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What are the prerequisites for becoming an Insurance Web Aggreg

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    What are the prerequisites for becoming an Insurance Web Aggregator?

    As previously discussed in our article, we have clearly stated the Insurance Web Aggregator meaning for now. Now, the applicant must fulfill the conditions detailed in the following article for the grant of a registration certificate of the Insurance Web Aggregator. Let us look at them one by one. 

    Who can apply for Insurance Aggregator in India?

    The Insurance Web Aggregator applicant must be a business entity as defined under the following regulations:

    • Company registered under the Companies Act of 2013
    • Limited Liability Partnership registered under the Limited Liability Partnership Act of 2008
    • Entity recognized by the IRDAI to act as an Insurance Web Aggregator

    Main Objects of the Insurance Web Aggregator

    The Memorandum of Association must be coupled with other documents of the Aggregator application and must have the business of Insurance web aggregation as its only main object. The Insurance Web Aggregator license applicant must not engage in any company other than the main object of the applicant.

    Debarred Entities for Aggregator Application

    The applicant must not be any of the following entities to apply for the Web Aggregation license in India:

    • Insurance Agent
    • Corporate Agent
    • Micro-Insurance Agent
    • TPA
    • Surveyor and Loss Assessor
    • Insurance Marketing Firm
    • Other Insurance Intermediary under regulations framed by the IRDAI

    Here, you must not possess a referral arrangement with the Insurer.

    Registration Application Filing

    The IRDAI can grant an Aggregator license applicant /Group Entities a certificate of registration for insurance intermediation purposes. But, the insurance aggregator registration application where any group entity is already engaged in the requisite insurance intermediation will be considered only on merits. In addition, there must be no conflict of interest.

    Principal Officer Appointment and Training

    The Principal Officer of an Insurance Aggregator license applicant must possess any one of the qualifications specified in the following points:

    • A Bachelor's or a Master's degree in any of the following disciplines:
      • Arts
      • Science
      • Social Sciences
      • Commerce
      • Engineering
      • Law
      • Management

    It can also be from one of the equivalents of any institution recognized by the State or Central Government.

    • An Associate or a Fellow from the Insurance Institute of India in Mumbai
    • A post-graduate from the Institute of Insurance and Risk Management in Hyderabad
    • An Associate or a Fellow from the Institute of Chartered Accountants of India in New Delhi.
    • An Associate or a Fellow from the Institute of Cost and Works Accountants of India, Kolkata.
    • An Associate or a Fellow from the Institute of Company Secretaries of India in New Delhi
    • An Associate or a Fellow from the Institute of Actuaries of India
    • A holder of the Certified of Associateship from the Indian Institute of Bankers in Mumbai
    • Any other qualification specified as per the IRDAI Regulations

    The Principal Officer of the Aggregator applicant must have undergone training and passed the necessary examination as specified by the IRDAI.

    Fit and Proper Criteria for Company Personnel

    In the following points, every top executive of an applicant Insurance Aggregator firm must fulfill the FIT and PROPER conditions:

    • Appointed Principal Officers
    • Appointed Directors
    • Engaged Promoters
    • Interested Shareholders
    • Designated Partners
    • And Other Key Management Personnel

    The Authorized Verifier in the stated obligation must undergo the training. He must also pass the examination as specified by the IRDAI. In addition, The IRDAI must not have rejected the application to the applicant for a registration grant. Also, the applicant must not withdraw the application during the preceding financial year from the date of its registration application.

    To learn more about the Web Aggregator registration procedure, connect with the Insurance Experts at Registrationwala. 

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