Section 24(4) in The Insurance Regulatory And Development Authority (Insurance Brokers) Regulations, 2002
(4)Limit of indemnity for any one claim and in the aggregate for the year in the case of insurance brokers shall be as follows:-Category of insurance Limit of indemnitybroker(a)Direct broker three times remuneration received at the end of every financial year subject to a minimum limit of rupees fifty lakhs(b)Reinsurance broker three times remuneration received at the end of every financial year subject to a minimum limit of rupees two crores and fifty lakhs(c)Composite broker three times remuneration received at the end of every financial year subject to a minimum limit of rupees five crores
