IRDAI clarifies about Annual License Fees and Renewal Fees payable by Broker

Jun 27, 2018 | by Avantis RegTech Legal Research Team


 

The Insurance Regulatory and Development Authority of India (IRDAI) vide circular dated June 25, 2018 has clarified the following:

        I.            Annual License Fee- All licensed brokers shall pay annual license fee for the year 2017-18 as per the procedure laid in Regulation 4 of IRDAI (lnsurance Brokers) Regulations, 2013 and the amount shall be payable before 30th September.

 

      II.            Renewal Fee:

a.       Those brokers, whose certificate of registration is due for renewal during the financial year 2018-19 shall pay renewal fee at the time of filing renewal application. The renewal fee shall be Rs. 1,00,000/- for Direct Brokers, Rs. 3,00,000/- for Reinsurance Brokers and Rs.5,00,000- for Composite Brokers

 

b.      Those brokers whose renewal of certificate of registration is due in 2019- 20, the renewal fee shall be Rs. 35,000l- for Direct Brokers and Rs. 1,7s,000l- for Composite Brokers. The brokers shall pay the Renewal Fee along with the Annual License Fee.

c.       The brokers, whose renewal of certificate of registration is due on 2020-21, the Direct Brokers shall pay Rs. 75,000|-, Composite brokers Rs. 3,50,000/- and Reinsurance Brokers Rs. 2,00,000/- respectively along with the Annual  license Fee

 

[IRDAI/BRK/ MISC/CIR/098/06/2018]

URL: https://www.irdai.gov.in/ADMINCMS/cms/Circulars_Layout.aspx?page=PageNo3488

 


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