Insurance and intermediaries

Identify the authorised role

Distinguish underwriting insurance from broking, corporate agency, web aggregation, claims support and technology supply. Record who solicits business, explains the product, receives information and services the policy. Company incorporation does not authorise every form of insurance intermediation.

IRDAI provides separate information for brokers and corporate agents. Assess the current category-specific regulations, amendments and registration conditions for the proposed scope rather than applying one intermediary checklist to every business.

Connect customer communications to the policy record

Preserve the proposal, approved product information, customer instructions, insurer correspondence and issued policy details. Keep changes, renewals and cancellations traceable to the relevant policy. Marketing and service communications should accurately describe the intermediary’s role and avoid promising a claim outcome.

Assign complaints and servicing requests to named owners with escalation routes. A claims-support engagement should specify what assistance is provided and who makes the coverage and settlement decision.

Reconcile revenue and policy movements

• Insurer statements matched to policy-level commission or remuneration records.
• Cancellations, refunds, reversals and clawbacks linked to the original transaction.
• Receivables and settlement differences reviewed with supporting correspondence.
• Applicable tax and withholding entries reconciled to invoices and certificates.
• Client-related money, where permitted to be handled, controlled separately under the applicable arrangements.

Maintain people and access controls

Keep evidence of the qualifications, training and appointments required for the actual category and function. Review branch, employee and outsourced-vendor access to customer information. Health, identity and claims documents need controlled collection, sharing and retention, including clear handover when a vendor relationship ends.

Example: a cancelled policy after commission receipt

If a policy is cancelled after remuneration has been received, preserve the cancellation evidence, insurer adjustment and recovery calculation. Reconcile the reversal in the accounts rather than leaving the original commission as unexplained revenue. Keep the customer refund and intermediary remuneration adjustment distinct.

Define support and regulated services

Kosha can support accounting, corporate records, tax reconciliations and document coordination. Insurance solicitation, broking, underwriting, actuarial work and regulated claims functions require the relevant authorised scope and specialists. This page does not represent Kosha as an insurer or insurance intermediary.

Prepare the insurer statement handover

For bookkeeping and monthly-close support, bring the insurer statements, policy-reference register, bank receipts and previous reconciliation. Identify the period covered by each statement and keep later adjustments linked to the original reference.

Use an exception list for entries that cannot yet be matched: missing policy references, disputed commission calculations, reversals and receipts covering several statements. Give each exception an owner and retain the insurer’s response. A bank receipt confirms a cash movement; it does not explain the policy-level allocation on its own.

Share only the information needed for the reconciliation. Keep medical evidence and detailed claim files outside a routine accounting handover unless the agreed assignment specifically requires them. This makes the record easier to reconcile while keeping access appropriate to the task.