Insurance Web Aggregator Compliances

Your permit is valid for three years from its registration and requires renewal between 30 and 90 days in advance of its expiration. Avoid fines that would cost you INR 100/per day for delay in renewal post-expiration by partnering with Enterslice for insurance web aggregator compliances.

Basically, you act as an intermediary between an insurance company and consumers. You can generate leads, provide a platform for various policy comparisons, facilitate sales via your channel, telemarketing, provide renewal, and client support.

Yes, you can sell policy products, such as general, life, and medical, through your platform to consumers in India. All you have to do is either register for a company or an LLP with a paid-up capital of INR 25 lakhs (maintain a positive net worth) throughout and appoint a principal officer for compliance with qualifications.

Yes, under the insurance web aggregator compliances, you will have to undergo an annual audit for your lead management systems, tech infrastructure, and financial books of accounts.

Have a look at the records an insurance web aggregator must maintain under insurance web aggregator compliances in India-

• KYC of your clients as per AML laws,
• List of all agents as per policies.
• Register of grievance.
• Full documentation of all leads.
• Policies on lead generation, tie-ups, and product servicing.
• Financial statements, balance sheets, profit and loss accounts, tax slips, and return filings.
• Remuneration received for policy conversions and outsourcing activities.

You cannot post:

• Biased content
• Policy rankings
• Advertisements

As an insurance web aggregator, you have to follow a simple process of policy comparison charts, so the end-users can make the right decision as per their requirements.
You will also have to display a notice on your website about the ownership of the displayed information on your platform, with their details. Also, you cannot engage in any other business outside the scope of your license.

Absolutely, strict adherence to data privacy and cybersecurity compliance is important because, as an insurance web aggregator, you are collecting sensitive financial data at the time of the policy distribution process. You will need to make strong cybersecurity policies, the DPDP Act, data localization, encryption, and IS audits.
If you are outsourcing tech, then you must update agreements with your service providing partners.

You will need to submit half-yearly returns and annual financial submissions with IRDAI for insurance web aggregator compliances. Net worth certificate, principal officer’s compliance statement, and records of electronic documents.

Yes, you can get up to 100% foreign direct investment for your insurance web aggregator business, given that you satisfy all the requirements of the IRDAI and are subject to final verification by the latter.

You should have at least INR 25 lakhs at all times during your operations. Also, you cannot use the said capital as a pledge to secure loans and credits. If you are a company, it should be issued and subscribed as equity shares, and in the case of an LLP, then it should be shown as partners' contribution.

Ideally, you should just start the process within 30 to 60 days before your current one expires. Make sure to file the Form F with important paperwork and renewal fees of INR 25,000.
Also, you can renew it post-expiry, then you will have to pay the INR 100 per day late fees if you are late by 30 days, and INR 750 additional fees if you’re delayed by 60 days after expiration.

Company's incorporation certificate, PAN, GST, IRDAI’s registration certificate, net worth details, shareholding pattern of the company, KYC of all directors, partners, and promoters, financial statements, information on the principal officer, insurer agreements, website and mobile app details, compliance policies, previous audit reports, customer grievance records, and cybersecurity documentation.

The principal officer will have to pass the IRDAI web aggregator certification examination and complete the mandatory 50-hour theory and practical training program in order to be qualified to be employed as a primary compliance officer.