An Insurance Web Aggregator is a kind of business where a company helps an individual and corporate body to get the best insurance policies for them. There is a flood of insurance policies in the market, and in such a situation, it’s really tough to figure out which policy one should take. Here comes the Insurance Web Aggregators to rescue, and they make it easy to choose the correct insurance policy. Such businesses need to take an Insurance Web Aggregator License to run their business. They cannot work without this license.
While obtaining an Insurance Web Aggregator License, documents play a great role. Without the proper documentation, this license cannot be granted even if there are chances of rejection of the application. Hence, one who wants to open an entity for an Insurance Web Aggregator must have proper knowledge regarding the documents required for an Insurance Web Aggregator License. The current blog will focus on the checklist of the documents required for an Insurance Web Aggregator License. It will make it easy for the applicant to determine the documentation.
Insurance Web Aggregator Regulations of 2017
In simpler terms, the Insurance Regulatory and Development Authority is using the authority granted to them by certain laws to create new regulations called the “Insurance Web Aggregator Regulations of 2017.” These regulations are designed to oversee and control web aggregators in the insurance industry. A web aggregator is a company that operates a website where people can compare insurance prices and learn about different insurance products from various insurance companies. These regulations will become effective as soon as they are officially published in the government’s Official Gazette. They replace the previous regulations for web aggregators that were issued in 2013.
Also, under the above-mentioned regulation of 2017, everything regarding the documents required for an Insurance Web Aggregator License has been given under the following forms:
- Form B is regarding the forms to be attached with the registration Form A
- Form C is with respect to the details required regarding the principal officer of the incorporated company or LLP
- Form D which is regarding the personal details of the directors, partners, principal officer and key managerial persons
Key Documents Required for an Insurance Web Aggregator License in India
In Schedule 1, Form B of the Insurance Web Aggregator Regulations of 2017, everything that needs to be attached to the registration form that is Form A is mentioned. Some of the key documents required for an Insurance Web Aggregator License under the Insurance Web Aggregator Regulations of 2017 are given below:
Company Related Documents
Some of the documents required for an Insurance Web Aggregator License with respect to the incorporated company under the Companies Act are given below:
- Copy of CIN, also known as Certificate of Incorporation of the company that is registered under the Companies Act.
- MOA as well as AOA of the company that got registration under the Companies Act
- Copy of the Permanent Account Number of the company incorporated under the company law
- C.V.s of all the Directors of the company are required
- Educational qualification certificates of the directors must be attached to the C.V.s
- ID and address-related documents of the directors of the companies will also required
- Business address proof of the registered company must be attached to the application
- Details as well as a declaration of the directors of the companies with the compliance of the fit and proper criteria prescribed under Form D of the Insurance Web Aggregator Regulations of 2017
- PAN and Aadhaar Card number of all the directors of the company
- Full name, email address, nationality, date of birth and contact details of the directors of the company
Limited Liability Partnership Firm-Related Documents
Key documents required for an Insurance web Aggregator License with respect to LLP or Limited Liability Partnership form that got registered are mentioned below in detail:
- Copy of CIN, also known as Certificate of Incorporation of the Limited Liability Partnership Firm, that is registered under the LLP Act of 2008.
- MOA, as well as AOA of the LLP that got registration under the Limited Liability Partnership Act
- Copy of the Permanent Account Number of the LLP incorporated under the LLP law.
- C.V.s of all the partners of the LLP must be attached to the application
- Educational qualification certificates of the partners must be attached to the C.V.s
- ID and address-related documents of the LLP will also needed
- Business address proof of the registered LLP must be attached to the application
- Details as well as a declaration of the partners of the LLP with the compliance of the fit and proper criteria prescribed under Form D of the Insurance Web Aggregator Regulations of 2017
- PAN and Aadhaar Card number of all the partners of the LLP
- Full name, email address, nationality, date of birth and contact details of the partners of the LLP
Company or LLP’s Principal Officer Documents
It is necessary to appoint a principal officer to all those companies and LLPs that are in the business of Insurance Web Aggregators. Some of the basic documents required for an Insurance Web Aggregator License with respect to the principal officer are given below:
- Details as well as a declaration of the principal officer of the company or LLP with the compliance of the fit and proper criteria prescribed under Form D of the Insurance Web Aggregator Regulations of 2017
- Educational qualification certificates of the principal officer must be required.
- Training on insurance regarding the certificate of the principal officer
- ID and address-related documents will also required
- PAN and Aadhaar Card numbers of all the principal officers of the company or LLP
- Full name, email address, nationality, date of birth and contact details of the principal officer of the company or LLP
Insurance Web Aggregators Website Documents
As it is clear for the business of Insurance Web Aggregators, the website is a must. Hence, all the documents required for an Insurance Web Aggregator License regarding the website must be attached to the application form. Such documents related to the website are:
- Snapshots of the content of the website will be needed
- Domain name registration proof is required
- Business address proof with the confirmation of the hosting website will be necessarily required.
- List of people who will be responsible for the website as well as the content of the website
Self Certification of the Directors, Partners or Principal Officer
Self-certification, which is one of the most important documents required for an Insurance web Aggregator License, must be executed by the principal officer or two directors or designated partners of LLP, which must be duly notarised and certify the following:
- Directors, Partners or Principal Officers have attained the age of majority
- Directors, Partners or Principal Officers are of sound mind
- Directors, Partners or Principal Officers do not have any criminal background, and they are not involved in any economic offence in the last three years.
- Directors, Partners or Principal Officers are not the agents of any other insurance company.
- The company will maintain the minimum requirement of the paid-up capital, which is Rs. 25 lakhs.
- All the details given are true as per the best of their knowledge
Roles and Responsibilities of the Insurance Web Aggregator License
Once granted, this license, called the Insurance Web Aggregators License, comes with significant responsibilities, such as ensuring compliance with IRDAI’s code of conduct, providing transparent and accurate information on insurance policies, and assisting users in making informed choices. Some of the important or we can say key roles and responsibilities of the Insurance Web Aggregator License are given below:
- Ensure the applicant meets legal requirements.
- Assess if issuing an Insurance Web Aggregator License benefits policyholders.
- Enforce compliance with IRDAI’s code of conduct and conditions
- Mandate timely resolution of grievances within 14 days
- Verify proper record maintenance
- Verify accuracy and research behind website information
- Offer details on available insurance policies
- Facilitate easy comparison of insurance options
- Provide guidance on selecting the best policy
- Save time and effort for individuals
- Enhance transparency and clarity
- Offer competitive insurance pricing
- Offer expert advice to users
Conclusion
Obtaining an Insurance Web Aggregator License in India is a meticulous process that must comply with all the documents required for an Insurance Web Aggregator License adherence to the Insurance Web Aggregator Regulations of 2017. Whether it’s a company or a Limited Liability Partnership, the submission of essential corporate and personal documents, including certificates of incorporation, educational qualifications, and identification records, is mandatory. The principal officer’s qualifications and insurance-related training, as well as detailed website information, are also key components of the application.
Additionally, self-certification by directors, partners, or principal officers plays a crucial role in affirming compliance with various legal and ethical criteria. Overall, the Insurance Web Aggregator License is not only a regulatory requirement but also a commitment to offering valuable guidance and services to individuals and corporate entities seeking the right insurance solutions in a complex market landscape.
