Section 10 in Insurance Regulatory and Development Authority of India (Insurance Web Aggregators) Regulations, 2017
10. Conditions for grant of certificate of registration.
- The registration granted under regulation 9 or the renewal granted under regulation 13 shall, inter alia, be subject to the following conditions: -(a)The insurance Web Aggregator registered under these regulations shall be permitted to solicit insurance products as specified in regulation (26) only;(b)The insurance Web Aggregator shall comply with the provisions of the Act, IRDA Act, 1999 and the Regulations, Circulars, Guidelines and any other instructions issued there under;(c)The insurance Web Aggregator shall forthwith inform the Authority in writing, if any information or particulars previously submitted to the Authority by them are found to be false or misleading in respect of any material particular or if there is any material change in the information already submitted;(d)The insurance Web Aggregator shall take adequate steps for redressal of grievances of the policyholders within 14 days of receipt of such complaint and keep the Authority informed about the number, nature and other particulars of the complaints received from such policyholders in format and manner as may be specified by the Authority;(e)The insurance Web Aggregator shall solicit and procure reasonable number of insurance policies commensurate with their resources and the number of authorised verifiers engaged by them.(f)The insurance Web Aggregator shall maintain records in the format specified by the Authority which shall capture policy-wise and authorised verifier-wise details wherein each policy solicited by the insurance Web Aggregator through the authorised verifier is tagged to that authorised verifier. The insurance Web Aggregator shall put in place systems which allow regular access to such records and details by the Authority.(g)The insurance Web Aggregator shall ensure compliance of Code of Conduct applicable to them by their directors, principal officer and authorised verifiers;(h)The Authority may at any point appoint an investigating authority to examine the books or records or activities of the insurance Web Aggregator.
