Insurance Web Aggregator License
Overview of Insurance Web Aggregator Companies
A web aggregator company is defined in Section 2 (n) if the insurance act, 1938 as a company registered through Companies Act, 1956 (1 of 1956) and approved by regulating authority of insurance companies. This company gives quotations and stats related to insurance products and policies of different companies.
A web aggregator company acts as an intermediary that maintains and supervises the website and offers price comparison with features of different insurance products to the customer.
An insurance web aggregator company is approved and regulated by IRDA and is registered through the Companies Act, 2013. IRDA is responsible for ownership and approval of the website and gives information related to different insurance policies and products of various insurance companies. The Insurance web aggregators provide customers a single platform to compare quotes from different insurance companies on a single platform. The web aggregator list comprises of all the different companies to compare products and their quotes.
Eligibility Criteria for Insurance Web Aggregator Registration
Annual license Fee for Insurance Web Aggregator Registration
Capital Requirement for Wen Aggregator License
Procedure to Get Insurance Web Aggregator License
Validity of License
A license granted by the authority must be renewed after three years which is its period of validity. The authority holds the right to suspend a license in case the company fails to comply with the norms of the IRDA Act.
Getting an Insurance web aggregator license application cleared from IRDA is not an easy task. The application needs to be impeccable and should be minutely examined to avoid any discrepancies that could lead to the cancellation of the application by the authority. MUDS helps companies in getting the license easily by giving complete end-to-end support to new companies in getting their Insurance web aggregator license and registration.
Documents Needed For Insurance Web Aggregator License Registration
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The Insurance web aggregator’s activities include suggesting customers prospects of several insurance policies to let them choose a plan according to their requirements. whereas, the Insurance broker’s duty is to advise the clients on the best insurance product depending upon the financial and other aspects of the client.
Yes, it is absolutely necessary. The applicant should get a working website ready while preparing the web aggregator website. It is also mandatory to furnish the audit report (known as CISA Report) of the website certified by authorized professionals for this purpose.
The Principal Officer is often the presiding officer or key management executive of the Insurance Web Aggregator Company. The PO conducts all the activities of the business. The principal officer must have the requisite qualifications as required. The PO of the applicant company must complete training from an institute notified as per the authority.
The principal officer must have subsequent qualifications:
- Associate/Fellow member of the Insurance Institute of India, Mumbai; or
- Graduate/Post Graduate in Arts, Science, or Social Sciences or Commerce or Engineering or Law or Management or its equivalent from any institution/university recognized the State or Central Government;
- Any post-graduate from the Institute of Insurance and Risk Management, Hyderabad;
- Associate/ Fellow member of the Institute of Cost and Works Accountants of India, Kolkata;
- Associate/Fellow member of the Institute of Chartered Accountants of India, New Delhi;
- Associate/ Fellow of the Institute of Company Secretaries of India, New Delhi;
- Certified Associates from the Indian Institute of Bankers, Mumbai;
- Associate/ Fellow of the Institute of Actuaries of India;
- The other qualification specified from time to time by the authority under these Regulations.