Insurance Broker is licensed by IRDA and arranges insurance contracts with insurers and/or reinsurers on behalf of his clients for a remuneration (from insurance company). He is an independent professional and is supposed to understand well the nuances of insurance business.

In India, prior to ‘IRDA (Insurance Brokers) Regulations, 2002’ notified in October’2002, brokers dealt with reinsurance business only and were not permitted to procure or solicit life insurance business. The relevant law was amended in September’2002. The said IRDA-Regulations provide for licensing of –
• ‘direct brokers’;
• ‘reinsurance brokers’; and
• ‘composite brokers’.

Pre-requisites for a candidate seeking Broker’s license include undergoing a100-hr training from an IRDA-approved institution and passing examination conducted by the National Insurance Academy. By the end of February’2007, IRDA had issued licenses to over 245 brokers.

RNIS College of Insurance is one of the IRDA-approved brokers’ training institutions and is proud to have trained the highest number of candidates in the country with a pass percentage of 95. We at RNIS also conduct the brokers’ training required for renewal of license.