“Insurance Regulatory and Development Authority of India (Insurance Web Aggregators) Regulations, 2017” provide comprehensive guidelines for the registration, operation, and oversight of insurance web aggregators in India. Here’s a detailed summary:
General Provisions
Title and Commencement: Regulations titled as such, effective from the date of their publication in the Official Gazette.
Definitions: Key definitions include “Insurance Web Aggregator,” “Authorised Verifier,” “Lead,” “Lead Management System,” among others, providing clarity on the terms used throughout the regulations.
Registration of Insurance Web Aggregator
Eligibility and Application: Outlines eligibility criteria for registration, including the requirement to focus solely on web aggregation without engaging in other businesses or acting as another type of insurance intermediary.
Application Process: Details the process for application submission, including necessary documentation and fees.
Consideration and Grant of Certificate: The authority reviews applications based on compliance with stipulated conditions and overall suitability.
Operational Requirements
Lead Management: Regulations govern how leads are to be managed, ensuring that web aggregators appropriately handle and secure prospect information.
Telemarketing and Distance Marketing: Specific rules apply to activities conducted via telemarketing or other remote communication methods, including required training and certification for authorized verifiers.
Disclosure and Transparency: Web aggregators must provide clear information on insurance products, including terms and premiums, and are restricted from making misleading claims.
Compliance and Monitoring
Duties and Obligations: Enumerates the responsibilities of insurance web aggregators, including compliance with the established code of conduct and timely redressal of grievances.
Reporting Requirements: Aggregators must submit periodic reports on various operational aspects, such as lead generation and follow-up outcomes, to the authority.
Inspection and Information Request: The authority has the power to inspect and request detailed information from web aggregators to ensure compliance with regulations.
Renewal and Cancellation
Renewal of Registration: Details the process and requirements for renewal of registration, including submission timelines and necessary documentation.
Cancellation and Suspension: Provides grounds and procedures for the suspension or cancellation of a web aggregators’ registration if they fail to comply with regulations or engage in prohibited activities.
Miscellaneous
Corporate Governance: Requires a board-approved policy on the solicitation of insurance products, ensuring that operational practices meet governance standards.
Professional Indemacy Insurance: Mandates that all web aggregators maintain adequate professional indemnity insurance throughout their registration period.
These regulations ensure that insurance web aggregators operate in a transparent, responsible, and compliant manner, thereby protecting consumer interests and promoting fair competition within the insurance sector in India.
