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Form A[See regulation 4]Application for Grant of Certificate of Registraton to an Insurance Web AggregatorInstructions for filling up the form:(1)It is important that before this application form is filled in, the Insurance Regulatory and Development Authority of India (Insurance Web Aggregators) Regulations, 2017 are studied carefully.(2)Applicants must submit a duly completed application form together with all appropriate, supporting documents to the Authority.(3)Application for certificate of registration will be considered only if the Application form is complete in all respects.(4)Applicants should sign the applications themselves.(5)Information which needs to be supplied in more details may be given on separate sheets which should be attached to the application form.1. Particulars of the Applicant
1.1Name of the Applicant: ______________________________________1.2Address - Principal Place of business/Registered Office.
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Email |
| Tel No |
Fax No. |
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| Pin Code |
Email |
| Tel No |
Fax No. |
2. Organisation - Structure
2.1Status of the Applicant. - (e.g. Limited Company-Private/Public, LLP, others. If listed, names of Stock Exchanges and latest share price to be given)
| Name of the company |
Status |
Date of IncorporationDD-MM-YYYY
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Place ofIncorporation
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Name of stock exchanges where listed |
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| Name of shareholder |
No of Shares held |
% of total paid up capital of the company |
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| Name |
Designation/ Position |
Qualification |
% of Share in applicant company |
Directorship in other Companies |
DIN No. |
PAN/ Aadhaar No. |
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| Name of Company/ Firm |
Address |
Type of activity handled |
Nature of Interest of Promoter/Director |
Nature and Interest of applicant company |
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3. Business Information
3.1Three years business plan document with projected volume of activities and income (including anticipated) for which Certificate of registration sought is to be specifically mentioned and attached to this application.3.2Organisation Chart separately showing functional responsibilities to be enclosed3.3Particulars of Key Management Personnel
| Name |
Designation/ Position |
Qualification |
Insurance related experience |
Date of Appointment |
Functional Areas |
PAN/ Aadhaar No. |
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Website (Domain name) Address |
Primary /Secondary / Category Specific |
Place of Hosting of Web server |
Name address of the vendor hosting thewebsite
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4. Financial Information
4.1Capital Structure
| S No. |
Capital |
Current Year |
Previous Year |
Preceding Year to Previous year |
| Mention Year |
Mention Year |
Mention Year |
| Rs in Lakhs |
Rs in Lakhs |
Rs in Lakhs |
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Authorised Capital (A) |
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| 2 |
Issued Capital (B) |
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| 3 |
Paid Up Capital (C) |
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| 4 |
Free Reserves (Excluding Revaluation Reserves)(D)
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Total (C+D) |
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| 6 |
Net-worth |
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Particulars |
Current Year |
Previous Year |
Preceding Year to Previous year |
| Mention Year |
Mention Year |
Mention Year |
| Rs in Lakhs |
Rs in Lakhs |
Rs in Lakhs |
| 1 |
Fixed Assets |
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| 2 |
Plant Machinery |
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| 3 |
Office Equipment |
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| 4 |
Quoted Investments |
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| 5 |
Unquoted Investments |
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Details of Liquid Assets |
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| 7 |
Others |
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5. Other Information, If Any
5.1Details of all settled and pending disputes: (Attach separate sheet and give full information in the format shown below)
| Nature of Dispute |
Name of party |
Pending/ settled |
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| For and on behalf of |
For and on behalf of |
| __________________________ |
___________________________ |
| (Signature and Name of Applicant) |
(Signature Name of Applicant) |
| Designation |
Designation |
| {Block Letters} |
{Block Letters} |
| Place: |
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| Date: |
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| Name |
Qualification |
Sponsoring Entity |
Certificate No. |
Valid Till |
PAN/ Aadhaar No. |
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| For and on behalf of |
For and on behalf of |
| __________________________ |
___________________________ |
| (Signature and Name of Applicant) |
(Signature Name of Applicant) |
| Designation |
Designation |
| {Block Letters} |
{Block Letters} |
| Place: |
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Form B[See regulation 4]Forms to be attached with the Application Form A1. Copy of the Certificate of Registration issued by the Registrar of Companies.
2. Copies of Memorandum of Association and Articles of Association or LLP Agreement duly certified by Chartered Accountant.
3. Copy of PAN Card of the Company.
4. C.V.s of Directors/Designated Partners of LLP with copies of Qualification Certificates.
5. C.V. of Principal Officer with copies of Qualification Certificates.
6. Self-Certification executed by two directors or designated partners of LLP duly notarized certifying that:
(a)The directors of the company and the Principal Officer are major and not found to be of unsound mind by a court of competent jurisdiction and not found guilty of criminal misappropriation or criminal breach of trust or cheating or forgery or an abetment of attempt to commit any such offence by a court of competent jurisdiction in the past five years. The applicant/directors are not involved in any economic offences in the last three years.(b)None of the directors/employees of the company are holding directorships/ employment in or represent any other insurance related entity.(c)The company shall ensure that at no point of time during the period of certificate of registration, the net worth of the company is reduced below rupees twenty-five lakh.(d)The Applicant Company or its Directors or Principal Officer are not registered as an Insurance Agent or Corporate Agent or Micro Insurance agent or TPA or Surveyor or Loss Assessor or an Insurance Broker or other insurance intermediary under the relevant regulations of IRDAI.(e)The Applicant Company or its Directors or Principal Officer are not a related party of an insurer, insurance broker, corporate agent, micro insurance Agent, TPA, Surveyor or a loss assessor or any other insurance intermediary at the time of submission of application for Insurance Web Aggregator Certificate of registration and would maintain the same status during the period of certificate of registration in future.7. Snap shots of contents of proposed website along with the proof of domain name registration.
8. Confirmation of place of hosting website such as registered office, operations office.
9. List of persons who have control over or responsibility for the website contents in relation to insurance web aggregation.
10. Certificate of Chartered Accountant for the Net Worth and Shareholding Pattern of the Company as on the date of submission of Application.
11. Copies of the Annual Report and Audited Accounts for the previous three financial years.
12. Business Plan for next three years.
13. Details of infrastructure including IT infrastructure available.
14. Organisational Chart showing functional responsibilities.
15. Training and Examination Certificates of Principal Officer and authorised verifiers.
16. Details and declarations of Principal Officer/ Promoters/ Directors/ Partners/ Key Management Personnel, relating to Fit and Proper criteria as specified in Form D.
17. A user I.D. and temporary password (with only view permission) to verify the Aggregation Website(s)/Portal/LMS by IRDAI I.T. Department in a closed cover.
Note. - All the copies of the documents to be attested by the Principal Officer.
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Form C[see regulation 3](1)The Eligible Educational Qualifications for Principal Officer are as listed below:a. Bachelors/Masters degree in Arts, Science, or Social Sciences or Commerce or Engineering or Law or Management or its equivalent from any institution/university recognized by any State Government or the Central Government; orb. Associate/ Fellow of the Insurance Institute of India, Mumbai; orc. Any post graduate qualification of the Institute of Insurance and Risk Management, Hyderabad; ord. Associate/ Fellow of the Institute of Chartered Accountants of India, New Delhi; ore. Associate/ Fellow of the Institute of Cost and Works Accountants of India, Kolkata; orf. Associate/ Fellow of the Institute of Company Secretaries of India, New Delhi; org. Associate/ Fellow of the Institute of Actuaries of India; orh. Certified Associate ship of the Indian Institute of Bankers, Mumbai; ori. Any other qualification specified from time to time by the Authority under these Regulations.(2)The Principal officer of the applicant should have completed the specified training on insurance from an institution recognized by the Authority from time to time and passed an examination, at the end of the period of training mentioned above, conducted by an examining body recognized by the Authority.Insurance Regulatory and Development Authority of India(Insurance Web Aggregators) Regulations, 2017
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Form DParticulars of Principal Officer/ Directors/ Partners/ Promoters/ Shareholders/ Key Management Personnel[See regulation 3]Personal details of Principal Officer/Director/Partner/Promoter/Key Management Personnel1. Personal Details
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| Contact Details |
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| Address |
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| Phone No. |
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| Cell No. |
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| E-mail ID |
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| Date of Birth |
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| Nationality |
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| PAN Card No. |
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| Aadhaar Card No. |
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2. Description of Duties/Responsibilities
a. Qualifications Experience and Achievements
| Name of the Institute |
Country |
Qualifications |
Year of study |
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| Name of the Institute |
Country |
Qualifications |
Year of study |
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| Name of the Employer |
Nature of Business |
Designation |
Description of Duties |
Period |
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3. Association with the company
a. Present Shareholding in this Company - Position as on _____________
| Name of the Company |
No. of shares held |
% of shares held in the company |
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| Name of the Company |
No. of shares held |
% of shares held in the company |
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| Name of the Company |
Position held in the organization |
Period (from.... to .....) |
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Name of the Insurance Web Aggregator:___________________________________
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| I |
Personal Details |
| A |
Full Name |
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Position in the Insurance Web Aggregator Company/LLP |
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Date of Birth |
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Educational Qualifications |
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Relevant Background and Experience |
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Permanent Address |
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Present Address |
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E-mail Address |
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Telephone Number |
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PAN under the Income Tax Act/Name and address of Income Tax Circle
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Aadhaar Card No. |
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DIN number (if allotted) and ROC location |
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Relevant knowledge and experience in Insurance |
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Any other information relevant to position |
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Fit Proper Criteria |
Yes/No (If Yes, furnish full details) |
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Have you ever registered or obtained license from any of theregulatory authorities under any law such as SEBI, RBI, IRDAI,PFRDA, etc.
