To obtain a certificate of Registration or renewal of a certificate of Registration of the Insurance Web Aggregator, the applicant must ensure the fulfillment of the following conditions.
Businesses eligible for Aggregation operations
The Insurance Web Aggregator applicant must be a business entity as defined under the following regulations:
- Company under the Companies Act of 2013
- Limited Liability Partnership under the Limited Liability Partnership Act, 2008
- Any other person recognized by the IRDAI certificate acting as an Insurance Aggregator
Objects of the Memorandum
The Memorandum of Association of the company, coupled with other documents of the Insurance Web Aggregator applicant, must have the business of web aggregation of Insurance Products only as its primary object. The Insurance Web Aggregator license applicant must not engage in any other business other than the main object of the applicant.
Who cannot become an Insurance Web Aggregator?
The applicant must not appoint or register itself as the following:
- Insurance Agent
- Corporate Agent
- Microinsurance Agent
- TPA
- Surveyor and Loss Assessor
- Insurance Marketing Firm
- Other Insurance Intermediary under regulations by the Authority
The applicant Aggregator must not have any referral arrangement with any insurance company.
Merits of an Insurance Web Aggregator
An Insurance Web Aggregator license applicant or its group entities can be granted a certificate of Registration for insurance intermediation. But, an application for a web aggregator registration where any group entity of the applicant is already engaged in insurance intermediation will be considered on merits and with no conflict of interest.
Also Read: Company Registration
Insurance Web Aggregator’s Principal Officer
The Principal Officer of a Web Aggregator must possess the qualifications specified in the following points:
Bachelor’s or Master’s degree
In one of the following:
- Arts
- Science
- Social Sciences
- Commerce
- Engineering
- Law
- Management
- An equivalent from any of the recognized institutions or universities recognized by any State or the Central Government
Associate or Fellow
From one of the following Institute:
- Insurance Institute of India, Mumbai
- Post-graduate qualification from the Institute of Insurance and Risk Management, Hyderabad.
- Institute of Chartered Accountants of India, New Delhi
- Institute of Cost and Works Accountants of India, Kolkata
- Institute of Company Secretaries of India, New Delhi
- Institute of Actuaries of India
- Certified Associateship from the Indian Institute of Bankers, Mumbai
Also, any other qualification specified from time to time by the Authority under these Regulations. The P.O. (Principal Officer) of the Web Aggregator must have undergone training as well as passed the examination specified by the Authority.
Insurance Web Aggregator’s Executives’ Fit and Proper Criteria
All of the top executives of a Web Aggregator firm must fulfill the conditions in the FIT and PROPER criteria, such as:
- Principal Officer
- Director(s)
- Promoter(s)
- Shareholders
- Partners
- Key Management Personnel
The Authorized Verifier must undergo the prescribed training as well as pass the examination as specified by the Authority.
Case of Rejection(s)
The Authority must not have rejected the application for a grant of certificate of Registration. Or the application must not have been withdrawn for any reason during the preceding financial year from the date of application.
