“Insurance Broker” means a person who is a direct broker, a reinsurance broker or a composite broker for the time being registered by the Authority, as the case may be, unless expressly stated to the contrary.
Categories of insurance broker:
There are five categories of insurance broker which are
- Direct Broker (Life),
- Direct Broker (General),
- Direct Broker (Life & General),
- Reinsurance Broker and
- Composite Broker.
“Direct Broker” means an Insurance Broker, registered by the Authority, who for a remuneration and/or a Fee, solicits and arranges insurance business for its clients with insurers located in India and/or provides claims consultancy, Risk Management services or other similar services, permitted under Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018.
“Reinsurance Broker” means an Insurance Broker, registered by the Authority who for a remuneration and/or a Fee, solicits and arranges re-insurance for its clients with insurers and/or reinsurers located in India and/or abroad; and/or provides claims consultancy, Risk Management services or other similar services, permitted under Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018.
“Composite Broker” means an Insurance Broker, registered by the Authority who for a remuneration and/or a fee, solicits and arranges insurance and/or re-insurance for its clients with insurers and/or reinsurers located in India and/or abroad; and/or provides claims consultancy, Risk Management services or other similar services, permitted under Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018.
Key persons :
“Broker Qualified Person” means an individual who is an employee or director of the insurance broker engaged in solicitation and procurement of insurance business and who has undergone training and passed the examination specified for them;
“Key Management Person” includes Chief Executive Officer, Chief Marketing Officer, Chief Finance Officer, Chief Technical Officer/ Head-IT, Head-Reinsurance and Compliance Officer:;
“Person”means─ (i) A company formed under the Companies Act, 2013 (18 of 2013); or (ii) A co-operative society registered under the Co-operative Societies Act, 1912 or under any law for the registration of co-operative societies; or (iii)A limited liability partnership formed under the Limited Liability Partnership Act, 2008(6 of 2009) with no partner being a non-resident entity/ person resident outside India as defined in clause(w) of section 2 of the Foreign Exchange Management Act, 1999(42 of 1999) (FEMA), and not being a foreign limited liability partnership registered thereunder; or (iv) Any other person as may be recognized by the Authority to act as an insurance broker;
“Principal Officer” means – an officer in an executive role designated as such for the purpose of performing the duties and responsibilities as specified in these regulations to carry out 3 the functions of an insurance broker and who shall be the chief executive officer or a whole-time director or managing director, managing partner or a managing trustee or such individual appointed / engaged exclusively to carry out the functions of an insurance broker;