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Have you carried on business under any name other than thename stated in this application
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Have you ever been refused or restricted by any regulatoryauthority to carry on any business, trade or profession for whicha specific license/registration or other authorization isrequired by law.
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Have you been ever censured or disciplined or suspended orrefused permission or license or registration by any regulatoryauthority to carry on any business activity
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Have you been subject to any investigations or disciplinaryproceeding or have been issued warning or reprimand by anyregulatory authority
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Have you been convicted of any offence or subject to anypending proceedings under any law
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Have you been banned from entry from anyprofession/occupation at any time
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Details of prosecution, if any, pending or commenced orresulting in conviction in the past for violation of economiclaws and regulations
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Details of criminal prosecution, if any, pending or commencedor resulting in conviction in the past against the applicant
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Do you attract any of the disqualifications envisaged underSection 164 of the Companies' Act 2013?
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| K |
Have you been subject to any investigation at the instance ofGovernment department or agency?
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Have you at any time been found guilty of violation ofrules/regulations/legislative requirements bycustoms/excise/income tax/foreign exchange/other revenueauthorities, if so give particulars
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| M |
Have you at any time come to theadverse notice of a regulator such as SEBI, IRDAI, MCA, PFRDA.(Though it shall not be necessary for a candidate to mentionin the column about orders and findings made by regulators whichhave been later on reversed/set aside in toto, it would benecessary to make a mention of the same, in case thereversal/setting aside is on technical reasons like limitation orlack of jurisdiction, etc, and not on merit. If the order of theregulator is temporarily stayed and the appellate/courtproceedings are pending, the same also should be mentioned).
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Has any of your group company/associate company/related partybeen carrying any certificate of registration issued by the IRDAI
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| III |
Any other explanation/information in regard to items I and IIand other information considered relevant for judging fit andproper criteria of the applicant
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| Undertaking |
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I confirm that the above information is, to the best of myknowledge and belief, true and complete. I undertake to keep theAuthority fully informed, as soon as possible, of all events,which take place subsequent to my appointment, which are relevantto the information provided above.
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Name: |
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Form E[see regulation 9]Certificate of RegistrationIn exercise of the powers conferred by sub-section (1) of Section 42D of the Insurance Act, 1938 (4 of 1938) theAuthority hereby grants a Certificate of Registration to _____________________________________________ to act as Insurance Web Aggregator under that Act.Certificate of Registration Code for the Insurance Web Aggregator is _______________1. This Certificate of Registration is valid from ________ to ________
2. This Certificate of Registration is subject to the Insurance Act, 1938, Insurance Regulatory and Development Authority Act, 1999 (41 of 1999) and Insurance Regulatory and Development Authority of India (Insurance Web Aggregators) Regulations, 2017 and shall not be construed to be in compliance with or in conformity to any other Act, rules or regulations.
Date:For and on behalf ofInsurance Regulatory and Development Authority of IndiaInsurance Regulatory and Development Authority of India(Insurance Web Aggregators) Regulations, 2017Approval to functioning as Telemarketer and for undertaking Outsourcing workIn exercise of the powers conferred by sub-section (1) of section 42D of the Insurance Act, 1938 (4 of 1938) the Authority hereby grants approval to M/s _________________________ to undertake Insurance Telemarketing and Insurance Outsourcing work under that Act.Certificate of Registration Code for the Insurance Web Aggregator is ______________(1)This Certificate of Registration shall be valid from _______ to _________(2)This Certificate of Registration is subject to the Insurance Act, 1938, Insurance Regulatory and Development Authority Act, 1999 (41 of 1999) and Insurance Regulatory and Development Authority of India (Insurance Web Aggregators) Regulations, 2017 and shall not be construed to be in compliance with or in conformity to any other Act, rules or regulations.
Date:For and on behalf ofInsurance Regulatory and Development Authority of IndiaInsurance Regulatory and Development Authority of India(Insurance Web Aggregators) Regulations, 2017
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Form F[See regulation 13]Application for Renewal of Certificate of Registration of Insurance Web AggregatorInstructions for filling up the form:(1)It is important that before this RENEWAL application form is filled in, the Insurance Regulatory and Development Authority of India (Insurance Web Aggregators) Regulations 2017 are studied carefully.(2)Applicants must submit a duly completed RENEWAL application form together with all appropriate, supporting documents to the Authority.(3)Application for renewal of certificate of registration will be considered only if the Renewal Application form is complete in all respects.(4)Applicants should sign the applications themselves.(5)Information which needs to be supplied in more details may be given on separate sheets which should be attached to the RENEWAL application form.1. Particulars of the Applicant
1.1Name of the Applicant: ______________________________________1.2Address - Principal Place of business/Registered Office.
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| Pin Code |
Email |
| Tel No |
Fax No. |
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| Pin Code |
Email |
| Tel No |
Fax No. |
2. Organisation - Structure (To be submitted if any change in any of the items under S. No. 2 of the application form, otherwise please mention "NO CHANGE")
3. Business Information
3.1Three years business plan document with projected volume of activities and income (including anticipated) for which certificate of registration sought is to be specifically mentioned and attached to this application.3.2Particulars of Key Management Personnel (To be submitted if any change)
| Name |
Designation/ Position |
Qualification |
Insurance related experience |
Date of Appointment |
Functional Areas |
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4. Other Information, If Any
4.1Details of all settled and pending disputes: (Attach separate sheet and give full information in the format shown below)
| Nature of Dispute |
Name of party |
Pending/ settled |
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5. Renewal of Permission for Telemarketing/ Outsourcing Work
5.1Do you want to continue tele-marketing/ outsourcing work: Yes/ No5.2Is the TRAI Registration valid: Yes/ No5.3Updated List of Authorised Verifiers:
| Name |
Qualification |
Sponsoring Entity |
Certificate No. |
Valid Till |
PAN/ Aadhaar No. |
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| For and on behalf of |
For and on behalf of |
| __________________________ |
___________________________ |
| (Signature and Name of Applicant) |
(Signature Name of Applicant) |
| Designation |
Designation |
| {Block Letters} |
{Block Letters} |
| Place: |
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| Date: |
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Form G[See regulation 13]Forms to be attached with the Renewal Application Form F1. Self-Certified undertaking in the format given in Annexure "1"
2. Confirmation of place of hosting website such as registered office, operations office, only if there is a change.
3. List of persons who have control over or responsibility for the website contents in relation to insurance web aggregation, only if there is a change.
4. Business Plan for next three years
5. Renewal Training Certificates of Principal Officer and authorised verifiers.
6. Bank Draft for Rupees Twenty Five Thousand Only drawn on any scheduled bank 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.
Note. - All the copies of the documents to be attested by the Principal Officer.Annexure "1"Undertaking Format
The Insurance Regulatory and Development Authority of India3rd. Floor, ParishramBhavan,
BasheerbaghHyderabad - 500004Sir,UndertakingWe hereby submit the following undertaking and confirm as under that:1. There is no intervention by any other Regulatory Authority on the promoters/ Management/ Applicant Company as on the date (If there is any intervention, details of the intervention to be furnished).
2. No Director/ Partner/ Principal Officer/ Shareholder/ Employee/ person directly or indirectly connected with the Applicant Company, has been refused in the past the grant of a licence/ Certificate of registration by IRDAI.
3. The Principal Officer has not violated the code of conduct as specified in Insurance Regulatory and Development Authority of India (Insurance Web Aggregators) Regulations, 2017.
4. The Applicant Company will comply with Regulation confining to Main Objects of the Memorandum of Association filed with the Authority.
5. The Principal Officer is appointed exclusively to carry out the functions of the Insurance Web Aggregator under the Regulations and is neither holding any Directorship/Employment/Assignment in nor represents, either on full time or on part time basis, any other Insurance related or any other entity. If so, it is with the previous approval of the Authority. (Strike out which is not applicable)
6. None of the directors/partners or and employees of the company are holding any directorship/ employment in or represent any other insurance related entity. If so, it is with the previous approval of the Authority. (Strike out which is not applicable)
7. None of our Associate companies/ Directors/ Promoters/ Key Management Personnel/ Principal Officer/ Employees is holding Agency/ Corporate Agency/ TPA/ Surveyors/ other Insurance intermediary registration/licence.
8. We have assisted the clients in paying the premium as per section 64 VB(1) of the Insurance Act, 1938 and have not paid the premium on behalf of the clients, all the times.
9. We have not given any rebates of the whole or part of the commission payable or premium shown either directly or indirectly in compliance with section 41 of Insurance Act, 1938.
10. We confirm that the minimum capital requirement is not diluted by its use in buying shares and securities as also keeping Inter Corporate Deposits and giving loans etc.
11. We confirm that the functions as specified in Regulation 31of Insurance Regulatory and Development Authority of India (Insurance Web Aggregators) Regulations, 2017 have been complied with during the previous registration period.
We confirm that the above statements are true to the best of our knowledge and belief.We further undertake to comply with all the applicable Regulations/Rules/Notices/circulars as prescribed by theAuthority from time to time.
| Principal Officer |
(Director, other than the PO) |
| Signature |
Signature |
| Name |
Name |
| Date |
Date |
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Form H[see regulation 13]Renewal Certificate of RegistrationIn exercise of the powers conferred by sub-section (1) of Section 42D of the Insurance Act, 1938 (4 of 1938) the Authority hereby grants a Renewal Certificate of Registration to ____________ _______________________________________to act as Insurance Web Aggregator under that Act.Renewal Certificate of Registration Code for the Insurance Web Aggregator is ____________1. This Renewal Certificate of Registration shall be valid from ______ to ____
2. This Renewal Certificate of Registration is subject to the Insurance Act, 1938, Insurance Rules of 1939,
Insurance Regulatory and Development Authority Act, 1999 (41 of 1999) and Insurance Regulatory and DevelopmentAuthority of India (Insurance Web Aggregators) Regulations, 2017 and shall not be construed to be in compliance with or in conformity to any other Act, rules or regulations.
