Section 23(1) in Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018
(1)Every insurance broker shall before the commencement of their business, deposit and keep deposited with any scheduled bank a sum equivalent to:i. rupees ten lakhs for direct broker.ii. 10% of the minimum capital/ contribution specified under Regulation 19(1) for reinsurance / composite broker in fixed deposit, which shall not be released to them without the prior written permission of the Authority :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)(m)(iv).
