Regulatory warning: Insurance broking needs an IRDAI licence with prescribed minimum capital (currently ₹75 lakh for a direct broker, higher for composite). MCA rejects any insurance object that omits the IRDAI qualifier. Decide upfront between the broker route and the corporate-agent route — IRDAI does not allow both simultaneously.

Main Object Clauses

  1. To carry on the business of insurance broking, including soliciting and procuring life insurance, general insurance and health insurance business and servicing policyholders, subject to licence from the Insurance Regulatory and Development Authority of India.
  2. To provide insurance advisory, risk assessment, claims assistance and policy servicing support to individual and corporate clients.
  3. To act as a corporate agent or insurance marketing firm for insurance products, subject to applicable IRDAI regulations.
  4. To develop digital platforms for insurance comparison, policy management and claims tracking incidental to the broking business.

NIC Code: 65/66 — Insurance and activities auxiliary to insurance

Related Licences & Registrations

  • IRDAI insurance broker licence: mandatory — direct, composite or reinsurance broker categories, each with minimum capital and net-worth norms.
  • Corporate agent registration: a lighter alternative tied to specific insurers, also IRDAI-regulated; you cannot hold both a broker licence and a corporate agency simultaneously.
  • GST registration: brokerage commission is taxable under GST.
  • Shops & Establishments registration: for branch offices.

ROC Filing Notes

  • ‘Insurance broking’ without the IRDAI qualifier is an automatic MCA rejection. The qualifier is non-negotiable.
  • Never use ‘insurance company’ or ‘underwriting’ language. Brokers do not underwrite risk — MCA treats underwriting wording as a different, far more heavily regulated business.
  • If you plan both broking and corporate agency, pick one route in the MOA. IRDAI does not permit holding both at the same time.