Date:For and on behalf ofInsurance Regulatory and Development Authority of IndiaInsurance Regulatory and Development Authority of India(Insurance Web Aggregators) Regulations, 2017Renewal of Approval to functioning as Telemarketer and for Outsourcing workIn exercise of the powers conferred by sub-section (1) of section 42D of the Insurance Act, 1938 (4 of 1938) the Authority hereby grants approval to M/s. __________________________ to continue to undertake Insurance Telemarketing and Insurance Outsourcing work under that Act.Renewal Certificate of Registraton Code for the Insurance Web Aggregator is ____________(1)This Renewal Certificate of Registraton shall be valid from _______ to ________(2)This Renewal Certificate of Registraton is subject to the Insurance Act, 1938, Insurance Rules of 1939, Insurance Regulatory and Development Authority Act, 1999 (41 of 1999) and Insurance Regulatory and Development Authority of India (Insurance Web Aggregators) Regulations, 2017 and shall not be construed to be in compliance with or in conformity to any other Act, rules or regulations.
Date:For and on behalf ofInsurance Regulatory and Development Authority of IndiaInsurance Regulatory and Development Authority of India(Insurance Web Aggregators) Regulations, 2017
II
Form I[see regulation 16]Application for Duplicate Certificate of Registration1. I agree to inform you that my/our Certificate of Registration No. ___________has been
a. Lostb. Destroyedc. MutilatedBy the following reasons ______________________________________________________________________ ______________________________________________________________________2. Fee payment: A non-refundable fee of Rs. 1000/ is paid to IRDAI
Payment details:Demand Draft No: __________Date: ___________Name of the bank:_______________Other modes of payment:3. Declaration
I hereby apply for the duplicate certificate of registration under regulation 16 of the Insurance Regulatory and Development Authority of India (Insurance Web Aggregators) Regulations, 2017.I/we therefore request the Authority to kindly issue a duplicate certificate of registration in light of the circumstances explained above.I _______________solemnly declare and confirm that the particulars given above are true to the best of my knowledge and belief.
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Signature ofDirector/Partner 1
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Signature of Director/Partner 2 |
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Form J[see regulation 16]Duplicate Certificate of RegistrationCertificate of Registration No.:1. In exercise of the powers conferred by sub-section (1) of section 42D of the Insurance Act, 1938 (4 of 1938) the Authority hereby grants a certificate of registration to _____________________________________ _____________________________to act as Insurance Web Aggregator under that Act.
2. This Certificate of Registration shall be valid from ____________ to ___________
3. This Certificate of Registration is subject to the Insurance Act, 1938, Insurance Regulatory and Development Authority Act, 1999 (41 of 1999) and Insurance Regulatory and Development Authority of India (Insurance Web Aggregators) Regulations, 2017 and shall not be construed to be in compliance with or in conformity to any other Act, rules or regulations.
Date:For and on behalf ofInsurance Regulatory and Development Authority of IndiaInsurance Regulatory and Development Authority of India(Insurance Web Aggregators) Regulations, 2017
III
Form K[see regulation 18]Professional Indemnity InsuranceMaintenance of Professional Indemnity Insurance -(1)The insurance cover must indemnify an Insurance Web Aggregator againsta. any error or omission or negligence on their part or on the part of their employees and directors;b. any loss of money or other property for which the insurance Web Aggregator is legally liable in consequence of any financial or fraudulent act or omission;c. any loss of documents and costs and expenses incurred in replacing or restoring such documents;d. dishonest or fraudulent acts or omissions by Insurance Web Aggregator employees or former employees.(2)The indemnity cover -a. shall be on a yearly basis for the entire period of certificate of registration;b. shall not contain any terms to the effect that payments of claims depend upon the Insurance Web Aggregator having first met the liability;c. shall indemnify in respect of all claims made during the period of the insurance regardless of the time at which the event giving rise to the claim may have occurred.Provided that an indemnity insurance cover not fully conforming to the above requirements shall be permitted by the Authority in special cases for reasons to be recorded by it in writing.(3)Limit of indemnity for any one claim and in the aggregate for the year in the case of Insurance Web Aggregators shall be two times remuneration received at the end of every financial year subject to a minimum limit of rupees twenty five lakhs and a maximum of rupees one hundred crores.(4)The un-insured excess in respect of each claim shall not exceed five percent of the capital employed by the Insurance Web Aggregator in the business.(5)The insurance policy shall be obtained from any registered insurer in India who has agreed to -(a)provide the Insurance Web Aggregator with an annual certificate containing the name and address, including the certificate of registration number of the Insurance Web Aggregator, the policy number, the limit of indemnity, the excess and the name of the insurer as evidence that the cover meets the requirements of the Authority.
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Form L[see regulation 20]Arrangements with insurers for distribution of products1. Agreement of Insurer with Insurance Web Aggregator:
(a)An Insurer desirous of obtaining leads from Insurance Web Aggregator shall enter into an "agreement" with the Insurance Web Aggregator approved by the Authority which shall necessarily include details relating to, though not limited to, the following:i. Time-frame and mode of transmission of leads to be sharedii. Onus of complying with regulatory and other legal requirements on both the parties to the agreementiii. Identifying the different data elements to be shared (viz., name of prospect/client (visitor of the web site), contact details etc)iv. The time-frame for providing the premium and feature tables of the agreed products to the Insurance Web Aggregator after concluding the agreement and keeping them up to date.(b)The agreement between an insurer and Insurance Web Aggregator shall be valid for a period of three years from its date, subject to the validity of registration of Insurance Web Aggregator.(c)The Insurance Web Aggregator shall keep the agreement ready for inspection as and when desired by the Authority.2. Arrangements with insurers for distribution of insurance products. - The Insurance Web Aggregator shall ensure the following:
(a)While entering into such arrangements, no Insurance Web Aggregator shall promise nor any insurer shall compel the Insurance Web Aggregator to distribute the products of a particular insurer;(b)The arrangements shall have provisions to include duties and responsibilities of Insurance Web Aggregators towards the policyholders, duties and responsibilities of insurers and Insurance Web Aggregators, terms and conditions for termination of arrangements;(c)In case an Insurance Web Aggregator wishes to terminate arrangement with any insurer, they may do so after informing the insurer and the Authority, the reasons for termination of arrangement. In such cases, they shall ensure that the policies solicited and placed with the insurer are serviced by the insurer till the expiry of policies;(d)In case an insurer wishes to terminate the arrangement with any Insurance Web Aggregator, they may do so after informing the Insurance Web Aggregator and the Authority, the reasons for termination of arrangement. In such cases, the concerned insurer shall take the responsibility of servicing the policies sourced by the Insurance Web Aggregator;(e)No insurer shall pay and no Insurance Web Aggregator shall receive any signing fee or any other charges by whatever name called, except those permitted by the Authority under relevant regulations, for becoming its Insurance Web Aggregator;(f)The Authority may, at any point in time, direct any insurer or Insurance Web Aggregator to terminate the distribution arrangements by recording the reasons therefor.
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Form M[see regulation 22]Maintenance of books of accounts, records, etc.(a)Every Insurance Web Aggregator shall submit to the Authority, a copy of the audited financial statements along with the auditor's report thereon within ninety days from the close of the accounting year along with the remarks or observations of the auditors, if any, on the conduct of the business, statement of accounts, etc., and a suitable explanation on such observations shall be appended to such accounts filed with the Authority.(b)Every Insurance Web Aggregator shall, within ninety days from the date of the Auditor's report take steps to rectify any deficiencies, made out in the auditor's report and inform the Authority accordingly.(c)All the books of account, statements, document, etc., shall be maintained at the head office of the Insurance Web Aggregator and notified to the Authority, and shall be available on all working days to such officers of the Authority, authorised in this behalf by it for an inspection.(d)All the Electronic Records, books and documents, statements, contract notes etc., referred to in these Regulations and maintained by the Insurance Web Aggregator shall be retained for a period of at least ten years from the end of the year to which they relate. However, the Digital Records/documents pertaining to the cases of legal disputes reported and the disposal of the same is pending for a decision from courts the Records are required to be maintained till the disposal of the cases by the court.(e)Every Insurance Web Aggregator shall maintain the Insurer wise records including in electronic form and shall be made available as and when required by the Authority:i. Leads generated and transmittedii. Leads converted into policiesiii. complaints received and disposediv. Products Displayed on the website for comparisonv. Remuneration received for Products displayedvi. Remuneration received for leads converted to policiesvii. Remuneration received from outsourcing activitiesviii. Any other Remuneration received from Insurers (mention details)ix. Know Your Client (KYC) records of the client, as required under the relevant Authority's guidelines and provisions of Prevention of Money Laundering Act;x. Copy of the proposal form duly signed electronically by the client and submitted to the insurer;xi. A register containing list of clients, details of policy such as type of policy, premium amount, date of issue of the policy, charges or fees received;xii. A register containing details of complaints received which include name of the complainant, nature of complaint, details of policy issued/solicited and action taken thereon;xiii. Copies of the correspondence exchanged with the Authority;xiv. Any other record as may be specified by the Authority from time to time.
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Form N[see regulation 23]Disclosures to the Authority1. An Insurance Web Aggregator shall disclose to the Authority, as and when required by it, in any event not later than thirty days of a requisition, the following information, namely-
i. any change in the information or particulars previously furnished, which have a bearing on the certificate of registration granted to it;ii. the names of the clients whose insurance portfolio he manages or has managed;iii. proceedings initiated against them by other regulatory or government bodies within a reasonable time but not later than 30 days from the initiation of such proceedings. Any action or direction issued by such other bodies shall also be disclosed to the Authority within the time limits prescribed above.iv. Any other Information/requirement specified by the Authority from time to time.2. An Insurance Web Aggregator shall disclose to the Authority on his own any material change in the composition of the Insurance Web Aggregator within 30 days of such change.
