INSURANCE BROKERS SEEK LOWER MINIMUM CAPITAL REQUIREMENT
Insurance brokers are seeking a reduction
in minimum capital requirement for
securing a licence.
Currently, an insurance broker is required
to have a minimum capital base of Rs. 50
lakh while for a composite broker who
also does reinsurance business, should
have a higher limit of Rs. 2.5 crore. The
broking community contributes around
15 per cent of the non-life premium.
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