2nd Floor, Om Apartments, Pune
+91 - 9595 271 145 / +91 - 9284 293 227 info@csladda.com

IRDA Isurance Development Regulatory Authority

Dear Sir,

 Subjects: Note on Insurance Brokers License{Under the Department of Insurance Development Authority of India}

 Please find below a note on to providing the services of INSURANCE BROKER LICENSE  and we will be glad to provide the following services to your esteemed organization:

Query No. 1: The regulatory requirements stated by IRDA such as authorised capital, qualifications of principal officer, eligibility of officers etc

Reply to Query o. 1:

  1. Authorised Share Capital:

Authorised and Paid up Share Capital should be minimum.

Any applicant seeking to become an insurance broker under these regulations shall have a minimum paid up capital/contribution as mentioned below:


Sr No Particulars Capital Requirements  INR
1 Direct broker


Fifty Five lakhs


2 Reinsurance broker


Two hundred Ten lakhs


3 Composite broker


Two hundred and Seventy Five lakhs


  1. Qualifications of principal officer, eligibility of officers etc
  • the applicant has the necessary infrastructure, such as, adequate office space,

equipment and trained manpower to effectively discharge its activities;

  • the applicant has in their employment a minimum of two persons who have the

necessary qualifications specified in Schedule II and experience to conduct the business of

insurance broker and in case applicant has certain branch offices, one person per branch

office having the necessary qualifications specified in Schedule II of these regulations and

experience to conduct the business of insurance broker.

Note: In case the insurance broker intends to carry on life and general insurance business,

then at least one person each shall have relevant experience in life and general and necessary

qualifications specified in Schedule II of these regulations should be present in the company.

In case of exit of a qualified person from any of the branches, the charge can be given to

another qualified person on ad-hoc basis and the insurance broker shall take necessary steps

to appoint a suitably qualified person at the earliest possible time. However, such

arrangements need to be informed to the Authority. If an insurance broker fails to comply

with this condition in any of the branch offices under their control, they shall not carry any

business in that branch till such a person with necessary qualifications as specified in Schedule II of these regulations is appointed.

  • any person, directly or indirectly connected with the applicant, has, in the past,

been refused grant of a licence by the Authority

  • the principal officer of the applicant possesses the required qualification as

specified in Schedule II of these regulations. (The information required under          Annexure II-A of these regulations shall be submitted by Director(s)/      Shareholder(s)/Promoter(s)/Partner(s)/ Key Management Personnel, in addition to       Principal Officer of the applicant)

  • in the opinion of the Authority the Principal Officer of the applicant is suitable to be so appointed keeping in view his experience, preferably in the insurance sector.
  • the Principal Officer/Director(s)/Promoter(s)/Shareholder(s)/Partner(s)/Key

Management Personnel are Fit and Proper based on the statement in Annexure II-B of these regulations.

  • that the applicant is not engaged in any other business other than the main objects clause of the applicant;
  • the promoters/shareholders/partners of the applicant are of sound financial position to make investment in the applicant entity
  • Any employee responsible for soliciting and procuring insurance business on behalf on an insurance broker shall also have to fulfill the requirements mentioned in Schedule-II of these regulations and a list of such employees shall be provided to the Authority

Category Minimum Capital/Contribution (Rupees)fifty lakhs.

Query No 2: Further is it possible to have a LLP instead of a company

Reply: According to IRDARegulation,2013 Section 2 sub section I definition of Person includes : Company, Cooperative Society or LLP. Hence, Yes, LLP is eligible to apply for IRDA registration

Query No. 3: Does the name have to be indicative of the line of business etc ? Also please advise the clients list for whom you have arranged for insurance brokerage License in the past?

Reply to Query No. 3: Yes, Name should be indicative the nature of business activity clearly. e.g.  SAFE INSURANCE BROKERS PRIVATE LIMITED one of our client who is applying for IRDA and incorporated Company with this name.


