An Insurance Broker can be defined as a person who organizes insurance business with insurers on behalf of prospective policyholders, or as a representative of a policyholder, and includes a reinsurance broker carrying on reinsurance brokering for an insurer.

The FSC shall only issue a license once an applicant provides the following documents and the FSC is sufficiently satisfied that all its requirements are met:

  1. Certificate of Incorporation;
  2. Constitution of the Company;
  3. Details of other licenses held
  4. Business Plan;
  5. CV of senior officers;
  6. The prescribed fee of Rs 10,000 being the registration fee and Rs 50,000 being the annual fee.