Overview

The web aggregator is an insurance intermediary that maintains a site that controls insurance possibilities for price correlation and data for products from various insurance companies and other related issues. Insurance Web Aggregator License is issued by IRDAI.

The functions of web aggregators are governed by the Insurance Regulatory and Development Authority of India (Insurance Web Aggregators) Regulations, 2017.

Important Terminology

• Authorized Verifier

  A web aggregator or a person working under insurance or a tele-advertiser with the ultimate goal of insurance sales and acquisitions through telemarketing and distance marketing modes, and who has prepared and experienced through the exam set by IRDAI ;

• Remote Marketing

  It follows the process of offering insurance items without the physical presence of the customer, and this process is cultivated through phone or short message service (SMS) or email or other Internet or web administrations;

• Key Management Personnel

  Under these guidelines, KMP means Chief Executive Officer (CEO), Chief Operating Officer (COO), Chief Marketing Officer (CMO), Chief Financial Officer (CFO), Chief - Technical, Chief – IT;

• lead

  It talks about identifying data with a person who has access to an insurance web aggregator's site and presented some contact data on obtaining data on the cost or features or benefits of various insurance items is;

• Lead Management System

  In this process, the Registered Insurance Web Aggregator implements the software for recording, filtering, validating, grading, dispensing, follow up and conclusion activities of leads from inquiries received on the Insurance Web Aggregator's site;

• Principal Officer

  He / she is responsible for the normal functioning of the web aggregator and can be a director / shareholder / promoter and so on.

Eligibility Criteria for Certificate of Registration of Insurance Web Aggregator License

• The primary thing to consider is that the candidate will fall under the criteria of the individual, which means that the candidate will either be a company registered under the Companies Act, 2013 or an LLP will be prepared under the LLP Act, 2008;
• The article provision included in the Memorandum of Association of the proposed web aggregator organization shall have the business of web aggregation of an insurance product such as its original item;
• Non-inclusive in some business other than the case of the conservation web aggregator;
• The candidate shall not be a corporate expert, insurance operator, small scale insurance operator, appraiser, or unfortunate appraiser, insurance advertiser or some other insurance middle man enlisted with IRDAI;
• No referral agreement should be common between the insurer and the candidate;
• The candidate must have a designated site available to conduct the activities of the insurance web aggregator;
• Must be a designated head officer, who must meet the minimum prescribed qualification and have experienced significant training and have passed the prescribed online examination;
• No application for web aggregator applied by the candidate will be rejected by the Authority in the preceding financial year.

The conditions on which the license has been issued are

• The insurance web aggregator license company is involved in requesting insurance products as provided in law.
• All elements that are registered as web insurance aggregator must comply with all rules and regulations, information and information by the authority;
• Any huge change in the material data gave to the authority will be timely reported;
• A mechanism for proper redressal of clients’ complaints is present. The grievances are heard within 14 days of receiving the complaint.
• A satisfactory system is available for properly maintaining of the records of the insurance policies solicited;
• A legitimate consistence set of principles will be given by the web aggregators to their Directors, Promoters, Shareholders and so forth.

Scope of activities of Insurance Web Aggregator

The security web aggregator, possessing an adequate certificate of registration, shall be aware of at least the simultaneous practice:

• Display of item correlations on site;
• Transmission of signals for back up schemes; Propose security on the web;
• Protection offered by telemarketing mode or some other computerized advertising mode.

Procedure for grant of registration

• Registration shall be permitted by the Authority in accordance with the registration form (e) of Schedule I of these certificates, covering the requirements referenced in these guidelines and covering the interest of the policyholders. .
• If for any reason the authentication of registration is omitted or rejected by the authority or reinstated, the candidate will apply / give a fresh application after one year from the successful date of such return. Dismiss or dismissal of registration renewal.

Renewal of registration

• An application for reinstatement shall be made at any rate 30 days before the end of the period for which the permit is being granted by the Authority;
• The application for reinstatement will be included in the charges of INR 25,000 and will expire in all cases and must be lodged with all the necessary archives;
• Without adequate support of enforcement granted by the authority, no insurance web aggregator is allowed to carry out the elements of an insurance web aggregator.

Application for grant of registration as a web aggregator

• The application form, which is complete in all respects, will be made in Form N of Schedule-I of the IRDA (Web Aggregator) Regulations, 2017;
• The application will be made with non-refundable expenses of Rs.10,000 / -, either paid by law for demand draft or by electronic exchange of funds in kind to the Insurance Regulatory and Development Authority of India.

Capital requirements

• Any candidate who is looking for recruitment under the IRDA (Web Aggregator) Regulations, 2017, will be net entertainer of total assets / dispose of capital of INR twenty five lakhs.
• If the proposed insurance web aggregator is an organization nominated under the Companies Act, 2013, the capital will be given and purchased as equity shares.
• If an LLP incident should occur, the commitment of the partners would be in the form of money;
• Shares shall not be sworn in any form or manner to ensure credit or any other office and will be unchanged on all occasions.

Net Worth Requirements

• Once a certificate of registration is issued, the total assets of an insurance web aggregator will not fall below 100% of the minimum capital prerequisites;
• Its total asset status will be viewed by each insurance web aggregator on 30 September every half year and on 31 March each year.
• A net worth certificate properly confirmed by a Chartered Accountant will be presented to the Authority every year after the closing of the books of records.

Remuneration sent by insurance web aggregator

• No expenditure will be chargeable for the transmission of leads from the security web aggregator to the safety net provider;
• A level fee of not exceeding fifty thousand per year is payable by the insurance web aggregator towards each item shown in the outline of its web examination.
• Some other fees submitted by the Authority

Rejection of application for registration

Applications seeking grant of registration as insurance web aggregators will be rejected by the Authority simultaneously:

• fragmented or informal data;
• Inability to present data within 30 days of receipt of data by the authority. In such a case, the application would be treated as non-accommodation as it was.

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