Insurance brokers to alter their names

28 May 2007

Chennai: The Insurance Regulatory and Development Authority (IRDA) has directed all the licensed broking companies to suffix the words `Insurance Broker'', `Insurance Brokers'' to their name in order to distinguish themselves from the unlicensed entities like insurance consultants, risk managers.

According to an IRDA directive, brokers have to submit a proof of name change application filed with the Registrar of Companies and later the new Certificate of Incorporation.

Insurance brokers applying for a broking license for the first time, have to comply with specific stipulations. (See details)

After fulfilling the stipulated requirements, applicants are required to appear before IRDA for a presentation of its business plan in connection with the application.

Stipulations for a broking licence

Insurance brokers applying for a broking license for the first time, must comply with following requirements prescribed by the Insurance Regulatory and Development Authority (IRDA):