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The provisions of Companies Act and Insurance Act govern the concept of Insurance Web Aggregator in India. Further, a company must obtain an Insurance Web Aggregator License from the Insurance Department (IRDAI) in order to be able to operate as an Insurance Web Aggregator. There are various other compliances for them, scroll down to know more.
Insurance Web Aggregators collect, compile and extend information regarding various insurance policies of different companies on a website. They act as an intermediary between insurance company and people who seek insurance policies.
They are a business entity that maintains a website providing information on various insurance policies provided by different insurance companies. They are primarily regulated by the IRDAI[1] (Insurance Web Aggregators) Regulations 2017.
Moreover, they collect data on different policies of insurance companies and upload the same on a single online portal. People desiring an insurance policy may visit this portal and compare the products, prices and other details offered by insurance companies and then make a choice.
The capital requirements to be fulfilled are as follows:
The following net worth requirements should be met by the applicant:
The applicant should adhere to the following conditions:
The Web Aggregator shall-
The Web Aggregator shall not-
Information compiled and collected by the Insurance Web Aggregator is uploaded on the online portal to ensure that the consumers who are looking for insurance could easily access it. Further, all pre and post compliances must be strictly followed by all Insurance web Aggregator in India.
Read our article:What are the Major Differences between General Insurance Brokers and Web Aggregators?
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