Insurance Web Aggregator Licence
Insurance Web Aggregator Licence is governed by IRDAI (Insurance Web Aggregator) Regulations 2017. All the application for registration for Insurance Web aggregator is accessed from IRDAI Portal.
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Insurance is one of the fast growing sector in India, it accounts for 15% annual growth. There are two broad categories of Insurance, viz. Life insurance and General Insurance. General Insurance is further classified into Vehicle insurance, Health Insurance, immovable and movable asset insurance, indemnity insurance. In India there are various insurance players involving both Government and non-government companies. These insurance players provide ample insurance product depend upon the limit, insurance amount, insurance premium, tenure and various other factors. Here comes the role of Insurance web aggregator, due to the availability of various insurance products by various companies, a insurance web aggregator use to provide a platform comprises of price comparison and relevant information of insurance products provided by various insurance companies.
An Insurance web aggregator need to provide a single platform wherein all the available insurance product of all the insurance companies are depicted in a manner that the user can compare the insurance product as per the insurance amount, insurance premium, tenure and various other factors.
Registration requirement of Insurance Web Aggregator Licence is done on IRDAI Platform:
1. A insurance web aggregator licence shall be granted either to a registered company or to a registered LLP (Limited Liability Partnership), thus in order to apply for Insurance web aggregator licence there must be a properly incorporated company or LLP
2. The Company or LLP intended to apply for Insurance web aggregator licence must contain its main objective of business as Web aggregation of Insurance Products. There should not be any other business in the main object of the company other than business of insurance of web aggregation.
3. The company intended to apply for Insurance web aggregator licence must appoint a Principal Officer who shall satisfy the minimum education qualification as prescribed in IRDA (Web Aggregators) Regulations, 2017.
4. The Company / LLP intended to apply for Insurance web aggregator licence must not be any corporate agent, insurance agent, surveyor, or any other insurance intermediary registered with IRDAI.
5. The proposed Web aggregator must deploy a specified platform in the form of a website to carry on the activities of insurance web aggregator before apply for registration.
6. The minimum capital requirement as specified in regulation for registration of insurance Web aggregator id INR 25 Lakh, this capital requirement shall be in the form of Subscribed equity share capital in case of Company or in the form of capital contribution by the partners in case of LLP. During the entire validity of the licence, this minimum capital requirement shall not fall below prescribed limit of INR 25 Lakh.
7. There is also a requirement of minimum net worth of 100% of the minimum capital requirement i.e. INR 25 Lakhs, this net worth need to be reviewed on every half yearly basis and non-compliance if any in the case of shortfall of net worth shall be reported to IRDA within 15 days and the same shall be restored within 30 days thereafter. If the same is not restored within 30 days then the licence granted shall be ceased on immediate effect.
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Apart from above, even after obtaining registration under various laws, we at ReturnFilings.Com also fulfill various compliance on your behalf in order to ensure proper and smooth functioning of business and to avoid unnecessary interest or penalty for non-compliance. We at ReturnFilings.Com are determinate to provide end to end solution; our motto is you concentrate on your business while we at ReturnFilings.Com will take care of all your compliance need.