Licentiate Examination - IC 14 - Regulation of Insurance Business Exam - Important Points
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Membership - Every insurance broker shall confirm that it is a member of the Insurance Brokers Association of India, There is no such mandatory provision for corporate agents / individual agents.
Cross Border Reinsurers (CBR)' means those reinsurers who do not have any physical presence in India and do reinsurance business with Indian insurance / reinsurance companies.
?Composite Insurance Agent? means an Insurance Agent who holds a licence to act as an insurance agent for a life insurer and a general insurer. Composite Insurance Agent?means an individual who is appointed as an insurance agent by two or more insurers subject to the condition that he/she shall not act as insurance agent for more than one life insurer, one general insurer, one health insurer and one of each of the mono-line insurers
The brokers? functions are wider in scope than the corporate / individual agents. It includes maintaining records, risk management and consultancy etc.
A licence once issued for an Insurance Broker is valid for 3 years.
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