Under What Conditions IRDA Grants The Insurance Web Aggregator License

The Insurance Web Aggregator License

An insurance web aggregator license lets you establish a portal on which you can display insurance products of companies you have signed the agreement with. Visitors can come to your website, peruse through these insurance products or policies, compare between them and purchase the one that suits there requirement.

However, the IRDA license for insurance web aggregator isn’t just given to you after you merely file the application. You have to accept certain caveats and live by them. If you don’t, your registration is liable to get cancelled by the IRDA.

What are those caveats? In this blog, we are going to discuss under what conditions IRDA grants the Insurance Web Aggregator License in India.

Condition 1: Dealing in only specific insurance products

Those with IRDA web aggregator license are only allowed to sell and deal with specific insurance products. To know what products you can deal in, refer to regulation 26

Condition 2: Follow all the IRDA rules

When you hold the Insurance web aggregator license in India, you become bounded to the rules, regulations, circulars and guidelines of the IRDA. You must follow them at all times, even when they change on a periodical basis.

Conditions 3: Admit any mistakes made in the IRDA application

If you’ve obtained the IRDA license based on an application in which some of the information is somehow misleading or incorrect, you need to inform the Insurance Regulatory Development Authority about it.

Condition 4: Deal with complaints you receive within 14 days

As an insurance web aggregator, you’re obligated to deal with any customer grievances you receive within 14 days of receiving them. Additionally, at the end of every financial year, the IRDA should be informed about the number, nature, and solutions of those grievances.

Condition 5: Don’t try to put too many insurance policies

An insurance web aggregator doesn’t only have to display the insurance policies on his portal, he also has to manage them. Thus, if you get your hands on the IRDA license to act as one, you need to only procure and deal with insurance policies that you can handle satisfactorily.

Condition 6: Maintain the record of policies you’ve solicited

It’s your job to maintain the record in a manner specified by the IRDA of insurance policies that you’ve dealt with in that financial year. The record will entail the details of insurance policy, the customer and the insurer. Further, you should put such a record in your portal in a way that IRDA can inspect it whenever they are required to do so.

Condition 7: Abide by the code of conduct

As the head of the insurance web aggregation company, it’s your responsibility to see that every one of your personnel: the principle officers, the insurance specialist and other employees abide by the code of conduct applicable to them.

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Condition 8: Always be ready to entertain the IRDA officials

At random times, IRDA might appoint an investigator and send him to your premises. When they arrive, you should be ready to provide them access to your records, your operations and the backend of your portal.

Conclusion

If you want to retain you IRDA license, you better follow the above conditions. But if in case you have a hard time keeping up with them, you can contact us. We have always keep you inspection ready so that you don’t get the license, but also get to keep it.

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Interested in getting IRDA license? Do you know under what conditions IRDA lets you get the license to become insurance web aggregator? Reading this blog will tell you all that you need to know.