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Insurance Broker License Services - Muds Management

Read about:<br>Overview of Insurance Broker License<br>Different Types of Insurance Brokers<br>Regulatory Laws for Insurance Broker Companies<br>Functions of a Composite Broker<br>Functions of a Direct Broker<br>Functions of a Reinsurance Broker<br>Documents Required<br>Procedure to get the Insurance Brokers License<br>Fee for Brokeru2019s License<br>MUDS OFFERS<br>MUDS SERVICES<br>https://muds.co.in/insurance-broker-license-services/

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Insurance Broker License Services - Muds Management

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  1. INSURANCE BROKER LICENSE SERVICES MUDS Management Pvt. Ltd.

  2. MUDS OFFERS 6 1 Getting the Insurance broker license from IRDA Help in getting IRDA’s in-principal approval for Insurance Broker License 5 2 Advisory on SOP and workflow of the new company Regular updates regarding compliance norms of IRDA 4 3 Applying in IRDA for registration of new Insurance broker company Compilation of all necessary documents for registration MUDS Management Pvt. Ltd.

  3. MUDS SERVICES Insurance Broker License Web Aggregator License Insurance Marketing Firm MUDS Management Pvt. Ltd.

  4. Overview of Insurance Broker License An insurance broker company guides people on choosing the right insurance product for their requirement and so, helps people in making the right financial decision. An insurance broker is kind of a middleman between the insurance company and the client requiring insurance. These insurance brokers assist people in buying the most appropriate insurance product according to their needs. MUDS Management Pvt. Ltd.

  5. Different Types of Insurance Brokers 01 02 03 Reinsurance Broker Composite Insurance Broker Direct Insurance Broker MUDS Management Pvt. Ltd.

  6. Regulatory Laws for Insurance Broker Companies The Insurance Regulatory Development Authority of India Act, 2018 The Insurance Regulatory Development Authority Act, 1999 MUDS Management Pvt. Ltd.

  7. Functions of a Composite Broker A Composite Broker can perform the functions of both the Reinsurance Broker and Direct Broker. MUDS Management Pvt. Ltd.

  8. Functions of a Direct Broker 01 02 03 Keeping track of all insurance products and businesses in the market. Devising risk retention strategy for customers and advising them about the appropriate insurance policy for them. Offering suitable quotations to clients about insurance policies. MUDS Management Pvt. Ltd.

  9. Functions of a Reinsurance Broker 01 02 04 03 Devising risk management strategy for the client and keeping records of the insurer’s business. Advising on matters related to reinsurance markets and other matters related to insurance covers. Maintain a database of available insurance markets with insolvency ratings of every insurer. Negotiating with the reinsurance company on behalf of the customer. MUDS Management Pvt. Ltd.

  10. Document Required Information about the principal officer should be filled in Form G schedule I. The officer must have passed the broker’s exam and had training. To be submitted with the form C of schedule I of the IRDAI (insurance brokers) rules 2018 A copy of Article of Association with Memorandum of Association. Form B needs to be filled to apply for the Insurance brokers license. 1 2 3 MUDS Management Pvt. Ltd.

  11. Document Required A declaration must be attached expressing that the PO, key administrative officers, and directors/partners are not excluded in the Insurance Act’s section 42 D. To be submitted with the form C of schedule I of the IRDAI (insurance brokers) rules 2018 Details of two qualified agents with their respective qualifications. All details of directors, partners, and other administrative personnel. 4 5 6 MUDS Management Pvt. Ltd.

  12. Document Required A copy of the resolution passed by the company’s board for promoting and investing in the company. To be submitted with the form C of schedule I of the IRDAI (insurance brokers) rules 2018 Copy of audited balance sheet and other details of the company. List of all shareholders and the details of principal bankers. 7 8 9 MUDS Management Pvt. Ltd.

  13. Documents Verification License Fee Payment Procedure to get the Insurance Brokers License Step 2 Step 1 Step 3 Step 4 Step 5 Issuing In-principal Approval to Company Issuance of Certificate of Company Registration Application Submission MUDS Management Pvt. Ltd.

  14. Fee for Broker’s License MUDS Management Pvt. Ltd.

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