Guidelines & Directives

Business Plan Guidelines for Intermediaries

Section 111 of Insurance Act, 2021 requires every insurance intermediary to submit its application for licence to the NIC accompanied with the prescribed documentation.

These guidelines are to provide guidance on the contents of business plans required (as prescribed documentation) to be submitted with applications for intermediary’s licence.

The guidelines shall be relevant for the following situations

1. Companies desirous of applying to the NIC for a new licence to carry on insurance broking, loss adjusting business and technical service providers.
2. Companies specifically directed by the NIC to submit a business plan.

Click to download the Business Plan Guidelines for insurers