3. An Insurance Web Aggregator shall take the prior approval of the Authority for the following.
(i)Change of Principal Officer;(ii)Change in Director/s or Designated Partner/s as the case may be;(iii)Change in name of the company;(iv)Change of address of registered office/Corporate/Head Office;(v)Engaging the services of service providers or third party vendors for the core activities of the Insurance Web Aggregator such as but not limited to:a. Lead Management Systemb. Webhostingc. Other core activities(vi)Change of location of the Servers hosting the comparison website(s)4. An Insurance Web Aggregator shall furnish to the Authority the following information within three days of the action
(i)Opening/closing of branch offices;(ii)Updated list of authorised verifier to solicit insurance business through Telemarketing/ Distance marketing modes;(iii)in respect of a claim under the professional indemnity policy;(iv)acquiring of any property;(v)Any other information as called for by the Authority from time to time5. In case of any change in the information provided for consideration of their application, subsequent to filing of application or during the processing of application, such change shall be disclosed to the Authority, voluntarily by the applicant, for consideration of the Authority.
6. The Authority may from time to time require the Insurance Web Aggregator to furnish information/ data/ documents in the manner as may be specified in the matter.
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Form O[see regulation 25]Roles and responsibilities of Authorised Verifier(a)The Authorised Verifier shall:(i)be on the rolls of either the Insurance Web Aggregator or the Tele-marketer.(ii)solicit insurance business only through tele-marketing mode.(iii)receive inbound telephone calls from prospects/ policyholders seeking assistance or clarifications on the insurance products they want to buy.(iv)sell an insurance product based on the need analysis of the prospect.(v)explain the main features of the similar insurance product of other companies to help customer make a choice.(vi)not make any unsolicited outbound telephone calls for solicitation of insurance products(vii)not make false promise or lure the prospects by exaggerating the benefits under the insurance product(b)An Insurance Web Aggregator shall tag every insurance policy sold by the Authorised Verifier to his identity for tracking sales and complaints if any which shall be given access to the Authority on remote basis.(c)An Authorised Verifier may shift from one insurance Web Aggregator/ Tele-marketer to another after obtaining aNo Objection Certificate from his previous employer or 30 days of requesting for the same whichever is earlier.
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Form P[see regulation 31]Duties and Functions of Insurance Web Aggregator(a)The Insurance Web Aggregator shalli. Display Information in their designated website pertaining to the products of Insurers who have signed agreement with the Insurance Web Aggregators.ii. Carryout the activities for the purpose of Lead Generation for insurers.iii. Ensure that the information systems, (both hardware and software) including the aggregation website(s)/portals, Lead Management System and the Data Centers hosting the website(s)/Portal(s)/Lead Management System are in compliance with the generally accepted information security standards and procedures in force in India from time to time.iv. Ensure that the leads and other data is transmitted to the insurers and others using secured layer data encryption technologies like 128 bit encryption.v. Use only RBI registered payment gateways for collection and transfer of premium to insurers when the Insurance Web Aggregator is authorized by the insurer to collect the premium on behalf of the insurer.vi. Ensure to get the information systems (both hardware and software) including the aggregation website(s)/portals, Lead Management System and the Data Centers hosting the website(s)/Portal(s)/Lead Management System hosted in India and audited by CERT-In empanelled Information Security Auditing organisations once in a financial year and submit a copy of the Audit Certificate/Report to IRDAI and the insurers with whom the Insurance Web Aggregator has entered into an agreement, within 15 days from the date of receipt of the same.vii. Submit a certificate from the statutory auditor annually along-with the annual report that insurance Web Aggregator is in compliance with all the provisions and the framework of the Insurance Regulatory and Development Authority of India (Insurance Web Aggregators) Regulations, 2017 during the last financial year.(b)The Insurance Web Aggregators shall not:i. Display any information pertaining to products or services of other Financial institutions/FMCG or any product or service on the website.ii. Display advertising of any sort, either pertaining to any product or service including insurance product or service, other financial products or service/or any other product or service in the Insurance Web Aggregators Website.iii. Operate multiple websites or tie up with other approved/unapproved /un-registered entities/websites for lead generation/comparison of product etc. subject to the following exceptions:a. Using multiple Domain names or same domain names with suffixes such as .com or .in or .co.in for the primary website of the Insurance Web Aggregator used for comparison of insurance products is allowed provided(1)the domain names of primary or secondary or product category specific websites or mobile sites are owned and registered in the name of the Insurance Web Aggregator(2)The Insurance Web Aggregator shallinform the Authority in writing about the date of Registration and also date of launching of domain names of such websites or mobile sites in the application for grant of registration and thereafter within 15 days from the date of Domain Name Registration and Date of launching respectively in case of any change in the name(s) of the existing websites or new websites.iv. Operate the websites of other Financial/Commercial/marketing or sales or service entities or use other Social Media sites etc. for comparison of products etc.v. Operate in any other manner for the purpose of transmitting leads to any entity engaged in insurance business except as provided under these Regulations.(c)Nomenclature of Insurance Web Aggregatorsi. All Insurance Web Aggregators shall have the word `Insurance Web Aggregator' in the name of the Insurance Web Aggregator Company to reflect its line of activity and to enable the public to differentiate IRDAI registered Insurance Web Aggregator from other insurance related entities. The applicationswhich seek the registration to act as Insurance Web Aggregator shall not be considered in the absence of the compliance of the nomenclature requirement.ii. Every registered Insurance Web Aggregator shall display in all its correspondences with all stakeholders its name registered with the Authority, address of the Registered and Corporate Office, IRDAI registration number and validity period of the registration.iii. Insurance Web Aggregators are not permitted to use any other name in their correspondence/ literature/ letter heads without the prior approval of the Authority.
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Form Q[see regulation 26]Display of product comparisons on the web sitea. Insurance Web Aggregators shall disclose prominently on the home page, a notice that:i. the Prospect's/visitor's particulars could be shared with insurers.ii. "the information displayed on this website is of the insurers with whom our company has an agreement"b. Product information displayed by Insurance Web Aggregators shall be authentic and be based solely on information received from insurers.c. Insurance Web Aggregators shall not display ratings, rankings, endorsements or bestsellers of insurance products on their website. The content of the websites of the Insurance Web Aggregators shall be unbiased and factual in nature; they shall desist from commenting on insurers or their products in their editorials or at any other location in their websites.d. Products will be categorized as(1)Life Insurance:i. Whole Life Policiesii. Term Insurance Productsiii. Endowment Productsiv. Health Insurance productsv. Retirement- Immediate annuitiesvi. Retirement - Deferred annuitiesvii. Children's productsviii. ULIP Productsix. Any other products allowed by the Authority(2)General Insurance:i. Home Insuranceii. Motor Insuranceiii. Rural Insuranceiv. Health Insurancev. Any other products allowed by the Authority(3)Health Insurance:i. Health Insuranceii. Travel Insuranceiii. Personal Accident Insuranceiv. Any other products allowed by the Authoritye. Products under a category as mentioned above can be compared.f. Basic features of products may be compared, such as:i. Eligibility criteriaii. Plan/Policy Term/Premium term/Min and Max SA/Age/Min Max Maturity etc.iii. Inbuilt Benefits/riders (Additional Riders to be compared separately)iv. Premiums for different age groupsv. Surrender benefits/Loans etcvi. Benefits such as Survival benefits/Maturity Benefits/Death benefits etc.vii. Returns as per the Benefit Illustrations as approved by IRDAI from time to time viii. Any other additional information/special product features relating to the productsg. The comparison chart displayed on the Insurance Web Aggregator designated web-site shall take the customer through the web-pages which will be acknowledged by him in the following order:h. Templates may be mutually worked out between the Insurance Web Aggregators and Insurers whose products are compared.i. Product comparisons that are displayed shall be up to date and reflect a true picture of the products.j. Product price comparisons shall be inclusive of all taxes and fees on gross basis to enable the prospect to make a like to like comparison.k. Insurance Web Aggregators shall display product information purely on the basis of the information furnished to them by insurers.
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Form R[see regulation 27]Manner and sharing of leads:(a)Insurance Web Aggregator shall use a Lead Management Systems (LMS) capable of recording the full details of the visitors to the designated website of the Insurance Web Aggregator and the Leads generated including the preference of the visitor.(b)LMS data shall be shared with the Insurance companies that have signed agreements with the Insurance Web Aggregators.(c)LMS should ensure Transparency and Accountability.(d)Insurance Web Aggregators shall disclose prominently on the home page that the Prospect's/visitor's particulars could be shared with insurers.(e)Insurance Web Aggregator shall provide an option to select up to three insurers by the visitor, to whom the lead shall be transmitted simultaneously.(f)Insurance Web Aggregator shall not transmit the lead containing data of a Prospect to Insurer(s) other than the one(s) preferred by the Prospect.Provided that, if the Prospect evinces interest in buying insurance but does not prefer any Insurer, Insurance Web Aggregator shall not transmit the lead to more than three Insurers in the same class of insurance business based on the need analysis of the prospect.(g)Insurance Web Aggregator shall transmit the lead containing data of Prospects to Insureri. Not later than three days of visit to the web site.ii. Reasonably securing the information of Prospects from unauthorized access and misuse;iii. With a reasonable level of suitability, reliability and correctness, and;iv. In compliance with generally accepted I.T. security procedures(h)Insurance Web Aggregators shall deploy an Audit Firm to audit the process of LMS systems at least once in 12 months.(i)The Audit Report of the Audit Firm should be placed to the Audit committee of the Board who shall be responsible for taking cognizance of the same in carrying out corrective actions.(j)Insurers, on conversion of lead into a policy, must post back the policy details on the LMS of the Insurance Web Aggregator from whom the lead was received.(k)The time limit for tracking the leads received on LMS of Insurance Web Aggregator by the insurer for passing on the credit of the sale is to be mutually decided by the insurer and Insurance Web Aggregator which shall be specified in the agreement entered into.
