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Insurance Web Aggregator License
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Insurance Web Aggregator License

Help in getting approval from IRDA for Insurance Web Aggregator License
Advisory on workflow and business plans of the new company
Compilation of all necessary documents for IRDA registration
Support to register the company under the Companies Act, 2013
Applying on behalf of the client for Insurance web aggregator registration
Regular updates regarding compliance norms of IRDA

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    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

    The Company must be incorporated under the Companies Act. The Web Aggregator must comply with all the FDI norms and other regulations set by the authority.
    The main objective of the company must be mentioned as ‘Web Aggregator’ in the MoA or Memorandum of Association. Also, the company mustn’t engage in any other business and only stick to its objective of giving web aggregator services.
    The applicant must not be a licensed or registered insurance agent, loss assessor, corporate agent, micro-insurance agent, surveyor, TPA, or an insurance broker registered under IRDA.
    The company must have a designated principal officers to handle its day to day affairs and his/her educational qualification must be as stated in the Schedule V of the act.
    The designated principal officer should adhere to the code of conduct specified in the Scheduled VI and VII of the Act.

    Annual license Fee for Insurance Web Aggregator Registration

    5000 must be paid as an annual license fee to the authority.
    The fee should be paid before 15 days of finalization of the audited account (annual audit).

    Capital Requirement for Wen Aggregator License

    For an LLP or a company, the minimum paid-up share capital requirement is Rs. 2500000.
    The paid-up share capital of an applicant company must be issued/subscribed in form of equity share.
    For LLP’s the minimum contribution should be in form of cash only.
    The issued share for the minimum capital requirement will remain unencumbered which means that these shares can’t be pledged as a security to get any credit.
    The net worth of an Insurance web aggregator company must not fall below 100% minimum capital required for registration.
    Status of net worth must be reviewed half-yearly on 30th September and 31st
    A net worth certificate duly certified by a C.A. must be submitted annually to the regulating authority (IRDA).

    Procedure to Get Insurance Web Aggregator License

    An application for grant of insurance Web aggregator license and registration needs to be made to IRDA and the format for the same should be the same as prescribed in Schedule I – Form A of the act.
    Payment for web aggregator licenses could be made through electronic fund transfer or by demand draft.
    A non-refundable fee of Rs. 10000/- should be paid and the DD should be made in favour of ‘Insurance Regulatory and Developmental Authority’. The DD should be payable in ‘Hyderabad’.
    An application should be made to carry out outsourcing and telemarketing services with the application form.
    If the applicant fulfills all the criteria set by IRDA after inspection of the application and all the relevant documents, the authority will grant the applicant an 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.

    Document Required

    Documents Needed For Insurance Web Aggregator License Registration

    A copy of the Certificate of Registration of the company.
    Copies of Memorandum of Association with Articles of Association of the company.
    For an LLP, a copy of the LLP Agreement certified by a practicing C.A.
    A photocopy of PAN Card;
    Copies of education and qualification related documents of all the directors, partners, and Principal Officer.
    A duly certified declaration from directors or promoters stating the competency and qualifications of all administrative officers.
    Domain and web portal registration details of the company.
    Address proof of the company.
    List of the individuals who will manage the content to be posted in the web portal.
    Photocopy of certificate issued by CA describing the shareholding pattern and net worth of the web aggregator company.
    Copies of the audited accounts, annual report, and balance sheets of last 3 financial years.
    3-year Business Plan of the company.
    Details of IT and physical infrastructure of the company.
    Human Resource Chart showing the roles and responsibilities of each employee.
    Login Credentials of the website for verification by the IRDAI Information Technology Department.

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      Frequently Asked Questions on Insurance Web Aggregator License
      How Is An Insurance Aggregator Different From An Insurance Broker?

      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.

      Is It Necessary To Have A Website Prepared For An Insurance Aggregator?

      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.

      Who Is The Principal Officer (PO)?

      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.

      What Is The Qualification Required By The Principal Officer?

      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.

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