What are the compliance requirements for insurance broker companies under the new regulations?

The compliance requirements for insurance broker companies under the new regulations include:

1. Act Exclusively as Insurance Brokers:

Insurance brokers must act exclusively to perform the business of an insurance broker as allowed under IRDAI (Insurance Brokers) Regulations.

2. Compliance with IRDAI Regulations:

Insurance brokers must comply with the provisions of the Insurance Regulatory and Development Authority Act, 1999, and the Regulations, guidelines, circulars, and any other instructions issued thereunder by the Authority

3. Financial Statements:

Insurance brokers must prepare financial statements for every financial year, including a balance sheet or statement of affairs, profit and loss account, and statement of cash flow (direct method)

4. Certificate of Registration:

Insurance brokers must obtain a certificate of registration from the IRDAI, which is valid for three years from the date of issue.

5. Renewal of License:

Insurance brokers must apply for the renewal of their license 30 days before the expiry of the certificate and pay the applicable fees.

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