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Form S[see regulation 28]Manner process of sale of insurance online by Insurance Web Aggregators. - The sale of Insurance online by Insurance Web Aggregators shall be as per Guidelines on Insurance e-commerce issued by the Authority.
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Form T[see regulation 29]Sale of Insurance products by tele-marketing mode and other distance marketing activities of Insurance Web Aggregator1. Scope and applicability. - This covers tele-marketing and distance marketing activities, except online sale, of insurance Web Aggregator at the stages including offer and conclusion of sale.
(a)Tele-marketing and Distance marketing includes every activity of solicitation and sale of insurance products through the following modes:(i)Voice mode, which includes telephone-calling;(ii)Short Messaging service (SMS);(iii)Electronic mode which includes e-mail and interactive television (DTH);(iv)Solicitation through any means as approved by the Authority from time to time under Distance Marketing.(b)These instructions are specifically applicable in case of the following activities in addition to other similar activities:(i)Use of distance mode for ascertaining the Prospect's intent to purchase insurance.(ii)Solicitation as well as sale over the distance mode; and(iii)Requests by Prospects seeking information or sale of insurance products.2. Telemarketing and Distance Marketing. - Insurance Web Aggregator intending to carry on 'Telemarketing' and 'Distance Marketing', for the purpose of solicitation of insurance business shall
(a)Register as a 'Telemarketer'.(b)Engage 'Authorized Verifier' as defined in Regulation 2(c) of these regulations for carrying out the Telemarketing and Distance Marketing related work.(c)While considering the application, the Authority may, if it so desires, verify the information furnished by the applicant including the supporting documents and also inspect the applicant's offices and infrastructure.(d)The Authority may, after considering the application with reference to the matters specified in these Regulations, grant Certificate of Registration to the Insurance Web Aggregator to function as Telemarketer, which shall be valid for a period of three years from the date of grant of such certificate of registration or the expiry of the registration whichever is earlier.3. Compliance. - The Insurance Web Aggregator shall, in addition to these instructions, comply with all the applicable provisions of the Insurance Act, 1938, the IRDA Act, 1999, IT Act, 2000, TRAI Act, 1997, The Telecom Unsolicited Commercial Communications (Amendment) Regulations, 2008 and the rules, regulations, circulars or guidelines, as applicable, issued from time to time.
4. Persons engaged by Insurance Web Aggregator for telemarketing. - (a) For the purpose of solicitation of insurance business through 'Telemarketing 'and 'Distance Marketing', Insurance Web Aggregators shall engage only an Authorized Verifier as defined in Regulation 2(c) of these regulations
(b)Insurance Web Aggregators shall be responsible for all acts of commission and omission of the Authorized Verifier deployed on their behalf.(c)Authorised Verifiers shall be responsible for the sale of insurance products in distance mode.5. Agreements between Insurer and Insurance Web Aggregator. - The agreement between the Insurer and Insurance Web Aggregator, shall inter alia include the following clauses:
(a)The Insurance Web Aggregator shall maintain/preserve recordings of all the tele-calls for a period of 5 years.(b)The Telemarketer shall maintain records of all the Authorized Verifier employed by them along with their training and assessment particulars.(c)The tele-marketer shall keep a copy of the PAN/ Aadhaar card of the Authorised Verifier as his identity proof.(d)The records under (a) (b) above shall be open to inspection by the Authority.6. Distance Marketing by Insurance Web Aggregators. - (a) Insurance Web Aggregators shall not exclusively promote the products of any particular insurer, and shall suggest, using a standard pre solicitation script the best available product in the market that fits the needs of the Prospect.
(b)The comparison charts that are displayed shall be up to date and reflect a true picture.(c)Insurers shall not pay the Insurance Web Aggregators any remuneration other than the payments as specified in these Regulations. Insurers shall make no payments by any name to Insurance Web Aggregators or their related parties towards infrastructure or any account other than payments (except for undertaking outsourcing activities under Schedule VII) on the policies solicited or procured over Web Aggregation and distance mode.(d)Insurers shall specifically identify the proposals procured by Insurance Web Aggregators over distance mode and obtain all relevant records pertaining to such policies. Insurers shall produce such records before the Authority in case of dispute involving alleged violation of breach of conduct by the Insurance Web Aggregator.7. Role of Authorized Verifier. - (a) Telemarketers shall employ Authorized Verifiers, who alone are permitted for soliciting and concluding the sale of insurance products;
(b)The Authorized Verifiers shall be assigned to the Insurance Web Aggregator as per the certificate issued by the Authority for the purpose of sale of insurance products.(c)Any change in such assignment shall be disclosed to the Authority and a fresh certificate to that effect shall be obtained from the Authority without which the Authorised Verifier shall be not be permitted for soliciting and concluding the sale of insurance products8. Training of Authorized Verifier. - (a) Every authorized Verifier shall be trained at an institute as specified by the Authority.
(b)The training shall be as per syllabus specified by the IRDAI in matters related to regulations, disclosures, ethical conduct of business and specific instructions to be complied with while making the calls.(c)The Authorized Verifier shall clear the post-training test to be conducted by the institution authorized by the Authority.(d)Insurance Web Aggregators shall maintain a register of all persons engaged by them for the purpose of solicitation of insurance business. The register shall, apart from the name and address of the Authorized Verifier, also contain valid copies of his proof of identification based on either PAN card or Aadhaar card and other relevant credentials. Insurers shall allot a distinctive code number to every Authorized Verifier and record the same in a register maintained for the purpose.9. Process of Solicitation. - (a) Solicitation of insurance through tele-calling shall be based only on the leads generated through the website of the Insurance Web Aggregator
(b)The prospect on visiting the designated web-site of the Insurance Web Aggregator may:(i)select the insurance product and the company that he wants to buy from and after making an express choice proceeds to make the payment for premium, in which case an insurance policy shall be issued by the insurance company subject to acceptance of the risk; or(ii)select the insurance product but does not give preference of the insurance company. In such a case the Insurance Web Aggregator may pass on the lead to a maximum of three insurers who may close the sale by either following up with the prospect directly or through the tele-marketer appointed by them; or(iii)seek assistance from the Web Aggregator in making a choice of the product and the company, in which case the Insurance Web Aggregator may help/ advise the prospect based on the need analysis the insurance product and the insurance company.(c)The time taken from the generation of the lead to sale of the insurance product shall be completed in a reasonable period of time not exceeding three months beyond which the Insurance Web Aggregator shall not get credit for sale of the product and no remuneration shall be paid to the Insurance Web Aggregator.(d)An Insurance Web Aggregator shall not approach the prospect through outbound tele-calling without his express consent. However, if there are inbound tele-calls or tele-calls seeking assistance about the product by the prospect to the Insurance Web Aggregator, then the Insurance Web Aggregator shall offer all possible assistance to the prospect.10. Standardized Script. - The leads generated from the web-site shall be in specific compliance with the following norms:
(i)Insurers, in consultation with Insurance Web Aggregators, shall prepare standardized scripts for presentation of benefits, features and disclosures under each of the products proposed to be sold over the distance modes. Solicitation under distance mode shall be in line with the standardized script.(ii)The scripts shall be incorporating all the Key Features of the product and shall be approved by the compliance officers of the respective insurers. The scripts shall be filed with the Authority under Product Approval norms within 15 days by the insurer.(iii)Every script shall mandatorily mention that the prospect is advised to refer to the detailed prospectus available at the website of the insurer and that the prospectus shall be sent to his email id wherever available.(i)The communication shall clearly highlight the name of the insurer.(ii)The fact that the purpose of approach is lead generation/solicitation of insurance shall be clearly highlighted.(b)Consent of the Prospect(i)The Authorized Verifier shall ascertain if the Prospect is interested in continuing with the subject, and the process of solicitation shall proceed further only on receiving the consent in explicit terms.(ii)The Prospect shall be given an option to continue with the subject or exit the page at every stage in case of electronic modes. The hours during which calls are made shall be in accordance with orders issued by TRAI/ DoT from time to time.(iii)In case of telephonic solicitation the name of the authorized Verifier shall be disclosed and the language options available must be indicated. The subsequent communication shall continue only in the language chosen by the Prospect.(iv)The Authorized Verifier shall inform Prospects that the call is being recorded and that the Prospect is entitled to a voice copy, if he so desires, at any time during the term of the policy or until a satisfactory settlement of claim, whichever is later.(v)While commencing the communication, the Authorised Verifier shall inform the prospect the following in the same order a) Name of the Insurance Web Aggregator which is calling the prospect; b) Name of the Authorised Verifier; c) Name of the product being explained; d) Name of the insurer to which the product belongs.(vi)No inconvenience, nuisance or harm shall be caused to the Prospects in the course of solicitation or thereafter. Full disclosures shall be made to the Prospects under all modes of distance marketing and the requirements of confidentiality, privacy and non-disclosure shall be complied with.(c)Prospect's Information(i)All relevant information pertaining to the Prospect as well as the person/asset to be insured shall be obtained, and solicitation shall be strictly on the basis of analysis of the Prospect's needs.(ii)The insurance Web Aggregator shall send copy of the voice transcript to the prospect at his email id so declared by him.(d)Product benefits Features. - The standardized script shall cover the following items in the course of product presentation:i. The specific responses of the Prospect in the form of agree/disagree, yes/no, accept/reject, understand/don't understand, as applicable, against each of the items below, under all modes of distance solicitation.ii. Name of the product suggested and its nature and parameters. Name of the Insurer to which the product belongs.iii. Insurance cover available under the product for a specified amount of annual premium, or, conversely, premium chargeable and applicable taxes towards a specified amount of insurance cover.iv. The scope of cover, perils covered and not covered, exclusions, deductibles or franchise, copayments, loading/discounts on premiums, add-on covers, conditions, other terms and benefits, mid-term inclusions, short period scales, basis of sum insured, warranties, clauses and endorsements, compliance with Section 64VB(1) of the Insurance Act, 1938 - payment of premium before commencement of risk, etc, as applicable.v. The contents of the "key features document" (KFD) as and when specified by the Authority.vi. The right to cancel the policy within 30 days of receipt of the policy in case of disagreement with the terms of the policy under all life insurance contracts and covers tied to credit/debit/other cards, and for all personal accident and health insurance policy contracts with a term of 3 years or more offered by insurers over distance mode, provided no claim has already been made on the policy.vii. Disclosure of rates of commission available on the product solicited upon the request of the Prospect.11. Premium Ceilings in case of sale of Life Insurance. - (i) Insurance Web Aggregator shall not solicit non-single premium type policies for annualized premiums exceeding Rs 1,50,000/- over telemarketing mode (voice as well as SMS).
