Section 8(2) in The Insurance Regulatory and Development Authority (Sharing of Database for Distribution of Insurance Products) Regulations, 2010
(2)The insurer shall enter into an agreement with the referral company approved by the Authority which shall necessarily include details relating to though not limited to the following:-(a) Agreed price of the database to be shared(b)Terms of payment including time-frame and mode(c)The right of the insurer to inspect/audit the referral company(d)Onus of complying with the regulatory and other legal requirements on both the parties to the agreement(e)Identifying the different data elements to be shared ( viz. name of customer, contact details).
