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:
- Certificate of Incorporation;
- Constitution of the Company;
- Details of other licenses held
- Business Plan;
- CV of senior officers;
- The prescribed fee of Rs 10,000 being the registration fee and Rs 50,000 being the annual fee.