(ii)Single premium Policies shall not be solicited for a premium of more than Rs 1,50,000/- over telemarketing mode.12. Post-Solicitation Process. - Once the Prospect agrees to purchase a policy, the proposal form and premium acceptance shall comply with the following requirements:
(i)The premium towards the policy may be debited online or interactive voice response medium or through a manual collection subject to compliance with the procedures and controls prescribed by the RBI.(ii)The norms applicable to insurers as regards AML and PAN need to be complied with in the process of selling a policy over distance marketing mode.(iii)In all instances where a policy is issued without obtaining a proposal in physical form, insurers shall forward a verbal transcript of the voice/electronic record of the queries raised and answers thereto on the basis of which the policy has been underwritten, along with the policy bond.(iv)For policies solicited/sold over distance mode, insurers shall issue policies in exactly the same format and medium as in case of sale through physical interface.(v)The address and toll-free number of the office to be contacted by the policyholder in case of a servicing need or grievance shall be informed to the client.(vi)Before conclusion of sale the authorized Verifier shall divulge his name and distinctive code number to the prospect and this shall form part of the recorded conversation for the sake of future verification.(vii)The records pertaining to every call made and SMS sent by an Insurance Web Aggregator that materializes into a policy shall be transferred to the insurer's location within 30 days of conclusion of sale. In case of telephone calls the records transferred shall be the recordings of the entire conversation.13. No Unfair Denial of Insurance Cover. - When a Prospect approaches an Insurance Web Aggregator over distance mode proposing for insurance cover, the latter are duty-bound to consider the case on merits and in accordance with regulatory directions and their own norms. In no case shall they resort to an unfair denial of cover to a Prospect who seeks insurance.
14. Preservation of Records. - The insurer and Insurance Web Aggregator shall preserve, in an unalterable and easily retrievable form, a voice/ electronic/ physical record, as applicable, of the entire process beginning with lead generation/ solicitation and concluding in sale of insurance, for a period of six months beyond the term of the policy or until satisfactory settlement of claim or for a period of ten years, whichever is later. Voice and electronic records shall be digitalized and encrypted for storage to ensure reliability and security of the data.
15. Verification Process. - a. Insurance Web Aggregators shall monitor the calls live by arranging for listening to at least 1% of the calls as they happen.
b. Insurance Web Aggregators shall verify at least 3% of calls leading to sales for compliance, by engaging a team of dedicated employees to listen to the call recordings. The observations made in the course of verification shall be preserved in a retrievable form for a period of not less than three years.c. Insurers shall make verification calls, to monitor the quality of sales, to a minimum of 3% of the policyholders who purchase insurance over distance marketing mode, every month. The purpose of verification calls is to ascertain whether the Prospect has understood the benefits, features and disclosures of the product purchased correctly. Verification calls shall also bear a standardized script and the records of calls shall be preserved for a period (a) not less than 15 months from the date of policy or until satisfactory claim settlement, whichever is later, in case of general insurance and health insurancepolicies (b) not less than 3 years in case of life insurance policies.d. The policies under (b) and (c) above shall be selected according to a random pattern, making sure to cover each product category and mode of sale.16. Certification of Compliance. - The Principal Officer of each Insurance Web Aggregator shall submit to the Authority, at the end of each financial year, a certificate confirming that the Insurance Web Aggregator has complied with all the provisions of the above instructions (para-1 to 15) during the financial year.
17. Disputes. - For the purpose of these Regulations the contract of insurance shall be deemed to include the contents of KFD and the records of calls to the Prospect pertaining to the product. In case of disputes involving specific wordings of the policy, the client shall have the right to give primacy to the wordings of the KFD and the calls over the specific wordings of the policy.
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Form U[see regulation 2(j) 30]1. Insurance Outsourcing Services that can be undertaken by Insurance Web Aggregators
a. Outsourcing of the activities mentioned herein below shall be at the discretion of the Insurers. However, it is reiterated that execution of services shall remain to be Core Activity to be carried out by the Insurers.b. Outsourcing relationships between Insurers and Insurance Web Aggregators shall be governed by written contracts between the Insurer and the Insurance Web Aggregator that clearly describe all material aspects of the outsourcing arrangement, including charges for services, the rights, responsibilities, and expectations of all parties.2. Activities that can be Outsourced to the Insurance Web Aggregator by Insurer. - An insurance Web Aggregator can undertake outsourcing activities on behalf of insurers through the tele-marketing and distance marketing modes.
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Form V[see regulation 32]Obligations of Insurance Web AggregatorsInsurance Web Aggregator shall(a)display Certificate of registration obtained from the Authority and details of validity of certificate of registration on its web site.(b)prominently display the names of insurers with whom it has an agreement to refer leads in the Home page of the website.(c)display the list of products that are available for information on its designated website.(d)display specific information that the details of the prospects who visit their website shall be shared with the insurers for the purposes of soliciting insurance policies.(e)not promote the services or the products of any third parties on their designated website, unless permitted by the Authority.(f)not allow any third party to divert their clientele to the website of the Insurance Web Aggregator, unless permitted by the Authority.(g)register as a Telemarketer, if desirous of carrying out Telemarketing.(h)maintain an effective lead management system and ensure that leads are recorded and monitored through the LMS System.(i)maintain the records and the reports of its activities under the agreement with Insurer, in the manner specified in the agreement entered into between the Insurer and the Insurance Web Aggregator.(j)along with its employees (whatever their designation may be) comply with all the provisions of the Act, the IRDA Act, 1999, the rules and regulations framed thereunder and other directions issued by the Authority from time to time.(k)not accept any payment from Insurer to itself or through its employees or promoters other than the remuneration specified in Regulation 30.
VIII
Form W[see regulation 32]Code of Conduct for Insurance Web Aggregator:(a)Conduct in matters relating to clients relationship- Every Insurance Web Aggregator shall:(i)conduct its dealings with Prospects/Policyholders with utmost good faith and integrity at all times;(ii)act with care and diligence;(iii)treat all information supplied by the prospects as completely confidential to themselves and to the insurer(s) to whom the business is being offered;(iv)take appropriate steps to maintain the security of confidential documents in their possession;(v)understand the type of Prospect it is dealing with and the extent of the Prospect's awareness of risk and insurance;(vi)Avoid conflict of interest.(b)Conduct in relation to complaints handling -Every Insurance Web Aggregator shall: -(i)have in place a system for recording and monitoring complaints.(ii)ensure that the websites contain details of complaints handling procedures and provides a facility to the complainant to log complaints online;(iii)ensure that communication of clients in any form, written/phone/fax/email/Messaging etc are acknowledged promptly and in no case beyond five working days from the date of receipt of such complaint iv) ensure that the grievance is resolved to the fullest satisfaction of the client;(v)ensure that response letters are sent to the complainant on the resolution of the grievance, and the complainant is informed of the further redressal procedure available to him;(vi)ensure that complaints are attended to at Key Management Person level.(c)Conduct in matters relating to advertising- Every Insurance Web Aggregator shall ensure that the designated website contains no advertisements or any information that is prohibited under regulation 31 above.(d)Conduct in matters relating receipt of remuneration- Every Insurance Web Aggregator shall, if requested by a prospect, disclose the amount of remuneration or other remuneration it receives as a result of effecting insurance for that client.(e)Conduct in relation to matters relating to training - Every Insurance Web Aggregator shall:(i)Ensure that its staff are aware of and adhere to the standards expected of them by this code;(ii)ensure that staff is competent, suitable and have been given adequate training;(iii)ensure that there is a system in place to monitor the quality of advice given by its staff;(iv)ensure that members of staff are aware of legal requirements including the law of agency affecting their activities; and only handle classes of business in which they are competent;(v)draw the attention of the client to Section 41 of the Act, which prohibits rebating and sharing of commission/remuneration.(vi)Every Insurance Web Aggregator shall display in every office where it is carrying on business and to which the public have access a notice to the effect that a copy of the code of conduct is available upon request and that if a member of the public wishes to make a complaint or requires the assistance of the Authority in resolving a dispute, he may write to the Authority.(vii)Every Insurance Web Aggregator shall furnish the returns in such format to the Authority within 15 days from the end of the such period or within such time as allowed and specified by the Authority.
