How to Get Insurance Broker License in India: A Complete Step-by-Step Guide

The IRDAI IMF Guidelines are an important factor in determining the functioning of Individual Marketing Firms (IMFs) in the Indian insurance market. The guidelines were introduced by the Insurance Regulatory and Development Authority of India (IRDAI) to enhance transparency, professionalism, and consumer protection, in addition to increasing the penetration of insurance in India. It is important for those who want to become insurance advisors, IMFs, and insurers to be aware of these guidelines. What Are IRDAI IMF Guidelines? The IRDAI IMF Guidelines provide the framework in which Individual Marketing Firms can operate as licensed entities that distribute insurance products. IMFs are intermediaries that enable several insurance advisors to operate as one registered firm, thus providing a regulated channel for insurance distribution. The guidelines provide the criteria for eligibility, licensing, and operation of the IMFs to ensure that there is ethical selling and a customer-centric ap...

Entering this insurance environment in India is a promising and lucrative opportunity, and it is not without stringent government rules and regulations. Any organization before entering this field as an insurer, broker, agent, and online insurance platform is mandatory to obtain clearance from the Insurance Regulatory and Development Authority of India . "Understanding the IRDAI Licensing Procedure and Fees: Full Cost Breakdown (2025 Update)" goes a long way towards ensuring that companies are better prepared before embarking on the process of obtaining an IRDAI license. Understanding the IRDAI Licensing Process IRDAI operates in a channelized manner to ensure that financially stable entities alone get the chance to enter the sector after meeting the required standards. The authority examines the applicants on various criteria such as financial stability, operational viability, management, and technological expertise. Although license requirements are business model-dependent...