An applicant for an insurance agent license will be liable to pay a processing fee of Rs 2,500 and once the license has been granted, the agent shall pay an annual fee of Rs 6,000.

The insurance company must ensure that the applicant has undergone training on the insurance products. The applicant should also issue a written undertaking to the FSC that the services they offer will be limited to insurance agency services.

The applicant must also have a physical registered office.