Section 41 in Insurance Regulatory and Development Authority of India (Insurance Web Aggregators) Regulations, 2017
41. Repeal and Savings.
- i. Every Insurance Web Aggregator granted Certificate of Registration for acting as a Web Aggregator under the earlier regulations shall be valid under these regulations.ii. Every Insurance Web- Aggregator granted Certificate of Registration for acting as a Web Aggregator shall ensure compliance of the provisions relating to paid-up equity capital and net-worth requirements within a period of one year from the date of issue of these regulations and other requirements specified in these regulations within six months from the date of issue of these regulations.[***] [Omitted '(iii)' by Notification No. F. No. IRDAI/Reg/13/164/2019, dated 30.10.2019.]iv. However, the Authority may, on an application made to it by an existing Web Aggregator, for valid reasons, grant a further period of six months time to comply with the above Regulation, provided that the total time taken by an existing insurance Web Aggregator to comply with sub-regulation (iii) above does not extend beyond eighteen months from the date of issue of such norms.[***] [Omitted '(v)' by Notification No. F. No. IRDAI/Reg/13/164/2019, dated 30.10.2019.]vi. Every undertaking shall be accompanied by:(1)A certified copy of resolution passed by the Board of Directors confirming the compliance of sub-regulation (ii) above;(2)Where applicable, certified copy of the agreement/Joint venture Agreement where amendments to the agreement/joint venture agreement have been carried out to give effect to the provisions of the Act.
