Section 13 in Insurance Regulatory and Development Authority of India (Insurance Web Aggregators) Regulations, 2017
13. Renewal of Registration of Insurance Web Aggregator.
(a)The Insurance Web Aggregator shall submit the application for renewal of registration to the Authority in Form F (Application for renewal of certificate of registration of insurance Web Aggregator) of Schedule II at least thirty days before the expiry of the registration. However, the Insurance Web Aggregator may apply for renewal, ninety days before the expiry of the registration in the manner specified by the Authority.(b)The documents that shall be submitted by the applicant along with the renewal application form are listed in Form G (Forms to be attached with the renewal application form F) of Schedule II.(c)The application for renewal of registration shall be submitted along with a renewal fee of Twenty Five thousand rupees plus applicable taxes paid by way of a bank draft in favour of 'Insurance Regulatory and Development Authority of India' payable at Hyderabad or by recognised electronic funds transfer to Insurance Regulatory and Development Authority of India(d)The applicants shall have to pay an additional fee of one hundred rupees by way of penalty, if the application for renewal of the registration does not reach the Authority at least thirty days before the date on which the registration ceases to remain in force:Provided that the Authority may for sufficient reasons offered in writing by the applicant for a delay not covered by the previous proviso, accept an application for renewal after the date of the expiry of the certificate of registration up to a period of sixty days of the expiry of certificate of registration on payment of an additional fee of seven hundred and fifty rupees by the applicant:Provided further that the application for renewal received after sixty days of the expiry of the registration will be considered only after a lapse of twelve months from the date of expiry of registration. However, during the interregnum, the registration of the Insurance Web Aggregator shall cease to exist and he shall not solicit any new business or carry out any other functions for which the Registration was granted.(e)No Insurance Web Aggregator is allowed to carry out the functions of the Insurance Web Aggregator, without a valid certificate of registration issued by the Authority.(f)The application for renewal of certificate of registration as Insurance Web Aggregator shall be dealt with by the Authority in the manner as specified under Regulations 3 and 7.(g)An Insurance Web Aggregator, before seeking a renewal of certificate of registration, shall ensure that the Principal Officer and the Authorised Verifiers have undergone renewal training not before six months of the expiry of three years validity of his previous fresh/ renewal trainingfrom an institution recognized by the Authority.(h)The Authority, on being satisfied that the applicant fulfils all the conditions specified for renewal of registration, shall renew the registration as per Form H (Renewal Certificate of Registration) of Schedule II for a period of three years.(i)Wherever it is found that the Insurance Web Aggregator is not doing any insurance business during the entire/ part of the previous registration period, the Authority may refuse to renew the registration.
