IRDAI approved Insurance Agents
Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous body set up under the IRDA Act, 1999.
IRDAI’s Mission is to protect the interests of policyholders and to regulate and develop the insurance industry.
IRDAI’s Activities (a) Frames regulations for insurance industry in terms of Section 114A of the Insurance Act 1938 (b) From the year 2000 has registered new insurance companies in accordance with regulations (c) Monitors insurance sector activities for healthy development of the industry and protection of policyholders’ interests
“Insurance Broker” means a person who is a direct broker, a reinsurance broker or acomposite broker for the time being registered by the Authority, as the case may be, unless expressly stated to the contrary
“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 these regulations.
“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 re-insurers located in India and/or abroad; and/or provides claims consultancy, Risk Management services or other similar services, permitted under these regulations
“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 re-insurers located in India and/or abroad; and/or provides claims consultancy, Risk Management services or other similar services, permitted under these regulations.