Section 3 in Insurance Regulatory and Development Authority of India (Insurance Web Aggregators) Regulations, 2017
3. Eligibility criteria for certificate of registration of the Insurance Web Aggregator.
- a. For the grant of certificate of registration or renewal of certificate of registration of the Insurance Web Aggregator, the applicant shall ensure the fulfilment of the conditions including but not limited to the following:i. The applicant is a person as defined under regulation 2 (k).ii. The Memorandum of Association of the company or such other documents of applicant shall have the business of web aggregation of Insurance Products only as its main object.iii. The applicant is not engaged in any other business other than the main object (Web Aggregation of Insurance Products) of the applicant;iv. The applicant is not appointed/registered as an insurance agent, corporate agent, micro-insurance agent, TPA, surveyor and loss assessor, insurance marketing firm or any other Insurance Intermediary under the relevant Regulations framed by the Authority.v. The applicant shall not have a referral arrangement with an Insurer.vi. An applicant or its group entities ordinarily may be granted only one certificate of registration for insurance intermediation. However, an application for an insurance Web Aggregator registration where any group entity of the applicant is already engaged in insurance intermediation shall be considered on merits and with no conflict of interest.Note. - For the purposes of these regulations, the definition of "group" shall have the same meaning as defined under Insurance Regulatory and Development Authority of India (Investment) Regulations, 2016 as amended from time to time, any other direction issued in this regard by the Authority.vii. The applicant has a designated website to undertake insurance web aggregation for insurance solicitation.viii. The Principal Officer possesses the qualification as specified in Form C (Eligible educational qualifications for Principal Officer) of Schedule I.ix. The Principal Officer of the Insurance Web Aggregator has undergone training and passed the examination as may be specified by the Authority.x. The Principal Officer/Directors/Promoter(s)/Shareholders/Partners/Key Management Personnel fulfil the conditions in the FIT and PROPER criteria as specified in Form D (Particulars of Principal Officer/ Directors/ Partners/ Promoters/ Shareholders/ Key Management Personnel) of Schedule I.xi. The Authorised Verifier has undergone the prescribed training and passed the examination as specified by the Authority under para 8 of Form-T under Schedule VI.xii. The Insurance Web Aggregator has not violated the obligations as specified in Form V (Obligations of Insurance Web Aggregators) of Schedule VIII and the code of conduct as specified in Form W (Code of Conduct for Insurance Web Aggregator) of Schedule VIII to these regulations.xiii. The Authority has not rejected the application for grant of certificate of registration or the applicant has withdrawn the application for any reason at any time during the preceding financial year from the date of application.xiv. The foreign investor or Indian Promoter of the existing venture have exited for any reason at any time during the preceding two financial years from the date of application:Provided the Authority, considering the interests of the policyholders and overall growth and development of the insurance sector, may relax the condition of two year waiting to such time as it may so specify.xv. The Authority is of the opinion that the grant of certificate of registration shall be in the interest of policyholders.