IX
Form X[see regulation 33]Procedure for disciplinary proceedings1. Cancellation or suspension of certificate of registration with notice. - (a) The certificate of registration of an Insurance Web Aggregator may be cancelled or suspended after due notice and after giving him a reasonable opportunity of being heard if he -
(i)violates the provisions of the Insurance Act,1938 (4 of 1938), Insurance Regulatory and Development Authority Act, 1999 (41 of 1999) or rules or regulations, made there under;(ii)fails to act in accordance with the Obligations of the Insurance Web Aggregators as specified in Form V of Schedule VIII and in conducting telemarketing and distance marketing activities as specified in Form T of Schedule VI of these Regulations;(iii)fails to adhere to the Code of Conduct specified in Form W of Schedule VIII of these Regulations;(iv)furnishes wrong or false information for obtaining a certificate of registration; or conceals or fails to disclose material facts in the application submitted for obtaining a certificate of registration;(v)fails to furnish any information relating to his activities as an Insurance Web Aggregator as required by the Authority or furnishes wrong or false information or conceals or fails to disclose material facts to the Authority during the validity of certificate of registration;(vi)does not submit periodical returns as required by the Authority;(vii)does not co-operate with any inspection or enquiry conducted by the Authority;(viii)fails to resolve the complaints of the policy holders or fails to give a satisfactory reply to the Authority in this behalf;(ix)indulges in rebates or inducements in cash or kind to a Prospect or any of the Prospect's directors or other employees or any person acting as an introducer;(x)fails to pay the fees required under Regulation 13of these Regulations, penalties imposed or the reimbursement of expenses under these regulations;(xi)fails to maintain the capital and net-worth requirements in accordance with the provisions of Regulation 8 of these regulations;(xii)if the principal officer does not fulfill the conditions mentioned in the regulation xiii) If the Insurance Web Aggregator indulges in sourcing of business by themselves or through call centers by way of misleading calls or spurious calls;(xiv)are found guilty of misconduct or their conduct is not in accordance with the Code of Conduct specified in Form W of Schedule VIII, whichever is applicable;(xv)do not carry out their obligations as specified in the regulations;(b)In the circumstances where the Authority feels that the establishment of an Insurance Web Aggregator is only to divert funds within a group of companies or their associates, it can after due enquiries made by it cancel the certificate of registration granted to the Insurance Web Aggregator.(c)An Insurance Web Aggregator whose certificate of registration is suspended after due notice and after giving him a reasonable opportunity of being heard, shall not solicit any new business or carry out any other functions of Insurance Web Aggregator for which the Certificate of registration was granted, from the date of receipt of such Suspension Order till such time the suspension is revoked.(d)If it is established on the examination of the facts, figures, circumstances and other substantial documentary evidence that the provisions of regulations are violated/ breached by the Insurance Web Aggregator and the Authority in the interest of policyholders may consider imposing financial penalty instead of cancellation/suspension of certificate of registration of the Insurance Web Aggregator for such violations/breaches.2. Cancellation or suspension of certificate of registration without notice. - The certificate of registration of an Insurance Web Aggregator may be cancelled or suspended without notice, if it -
(a)is found guilty of fraud, or is convicted of a criminal offence;(b)commits such defaults, which require immediate action in the opinion of the Authority, provided that the Authority has communicated the reasons for the cancellation in writing;(c)has not commenced business within six months of being granted a certificate of registration.(d)violate any one or more of the requirements under the code of conduct specified in Form W of Schedule VIII, whichever is applicable;(e)in case the certificate of registration of an Insurance Web Aggregator is suspended without notice, such certificate of registration shall not be cancelled unless an enquiry has been held in accordance with the procedure specified in these Regulations.(f)an Insurance Web Aggregator whose certificate of registration is suspended without notice shall not solicit any new business or carry out any other functions of Insurance Web Aggregator for which the Certificate of registration was granted, from the date of receipt of such Suspension Order till such time the suspension is revoked.3. Manner of holding enquiry before suspension or cancellation. - For the purpose of holding an enquiry under these Regulations, the Authority may appoint an enquiry officer;
(a)the enquiry officer shall issue to the Insurance Web Aggregator a notice at the registered office or the principal place of business of the Insurance Web Aggregator, as the case may be, calling for such information as he considers necessary for the conduct of an enquiry;(b)the Insurance Web Aggregator may, within fifteen days from the date of receipt of such a notice, furnish to the enquiry officer a reply together with copies of documentary or other evidence relied on by him or sought by the enquiry officer;(c)the enquiry officer shall, give a reasonable opportunity of hearing to the Insurance Web Aggregator to enable him to make submissions in support of his reply made(d)the Insurance Web Aggregator may either appear in person or through any person duly authorized by him to present its case;(e)if it is considered necessary, the enquiry officer may require the Authority to present its case through one of its officers;(f)if it is considered necessary, the enquiry officer may call for feedback/information from the insurer or any other related entity during the course of enquiry; and(g)the enquiry officer shall, after taking into account all relevant facts and submissions made by the Insurance Web Aggregator, submit a report to the Authority within 30 days of the completion of the enquiry proceedings.4. Publication of order of suspension. - (1) The order of suspension of the certificate of registration made under regulation 33, shall be displayed on website of the Authority and communicated to the insurers, so that registration of new business and other activities by the suspended Insurance Web Aggregator is stopped forthwith by the insurers.
(2)On and from the date of suspension or cancellation of the certificate of registration, the Insurance Web Aggregator, shall cease to function as an Insurance Web Aggregator.5. Procedure to apply afresh to the Authority, in case where the Authority has cancelled or refused the renewal of certificate of registration. - a. Insurance Web Aggregator can apply afresh for certificate of registration as Insurance Web Aggregator in cases where there was a cancellation of certificate of registration and/or rejection of renewal of certificate of registration only after a period of twelve months from date of such decision from the Authority. Further, in case the Authority's decision is upheld in any litigation, the application shall be considered after 12 months from the date of the final judgment of the court.
b. Application for Insurance Web Aggregator certificate of registration applied afresh by the company whose certificate of registration was cancelled (or renewal rejected) either due to surrender or disciplinary action shall be accepted on successful completion of due diligence process involving one or more of the following:i. Gravity of previous regulatory violationsii. LMS model and existing infrastructure setup of Insurance Web Aggregatoriii. Persistency of business over the yearsiv. Complaints registered against Insurance Web Aggregator through various insurance companies /customersv. Due diligence and track record of existing business.vi. Other information received with the application prescribed for the said purpose.vii. any other matter which may be specified from time to time by an order or guideline issued by the Authority.(c)Authority will appoint a committee to examine the application and based on the recommendation of the said committee, the decision to cancel a renewal/ certificate of registration would be taken.
X
Form Y[see regulation 39]Documents for voluntary surrender of certificate of registration(i)The Company shall ensure that, as on date of making the application, necessary fee has been paid(ii)A certified copy of resolution of the Board of Directors recording reasons for surrender of registration(iii)A confirmation from the Principal Officer that no fresh business would be placed from the date of their request for surrender of registration(iv)Original Certificate of valid Registration/certificate of registration(v)An undertaking from Directors of the Company to service the existing clients whose policies are in force for a period of six months within which suitable arrangements shall be made for having the contracts attended to by another registered Insurance Web Aggregator.(vi)To notify inform to the Registrar of Companies and comply with their requirements under Companies Act for deletion of Main Objects of MOA/AOA or produce proof of steps taken to de-register the company with Registrar of Companies.(vii)To submit the statistics on claims, business premium for the preceding three financial years, as per format specified by the Authority from time to time.(viii)To provide the details of every event that has come to the Company's notice where the insurance Web Aggregator may become liable to pay damages or compensation to clients, whether covered by the professional indemnity policy or not, giving the following information:a. Date of period of occurrence.b. Name of client concerned.c. Nature of event likely to give rise to a claim.d. Brief description of basis of claim.e. Intimated or estimated amount of claim.f. Amount provided by the insurance Web Aggregator in its books for the claim.g. Present status of claim.h. Any other information, required by the Authority.
XI
Form Z[see regulation 36]Obligations of Insurers(a)An Insurer shall not pay any fee or remuneration, by whatever name called, to Insurance Web Aggregators other than what is prescribed in regulation 30.(b)An Insurer shall not pay any fee or remuneration, by whatever name called, on any type of renewal premium/policy payable from the second year and the subsequent years, to insurance Web Aggregators.Explanation. - For the purposes of general insurance and health insurance it is clarified that renewal commission is payable on annual insurance policies such as motor insurance, health insurance and other similar policies provided the insurance policies are renewed without any break.(c)An Insurer shall not pay any fee or remuneration, by whatever name called to any person/entity who owns/maintains a website not approved by the Authority under these Regulations that is engaged in web aggregation or product/price comparison.(d)An Insurer shall not make any payment, by whatever name called, in the form of advance to an Insurance Web Aggregator.(e)An Insurer shall not pay any remuneration after termination of agreement with Insurance Web Aggregator.(f)An Insurer shall not pay any remuneration after the lapse of validity of Certificate of registration given by the Authority to the Insurance Web Aggregator.(g)An Insurer shall obtain and maintain records of leads/data obtained from each Insurance Web Aggregator through the lead management System of the Insurance Web Aggregator, the details of the policies sold out of the leads/data thus obtained and the information regarding the payments made.(h)An Insurer shall submit to the Authority, the records referred to in different sections of these Regulations and the reports, if any, of its activities as relevant for the purpose of these Regulations, whenever called upon to do so.(i)Insurers shall share product information and premium rates with Insurance Web Aggregators within the time frame as specified in the agreement, and the information so shared shall match with the product approved by the Authority.(j)An insurer shall ensure that in case the prospect is debited two or more times for purchasing an insurance policy, then the prospect shall be refunded his premium expeditiously and in any case not beyond a period of forty five days from the date of the transaction.
