Section 21 in Insurance Regulatory and Development Authority of India (Insurance Web Aggregators) Regulations, 2017
21. Conflict of interest.
- While soliciting and procuring the insurance business, the Insurance Web Aggregator shall comply with the following:(a)The Insurance Web Aggregator having tie-ups with more than one insurer in a particular line of business, shall display to the prospective customer the list of insurers, with whom they have arrangements to distribute the products and provide them with the details such as scope of coverage, term of policy, premium payable, premium terms and any other information which the customer seeks on all products available with them;(b)The product to be sold shall be based on the need analysis of the prospect.(c)No Insurance Web Aggregator shall promote or push a particular product of a particular company either through its web-site or through distance marketing approaches.
