pattern with details of promoters and directors

  • Profiles, qualifications, and CVs of all key managerial personnel

  • Net worth certificates from a Chartered Accountant

  • Income Tax Returns of promoters/shareholders (last 2–3 years)

These help IRDAI evaluate the financial soundness and credibility of your leadership team.

3. Financial Statements and Proofs

  • Audited balance sheets and P&L statements for the last three years (if applicable)

  • Auditor’s certificate confirming details like shareholding and capital

  • Bank certificate confirming deposit of minimum capital requirements

Financial documents assure the regulator that your company is stable and capable of handling client funds.

4. Office and Infrastructure Proof

  • Lease or ownership documents of your office space

  • Details of your IT systems, data management setup, and staff

  • Organizational chart showing clear reporting lines

These show that your business has a physical presence and proper operational setup.

5. Regulatory Forms and Declarations

  • Duly filled IRDAI application form

  • Fee payment proof (DD or online receipt)

  • Fit and Proper declarations from directors and key officers

  • Board resolution authorizing the person submitting the application

These are the core compliance documents that officially complete your application.

Financial Requirements You Should Know

Apart from documents, IRDAI also checks if you meet the minimum capital and net worth requirements:

  • Direct Broker: ₹75 lakh capital and ₹50 lakh net worth

  • Reinsurance Broker: ₹4 crore capital and ₹2 crore net worth

  • Composite Broker: ₹5 crore capital and ₹2.5 crore net worth

You’ll also need to maintain a fixed deposit (e.g., ₹10 lakh for direct brokers) with a scheduled bank as part of your application.

This is why financial statements, auditor certificates, and bank proofs are essential — they show that you meet these financial standards.

Pro Tips to Make Your Application Hassle-Free

At Helios Global, we’ve seen how minor mistakes in documentation can cause big delays. Here are a few simple ways to make your process easier:

Start Early: Prepare your checklist before filling the application form.
Get Professional Help: Chartered accountants or consultants can ensure your papers meet IRDAI standards.
Be Consistent: Make sure all copies (digital and physical) match perfectly — dates, names, and signatures.
Keep Originals Handy: IRDAI may ask for clarifications or additional proof later.
Stay Organized: Label and index your documents clearly. A neat submission leaves a strong impression.

How Helios Global Can Support You

Getting licensed as an insurance broker can feel like navigating a maze — but you don’t have to do it
alone.

At Helios Global, we specialize in helping individuals and firms prepare and submit their IRDAI license applications. From verifying your eligibility to compiling documents and handling compliance queries, we make the process smoother and faster.

Our step-by-step guidance ensures you don’t miss any critical paperwork or deadlines — saving you time and reducing stress.

Check out our full resource:
👉 How to Become an Insurance Broker in India – A Comprehensive Guide

Comments

Post a Comment

Popular posts from this blog

Motor Fleet Insurance: A Smarter Way to Protect Your Business Vehicles

Image
 Running a business that relies on vehicles—whether it’s for deliveries, logistics, or daily operations—comes with its fair share of risks. From accidents and damages to theft or breakdowns, even one unfortunate event can disrupt your business flow. That’s why Motor Fleet Insurance has become a go-to solution for businesses that want efficiency, savings, and peace of mind. At Helios Global , we understand how crucial it is to keep your vehicles—and your business—moving without interruptions. Our Motor Fleet Insurance solutions are designed to give you comprehensive coverage and simplified management for all your vehicles under one plan. What is Motor Fleet Insurance? Motor Fleet Insurance is a single policy that covers multiple vehicles owned or operated by a business. Instead of juggling separate insurance plans for each car, truck, or van, you can have all of them insured under one convenient, cost-effective policy. Whether you manage two vehicles or two hundred, fleet insu...
Read more

Compare IRDAI Intermediary License Options: What You Should Know Before You Choose

Image
The insurance landscape in India is expanding rapidly, and so are the opportunities for intermediaries. But before you jump in, one crucial question arises — which IRDAI license is right for you? Whether you’re planning to start an insurance brokerage, become a corporate agent, or operate as an individual agent, understanding and comparing the available IRDAI intermediary license options is the first step toward compliance and success. At Helios Global , we simplify this journey — helping entrepreneurs, corporates, and professionals make informed licensing decisions that match their goals, capital, and operational readiness.  Why an IRDAI License Matters The Insurance Regulatory and Development Authority of India (IRDAI) governs all intermediaries that distribute or service insurance in India. Without a valid license, no one can legally advise, sell, or manage insurance policies. Holding an IRDAI license not only ensures compliance but also enhances your credibility, allowing yo...
Read more