XII
Form AA[see regulation 8(b)]Manner of calculation of equity capital held by foreign investors(1)For the purposes of the Act and these Regulations,a. The Indian promoter, Indian Investor and Foreign Investor shall have the same meaning as given in Regulation 2 of the Insurance Regulatory and Development Authority (Registration of Indian Insurance Companies) Regulations, 2000.b. [***] , the Indian promoter shall be a company as defined in the Companies Act, 2013 (18 of 2013), which is not a subsidiary as defined in section 2(87) of that Act and also furnish the extent of investment held by all foreign investors in that promoter company.c. The calculation of the holding of equity shares by one or more Foreign Investors in the applicant company, shall be made as under and shall be aggregate of: -i. the quantum of paid up equity share capital held by the Foreign Investors including foreign venture capital investors, in the applicant company; andii. the proportion of the paid up equity share capital held or controlled by such foreign investor(s) either by itself or through its subsidiary companies in the Indian promoter(s) or Indian Investor(s) as mentioned in sub-clause (a) of this FormProvided that clause (ii) shall not be applicable to an Indian promoter or Indian investors namely:(i)a banking company as defined in sub section(c) of section 5 of the Banking Regulations Act, 1949 but does not include a foreign bank or branch thereof functioning in India;(ii)a public financial institution as defined in section 2(72) of the Companies Act, 2013 (18 of 2013);(2)Every Insurance Web Aggregator who has been granted registration under the Act shall, within 45 days of the end of every quarter, furnish to the Authority a statement indicating changes exceeding 10% of the paid up capital of the promoter.(3)However, any change in excess of 25% of the paid up capital of the promoters shall be reported to the Authority immediately.
XII
Form AB[see regulation 8(d)]Transfer of shares(1)Registration of transfer. - No registration of transfer of shares or issue of equity capital of an insurance Web Aggregator which would result in change in the shareholding shall be made, where:a. After the transfer, the total paid-up capital holding of the transferee in the shares of the Web Aggregator is likely to exceed five percent of its paid up capital; orb. The nominal value of the shares intended to be transferred by an individual, or, group, constituents of a group or body corporate under the same management, jointly or severally exceeds five percent of the paid up capital of the Web Aggregator Unless the previous approval of the Authority has been obtained for the said transfer(2)Application for transfer. - The application seeking prior approval of the Authority shall be made in Form AC. The application shall be accompanied by the requisite documents and the details of the transferee as specified in Form AD providing complete details of the proposed transferee, its financial strength, sources of funds from which the proposed investments is intended to be made and such other information as may be prescribed by the Authority.(3)Declaration of Beneficial shareholding. - The application for transfer of shares shall be accompanied by a declaration from the proposed shareholders whether the shares are proposed to be held for his own benefit or as a nominee, whether jointly or severally, on behalf of others and in the latter case giving the name, occupation and address of the beneficial owner or owners and the extent of beneficial interest of each.(4)Due Diligence. - The Authority shall carry out the requisite due diligence of the proposed transfer prior to grant of approval for registration of transfer of shares under the Regulations or for issue of shares to the proposed transferee.(5)Conditions for approval. - The Indian promoters shall hold shares in a Web Aggregator as approved by the AuthorityProvided that the Authority shall while according its approval, specify such conditions on promoters as it may consider appropriate, including but not limited to:a. Minimum lock in periodb. Infusion of additional capital in proportion of its shareholding or otherwise, at periodic intervals to ensure that the insurance Web Aggregator is compliant with the net-worth requirements at all times; andc. Compliance with all regulatory stipulations imposed on the promoters, if any.(6)Foreign Investors. - The foreign investors shall hold shares in an insurance Web Aggregator in accordance with the provisions of Rules, Regulations, and Guidelines issued in this regard.Provided that the Authority while according approval may prescribe such conditions as it may consider appropriate, including but not limited to:a. Minimum lock in periodb. Infusion of additional capital in proportion of its shareholding or otherwise, at periodic intervals to ensure that the insurance Web Aggregator is compliant with the net-worth requirements at all times; andc. Compliance with all regulatory stipulations imposed on the promoters, if any(7)Ceiling on Indian Investors. - The investors excluding the foreign investors shall hold shares in an insurance Web Aggregator subject to the following conditions:(a)Where there are one or more investors in Web Aggregator, no investor shall hold shares in a Web Aggregator company exceeding fifteen percent of the paid up equity capital of such Web Aggregator.(b)All investors as indicated at (a) above, jointly shall not hold more than twenty five percent of the paid up equity share capital of the Web Aggregator.(c)While an investor in a Web Aggregator may be an investor in other Web Aggregators, he cannot be a promoter in more than one Web Aggregator.
XII
Form AC[see regulation 8(d)]Application seeking transfer of shares in Insurance Web Aggregator1. In terms of Insurance Regulatory and Development Authority of India (Insurance Web Aggregators) Regulations, 2017, ____________________________ (Name of the Insurance Web Aggregator) has been granted Certificate of Registration No. ______ on _________(date) to carry on web-aggregation business.
2. The shareholding of the insurance company at the time of grant of certificate of registration was under
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Promoter/Shareholder |
No. of shares held |
Per cent of total shareholding |
Lock-in-period (No. of years) |
Lock-in period ends on (Date) |
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3. Post registration of the ........................... insurance Web Aggregator, the shares of ........................ promoters/investors were transferred in favour of ............................... post grant of requisite approval of the Authority vide its letter no ............................... dated ............................... (where applicable)
While granting approval for transfer of the said shares, the Authority had stipulated a lock in period on the incumbent transferee(s), as per details furnished as under
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Promoter/Shareholder |
No. of shares held |
Per cent of total shareholding |
Lock-in-period (No. of years) |
Lock-in period ends on (Date) |
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4. The............................ (Name of the Insurance Web Aggregator) hereby seek approval of the Authority in terms of Regulation 8(d) of the Insurance Regulatory and Development Authority of India (Insurance Web Aggregators) Regulations, 2017 for (i) registration of transfer of shares held by the promoter(s)/investor (s) and/or (ii) allotment of shares on preferential basis through private placement as per details given below:
| SI. No. |
Existing Promoter /Shareholder |
No. of shares held |
Per cent of total shareholding |
New Promoter/Investors |
No. of Share held post Transfer/ Allotment |
Per cent of Shareholding Post Transfer/ Allotment |
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XII
Form AD[see regulation 8(d)]Documents and the details of the transferee accompanying the transfer of share application
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Particulars |
Remarks |
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Name of theproposed Transferee:(Name and Full address giving the details of theproposed transferee)
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Legal Form/Status : |
Individual/LLP/ Partnership firm /CorporateEntity/ Cooperative Society/ Bank/ Financial Institution/ Anyother (pl. Specify)
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No. and Date ofIncorporation:(Date of Birth in case of Individual)
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Permanent Account Number under the Income TaxAct and name and address of Income Tax circle
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(a) Transferee status : |
Investor/promoter |
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(b) Whether theinvestor and/ or promoter or its group company are alsoshareholder in an insurance intermediary.(If yes, then please give complete details)
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(c) Whether theinvestor and/or its promoter of its group company is havingshareholding in any other insurance company.(If yes, then please give complete details)
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Letter of Consent of proposed Transferee |
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(Please provide copy of Board resolutionapproving acquisition in case of Corporate entity)
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Copies of requisite approvals by the relevantjurisdiction/sector regulator as applicable
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Copies of requisite approvals under ForeignExchange Management Act, 1999(FEMA)
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Copies of requisite approvals, if any under theprovisions of Competition Commission of India.
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Letter of Consent of the proposed Transfereeconfirming compliance with all stipulations as may be laid downby the Authority.
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Confirmation from the Insurance Web Aggregator(applicable only in case of unlisted entities) indicatingconcerns, if any, on the revised shareholding pattern.
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Board Resolution of the applicant companyseeking to issue shares, if applicable
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Fit and Proper |
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a. Declaration providing details ofcivil/criminal/ regulatory action taken/pending against theproposed transferee
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b. Whether thetransferee or the Directors of the transferee have ever beenrefused (or had revoked) a license or authorisation to carry onany regulated financial business.(If yes, then please give complete detailsthereof)
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c. Details of any censure or disciplinary actioninitiated by any Government, Regulatory or Professional Body.
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d. Whether anyGovernmental Regulatory or Professional Body has everinvestigated any company, firm or organisation with which theDirectors and key persons have been associated as a director,officer, manager or shareholder.(If yes, then provide the complete details)
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Details of any Agreement in place/proposed tobe entered into with the insurance Web Aggregator.
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Declaration for the Beneficial ownership: Adeclaration by the transferee as to whether he proposes to holdthe shares for his own benefit or as nominee, whether jointly orseverally, on behalf of others and in the latter case giving thename. Occupation and address of the beneficial owner or owners,and the extent of the beneficial interest of each.
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Documents pertaining to the proposed Transferee(as applicable) :
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a. Memorandum ofAssociation and Articles of Associationb. List of theDirectorsc. Shareholdingpattern/details of partnersd. Key ManagerialPersonnele. Financialstatements of the previous three yearsf. Brief note aboutthe background, financial strength; etc.g. Income taxstatements for last five yearsh. Details ofDirectorship/Partnership/shareholding (equity shares holding ofone per cent and above) in other entitiesi. Self-AttestedAffidavit confirming that the information furnished in Forms ACand AD along with is correct and complete, and nothing has beenconcealed or suppressed.j. Any other information, which may beconsidered relevant.
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