  • Requirements IRDA Insurance Brokers License :
  1. Certificate of Incorporation issued by Registrar of Companies,
  2. Board Resolution for Authorization of Director to make an application,
  3. List of Directors & Shareholders with Details (Name, Address, DIN No., Contact No. No of Share )
  4. Form INC 7, INC 22 and DIR 12 or 32 Filed with ROC (or MCA Ministry of Corporate Affairs)
  5. List of Shareholders with share holding
  6. Demand Draft as per applicable (we will do the same)
  7. Memorandum of Association Company
  8. Articles of Association of the Company
  9. Address Proof of the Company (MCA Form 18 or INC 22)
  10. KYC details of all Directors and education proofs alongwith IRDA certification of any
  11. List of Key Employees or Key Managerial Personals
  12. Previous 3 years Income Tax Return (if any) (in your case Company is newly formed hence this is exempted – In our case its not required )
  13. Latest MSEB Bill or Telephone Bill of register office address
  14. List of Client if any
  15. Flowchart of Organisation Hierarchy Networking Chart
  16. Information regarding Proposed Business Activity


  • Services we provide :

We provide following services:-

  • Compilation of Documents
  • Applying for Insurance Broker License
  • Liasoning with IRDA Personnel & Others

  Professional Fees:

Professional fees for the assignment shall be discussed in meeting once verifying documents. plus Service Tax . Government fees and out of pocket expenses at actuals.

 For us clients are important and we are interested in always keeping long term relationship with our client.

 If any query please feel free to contact.

Thanking you and assuring best of our professional services.

Pramodkumar R. Ladda

Company Secretary& Corporate Consultant

We accept the above terms and conditions and authorize you to submit returns and documents with the government authorities on our behalf and also pay requisite filing and other fees and charges on our behalf.


 CS Pramodkumar R. Ladda 

Company Secretary

 Land line No. 020-24570055 

Office Cell Nos: 8624919609

Personal Cell No. 9922735476 / 9595271145

Skype id: pramodladda
OFFICE: 2nd Floor, OM  Apartment, SR. No. 496/B, Near KCC Classes,

Opp Kasba Peth Post office, Kasba Peth, Pune  411011



Along with Company Law we are also dealing in all types of Licensing, registrations and Liasoning services. Few areas in which we had already served to our clients are :

  1. Business Setup Services
  2. MPCB (Maharashtra Pollution Control Board) Consent To Establish
  3. MIDC (Maharashtra Industrial Development Corporation) Provisional
  4. Factory Inspector Approval
  5. Ministry of Environment and Forests (MOEF)
  6. Water Connection Sanction from MIDC
  7. MSEDCL (Power) Approval
  8. PESO (Petroleum and Explosive Safety Organization)
  9. CCOE (Chief Controller of Explosives) Approval
  10. Support for EIA (Environmental Impact Assessment) (EIA documentation by MITCON or other Authorities)
  11. MPCB Consent to Operate
  12. Any other statutory approval not indicated above
  13. MIDC (Maharashtra Industrial Development Corporation) approvals
  14. Fire (Petroleum and Explosive) Department approvals
  15. SEZ (Special Economic Zones)
  16. EOU (Export Oriented Units)
  17. STPI (Software Technology Park of India)
  18. PSARA License for Security Guard providing Agencies
  19. Hotel Setup and Subsidies
  20. Finding of land (especially in MIDC area) for Companies and do necessary things till allotment of land
  21. RBI (Reserve Bank of India) various permissions and compliances
  • Recently we arranged FFMC (Full Fledged Money Changer) license for Pune based Company where Company now Authorised to do business of Dollar or other foreign currency conversion against INR
  • FEMA (Foreign Exchange Management Act)
  • FDI (Foreign Direct Investment)
  • NBFC (Non Banking Financial Companies)
  • Private Banking license (recent one week announcement by RBI)