Clarifications on Annual licence fee

• ~I~ 'lmfl~ ~, f.lf.1~11t¥ Jh: fcrifit« s11fi1¥<•1 •••• INSURANCE REGULATORY AND ir.lai DEVELOPMENT AUTHORITY OF INDIA IRDAI/BRK/MISC/CIR/oqs/06/2018 To The Principal Officers, All Insurance Brokers, Re : Clarifications on 25th June, 2018 a) Annual licence fee payable by license_d broking entities for the year 2017-18 b) Renewal Fee payable as per Reg 9 of IRDAI (Insurance Brokers ) Regulations, 2018 1. The Authority has been rece1vmg queries from the licensed brokers seeking clarification regarding amount of fee payable by the broker during the current financial year i.e.2018-19. 2. Attention is drawn to Reg. 9 of the IRDAI (Insurance Brokers) Regulations, 2018 introducing the new concept of renewal fee in place of annual licence fee. As you are aware renewal fee is payable while filing the application for renewal of Certificate of Registration. The same 1s payable for the validity period of the Certificate of Registration. 3. It is hereby clarified that all licensed brokers shall pay annual license fee for the year 2017-18 as per the procedure laid in Reg. 14 of IRDAI (Insurance Brokers) Regulations, 2013 and the amount shall be payable before 30th September. 4. As regards Renewal fee, it is clarified as follows 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. 35000 /- for Direct Brokers and Rs. 1,75,000/- for Composite Brokers. The brokers shall pay the Renewal Fee along with the Annual Licence Fee stated at point no. 3 . Contd .. ~<i'. 115/1 , ~ ~ . 111cfi(l~~s 1, ~ -500 032, 'qffif I Survey No. 115/1, Financial District, Nanakramguda, Hyderabad-500 032, India a) : +91-40-2020 4000 ffl'ITT" : www.irdai.gov.in a) : +91-40-2020 4000 Website : www.irdai.gov.in (2) c) The brokers, whose renewal of certificate of registration is due in 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 licence Fee stated at Point No.3. It is reiterated that the bank accounts designated for broking companies for making various payments are mentioned hereunder. S.No. Category of Bank A/ c number IFSC Code Name of Bank & payment Branch 1 Fees, etc 860120110000686 BKID0008601 Bank of India, Basheerbagh, Hyd 2 Penalty 860120110000682 BKID0008601 Bank of India, Basheerbagh, Hyd All the insurance broking companies are advised to furnish the details of remittances, invariably. as per the format given below to accounts@irda.gov.in and copy marked to brokers@irda.gov.in. The brokers, who have already made payments in the financial year 2018-19 are also requested to furnish the payment details. Name Type Nature of Amount Name Mode of Tr. No. Date of of the of the Transaction in Rs. of the Payment UTR No/ Transaction Entity entity Bank (DD/NEFT/ DD No. Branc RTGS) h Annual Fee Renewal Fee Ran~~~~ru Chief General Manager (Intermediaries)