Section 8 in The Insurance Regulatory and Development Authority (Sharing of Database for Distribution of Insurance Products) Regulations, 2010
8. Procedure for registration of a referral company. -
(1)The insurer shall register the referral company that has been approved by the Authority under regulation 6 in the IRDA Portal.(2)The insurer shall enter into an agreement with the referral company approved by the Authority which shall necessarily include details relating to though not limited to the following:-(a) Agreed price of the database to be shared(b)Terms of payment including time-frame and mode(c)The right of the insurer to inspect/audit the referral company(d)Onus of complying with the regulatory and other legal requirements on both the parties to the agreement(e)Identifying the different data elements to be shared ( viz. name of customer, contact details).(3)The agreement shall be valid for a period of three years from the date of grant of approval by the Authority and within fifteen days from the date of entering into such an agreement, the insurer shall file the agreement in electronic form through the IRDA Portal.(2)Notwithstanding the terms of the referral agreement entered into with the referral company, the Authority may direct the insurer to forthwith terminate the registration of the referral company if the same is not found to be in public interest.
