Neo Risk Management & Insurance Brokers has received approval from India’s insurance regulator to operate as a composite insurance broker, the company CEO Nitin Mehta announced in a LinkedIn post.
The licence, granted by the Insurance Regulatory and Development Authority of India (IRDAI), allows Neo Risk to undertake direct insurance broking and reinsurance broking activities under a single registration, including for cross‑border transactions.
“This is an important milestone in our journey. It strengthens our ability to serve clients with a wider and more integrated range of risk management, direct broking and now reinsurance solutions — including cross‑border transactions,” Mehta said.
The Mumbai-based company was granted a direct broker license for life and general insurance in January 2024, according to IRDAI records.
Under IRDAI regulations, composite brokers are authorised to arrange both insurance and reinsurance business with insurers and reinsurers in India and overseas, and to provide associated risk management and claims advisory services.
The category represents the most comprehensive form of broking licence available under India’s insurance framework. A composite broker is subject to higher capital, governance and compliance requirements.
In March, IRDAI announced its plans to transition to a continuous registration model for insurance intermediaries in accordance with the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025, which came into effect on 5 February.
Under the revised framework, certificates granted to insurance intermediaries will remain valid indefinitely, subject to payment of an annual fee, until suspended or cancelled by the regulator.
