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Insurance Web Aggregators are also known as Insurance Intermediaries. They are web aggregator or you may say a portal which gives a platform to various insurance products for its buying & selling.
They provide with a listing of products & enable comparison analysis through following criteria’s:
Supervision & Monitoring of a website for providing customer interface to the insurance prospects in order to have the in-house analysis of pricing, product information along with other related matters.
These Regulations are called the Insurance Regulatory and Development Authority of India (Insurance Web Aggregators) Regulations, 2017 which supersede the regulations issued in the year 2013. Also, fees norms according to this Insurance Regulatory and Development Authority of India (Payment of Commission or Remuneration or reward to insurance agents and insurance intermediaries) Regulations, 2016.
Any of the following can start working on modeling of an insurance web aggregator platform. It may be:
An applicant seeking Insurance Web Aggregator License should make an application to authority in Form ‘A’ of Schedule I of the concerned regulations. It should be accompanied by draft refundable fees of 10000/- payable in favor of IRDAI Hyderabad or by recognized electronic fund transfer to IRDAI. However, applicants wanting to indulge themselves for outsourcing & telemarketing functions shall mention the same separately.
The Certificate of Registration shall be valid for 3 years from issuance date unless the same is suspended or canceled.
Also Read: Insurance Web Aggregator Legal Support
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