Section 7 in Insurance Regulatory and Development Authority of India (Insurance Web Aggregators) Regulations, 2017
7. Consideration of application for Insurance Web Aggregator.
(a)The Authority while considering an application for grant of a registration shall take into account, all matters relevant to carrying out the functions by the Insurance Web Aggregator.(b)Without prejudice to the above, the Authority in particular, shall take into account the following, namely: -(i)Fulfilment of eligibility conditions as given in Regulation 3 above(ii)Whether any of the Directors, Partners, the chief executive by whatever name called or managing director or Principal Officer, key management personnel, its officers or other employees is suffering from any of the disqualifications specified under sub-section (5) of section 42 D of the Insurance Act, 1938;(iii)Whether any person, directly or indirectly connected with the Applicant, has been refused in the past the grant of any license or registration by the Authority.Explanation. - For the purposes of this sub-clause, the expression "directly or indirectly connected" means in the case of a firm or a company or a body corporate, an associate, a subsidiary, or a group company of the Applicant. It is hereby clarified that these terms shall have the same meanings as ascribed to them in the Companies Act, 2013 (18 of 2013,) as amended from time to time or The Competition Act, 2002, as the case may be.(iv)whether the applicant fulfils the capital and net-worth requirements as specified in Regulation 8.(v)whether the principal officer and/ or authorised verifier has violated the code of conduct as specified in Form W (Code of Conduct for Insurance Web Aggregator) of Schedule VIII, as applicable, of these regulations vi) whether the Promoter(s)/Shareholders/Partners of the applicant are of sound financial position to make investment in the applicant entity.(vii)whether the authorised verifier engaged in tele-marketing activities for solicitation of insurance business on behalf of Insurance Web Aggregator fulfill the requirements mentioned in Form T (Sale of Insurance products by tele-marketing mode and other distance marketing activities of Insurance Web Aggregator) of Schedule VI of these regulations.(viii)whether the applicant has a designated website which can offer insurance web aggregation for insurance solicitation.(ix)whether the applicant has paid a fee of rupees twenty five thousand plus applicable taxes.
