Section 10 in The Insurance Regulatory And Development Authority (Insurance Brokers) Regulations, 2002
10. Requirements of capital .-(1) Any applicant seeking to become an insurance broker under these regulations should satisfy the following conditions:-
(i)it shall have a minimum amount of capital as mentioned below:Category Minimum amount (Rupees)(a)Direct broker fifty lakhs(b)Reinsurance broker two hundred lakhs(c)Composite broker two hundred and fifty lakhs(ii)the capital in the case of a company limited by shares and a co-operative society shall be in the form of equity shares;(iii)the capital in the case of other applications shall be brought in cash;(iv)the applicant shall exclusively carry on the business of an insurance broker as licensed under these regulations.(2)No part of the capital of an applicant shall be held by a non-Indian interest beyond 26% at any time. For the purposes of these regulations, the calculations of non-Indian interest shall be made in the same manner as specified in Insurance Regulatory and Development Authority (Registration of Indian Insurance Companies) Regulations, 2000 for an insurer.
