Section 22 in The Insurance Regulatory And Development Authority (Insurance Brokers) Regulations, 2002
22. Deposit requirements .-(1) Every insurance broker shall before the commencement of his business, deposit and keep deposited with any scheduled bank a sum equivalent to 20% of the initial capital in fixed deposit, which shall not be released to him unless the prior permission of the Authority is obtained:
Provided that the Authority may impose a separate limit of deposit, in any case not exceeding rupees one hundred lakhs, for a person covered by regulation 2(1)(j)(v).(2)Every insurance broker shall furnish to the Authority as and when called upon to do so a statement certified by the Bank in which such fixed deposit is kept.
