Insurance Broking is a well-established, most vibrant and robust system which renders yeoman's service to insuring public in the developed countries since long. In India,
Insurance Broking came into existence in the year 2002 with the introduction of Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations 2002.
IRDAI issued ﬁrst lot of Broking Licences in 2003. As per Brokers Regulation, there are three main categories of Brokers, viz. Direct Brokers and Re-insurance Brokers and Composite Brokers,
with their functional areas and responsibilities clearly demarcated in the statute. The Regulation proposes that customer appoints a competent Insurance Broker of his choice to service
his insurance portfolio. Once an Insurance Brokerage ﬁrm is so mandated, they are required to render varied insurance related services to his clientsthroughout the period.