Renewal of licence :

A licence issued to an Insurance Broker is valid for 3 years unless suspended or cancelled before the expiry of the 3 year period. The licence shall be renewable for a further period of 3 years subject to the following conditions:

(a) Application for renewal has to be submitted 30 days in advance of the date of expiry of licence

(b) Additional fee of Rs.100 in case the application reaches after the 30 days but before the expiry of licence

(c) Additional fee of Rs.750 in case the application reaches after the expiry of the licence for valid reasons to the satisfaction of IRDA

(d) Principal Officer and every employee authorised to sell on behalf of the insurance broker to undergo 25 hours of theoretical and practical training by IRDA accredited training institutes