Chapter 3 of the Insurance Web Aggregator Ruglation of 2017 talks about the Insurance Web Aggregator License Renewal. Renewal of this license is compulsory as one cannot work with the same license after it has expired. Hence, one must obtain a renewal certificate of the Insurance Web Aggregator License when it is about to expire. There are two options available to file the application for renewal. Either an applicant files the application for renewal before the 90 days of the expiry date or before the 30 days of the expiry date. The present write-up will help you to find every aspect of the renewal of the license of the Insurance Web Aggregator; hence, you must continue reading the same.
What is Insurance Web Aggregator License Renewal?
An Insurance Web Aggregator license has been given to do the business of the insurance web aggregator. This is given for three years initially. After that period, one needs to be reverified by the IRDA and again get permission for further work, and this is known as Insurance Web Aggregator License Renewal. Some of the Important regulations given under the Insurance Web Aggregator Regulations of 2017 are:
- Regulation 13, where renewal of the Insurance Web Aggregator license has been mentioned in detail
- Regulation 14 talks about the procedure where renewal of the Insurance Web Aggregator license is not granted
- The effect of the refusal of renewal of certification has been given under Regulation 15
- A duplicate certificate of registration given under Regulation 16 is different from the renewal certification.
Process of Insurance Web Aggregator License Renewal
Step-by-step guidance to get the Insurance Web Aggregator License Renewal is mentioned here for a better understanding of the renewal process of the license so that penalties and fines will not be levied on the applicant. One must follow the given below procedure to obtain a renewal certificate:
- File an online application before the office of the Insurence Regulatory and Development Authority of India for the renewal of the Insurance Web Aggregator License and upload all the required documents with the application.
- The application for the renewal of the insurance web aggregator license must be submitted in Form F.
- The application must be submitted with the requisite renewal fee that is Rs. 25000
- After submission of the application for renewal, the department will verify the application, and they will either raise the query or grant a renewal certificate.
- If the query is raised, then within 30 days, an applicant is supposed to resolve that query because if not resolved within 30 days, there are chances of rejection of the renewal application.
- If everything is found correct in the application, then a certificate of renewal will be granted in Form H.
Documents Required for the Renewal of Insurance Web Aggregator License
Some of the key documents required for the completion of the Insurance Web Aggregator License Renewal are given below:
- Copy of CIN, also known as Certificate of Incorporation of the companies or Limited Liability Partnership Firm
- MOA, as well as AOA of the company and the LLP
- Copy of the Permanent Account Number of the company or the LLP
- C.V.s of all the Directors and partners of the company and LLP, respectively
- Educational qualification certificates of the directors and partners of the company and LLP, respectively
- ID and address-related documents of the directors and partners of the company and LLP, respectively
- Business address proof of the registered company or LLP must be attached to the application.
- Details, as well as a declaration of the directors or partners of the companies or LLP
- PAN and Aadhaar Card numbers of all the directors and partners of the company and LLP, respectively
- Full name, email address, nationality, date of birth and contact details of the directors and partners of the company and LLP respectively
- Details of the principal officers
- All the documents related to the website
- Self-certification of directors, partners and principal officers
Important Forms for Insurance Web Aggregator License Renewal
Some of the important forms and the related information with respect to the Insurance Web Aggregator License Renewal, which has been prescribed under schedule 2nd of the Insurance Web Aggregators Regulation of 2017 are given below:
| Form | Details of the Form |
| Form-F | It is related to the application for the renewal of the Insurance Web Aggregator License. It contains the instructions to file the application for renewal. Other information that needs to be filled in this form are the information related to the applicant and the information related to business. |
| Form-G | This form contains or gives information regarding the various documents that need to be attached to the registration form for the renewal. The format of the undertaking is also given for reference. That undertaking also needs to be attached to the renewal application |
| Form-H | Finally, in this form, a certificate of renewal has been granted under Section 42D(1) of the Insurance Act of 1938. In the certificate of renewal, the name of the applicant and the date of the validity of the license have been mentioned with all the laws applicable to it. |
Benefits of Insurance Web Aggregator License
In the business world of insurance web aggregators, this license called the IWA License, plays a great role. Without this license, one cannot work as an insurance webaggregator. Some of the key advantages of this license are given or mentioned below:
- Compliance with the laws
- Can do business freely without any fear after obtaining this license
- Helps in obtaining the best insurance policy
- Maintains transparency in the insurance world
- Saves time and energy for the one who wants to take insurance
- Gives true information regarding the insurance policies
- The license involves making sure that the applicant meets or fulfils each and every legal requirement to operate as an Insurance WebAggregator
- Ensures that granting them a license would actually be good for the people who buy insurance policies
- License also checks that one is following all the rules set by the insurance authority.
Conclusion
Insurance Web Aggregator License Renewal is a crucial process mandated by the Insurance Regulatory and Development Authority of India (IRDAI) every three years. It ensures that the licensee continues to comply with all regulations and requirements governing Insurance Web Aggregators. This renewal serves as a validation that the licensee maintains accurate and up-to-date information on their website, provides clear details about insurance policies to facilitate consumer decision-making, and follows established rules and standards. This renewal process ensures the continued compliance and reliability of Insurance Web Aggregators, benefiting consumers and the insurance industry.
