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Insurance Web Aggregator License

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Insurance Web Aggregator

The web aggregator is Insurance Intermediate, which maintains a website that provides an interface to insurance prospects for price comparison and data on products of distinct insurers and other related issues.

The operations of the IRDA (Web Aggregators) are regulated by the Insurance Regulatory and Development Authority of India (Insurance Web Aggregators) Regulations, 2017.

Eligibility criteria for registration certificate of the Insurance Web Aggregator:

  • The applicant shall be a person, which includes:
  • A company formed under the Companies Act, 2013 (18 of 2013); or
  • A LLP formed under the Limited Liability Partnership Act, 2008;
  • Any other person authorized by the Authority to act as an Insurance Web Aggregator;
  • In the case of a Company, the Memorandum of Association, shall have the main purpose of carrying out the business of web-aggregation of Insurance products;
  • The applicant shall not participate in any operation other than the main object, i.e. the web aggregation of insurance products.
  • The principal officer shall have the required qualifications and shall pass the examination of the insurance web aggregator as specified by the Authority;
  • Such other conditions as may be imposed by the Authority

Application for the permit of registration as Web Aggregator:

  • Application for registration absolute in all respects shall be made in Form A of Schedule I of the IRDA (Web Aggregator) Regulations, 2017;
  • The application shall be made in accordance with the non-refundable charges of INR 10,000/- paid either by way of Demand Draft or through an electronic transfer of funds in favor of the Insurance Regulatory and Development Authority of India.

Capital Requirements

  • Every applicant applying for registration under the IRDA (Web Aggregator) Regulations, 2017 shall have at least net worth/paid-up capital of INR 25 lakhs.
  • The capital shall be issued and subscribed in the form of equity shares in case when the potential insurance web aggregator is a company registered under the Companies Act.
  • The contribution of the partners shall be in cash only in the case of LLP;
  • Shares shall not be pledged in any form or manner to obtain credit or any other facility and shall be unburdened at any period.

Requirements of Net Worth

  • After the certificate of registration has been issued, the net value of the Insurance Web Aggregator shall not descend below 100% of the minimum capital requirements at any time.
  • Each Insurance Web Aggregator must review the status of its net worth each half-year as of 30th September and every year on 31st March.
  • The Net worth certificate duly accredited by the Chartered Accountant shall be submitted to the Authority every year after the completion of the books of accounts.

Process of the grant of Registration

  • The Certificate of Registration will be issued by the Authority in accordance with the Form E (Certificate of Registration) of Schedule I of these Regulations on being satisfied with fulfillment of the requirements mentioned in these regulations and the covering of the interest of the policyholders.
  • In the event of the certificate of registration is canceled/surrendered or renewal dismissed by the Authority for any of the purposes, the applicant shall make a new application only after one year from the date of cancellation/ surrender or rejection of renewal of registration.

Validity of the Certificate of Registration

The certificate is valid for a timeframe of 3 years from the date of issue unless it is canceled or suspended.

Rejection of application for registration

For the following reasons, the Authority shall reject the application for registration as insurance web aggregators:

  • Incomplete or improper data;
  • Failure to provide the Authority's requested information within 30 days of receiving the information. In such cases, the application will only be deemed to be non-submission.

Renewal of the application for registration

  • The renewal application shall be submitted at least 30 days before the expiry of the period for which the license granted by the Authority;
  • The renewal application is followed by INR 25,000 fees and must be complete in all respects and should be filed together with all the required documents;
  • No Web Insurance Aggregator may perform the functions of the Web Insurance Aggregator without a valid registration certificate from the Authority.

Tasks of an insurance web aggregator

 Holding a valid registration certificate, the insurance web aggregator shall carry one or more of the following activities:

  • Showcasing the product comparisons on the website;
  • Transferal of leads to the insurers ;
  • Online sale of the insurance;
  • Sale of insurance through telemarketing mode or any other digital marketing mode.

Remuneration received by insurance web aggregator

  • No fees shall be charged for the transmission of leads from the insurance web aggregator to the insurer;
  • A flat fee of not exceeding Fifty thousand per year towards each product displayed by the Insurance Web Aggregator in the comparison charts of its web is payable to him.
  • He shall be liable for a flat fee not exceeding Fifty thousand per year for each product shown by the Insurance Web Aggregator in the comparison charts of its web.
  • Any other fees as charged by the Authority.
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