Section 22 in Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018
22. Net-worth requirements.
(1)The net-worth of an Insurance Broker shall at no time during the period of certificate of registration fall below:i. rupees fifty lakh for direct broker;ii. 50% of the minimum capital requirements or contribution or equivalent specified under Regulation 19(1) for reinsurance / composite broker.Explanation: For the purposes of these regulations, "net worth" shall have the meaning assigned to it in the Companies Act 2013 and as amended from to time.(2)In case of non-compliance of sub-regulation (1) above, the Insurance Broker shall immediately restore the net worth to the limits given in (1) above and report compliance of the same.(3)The Insurance Broker shall submit to the Authority a net worth certificate duly certified by an Auditor every half-year.
