Documents Required to obtain Insurance Web Aggregator License?
An Insurance Web Aggregator license is a legal requirement to create an insurance portal to provide insurance policies to the insured. With the help of that platform, insurance seekers can peruse the insurance policies, compare between them and choose the one that fits their requirements. However, to start this platform, aspirants must get the documents ready. This article provides a list of those requirements and their significance when it comes to the license to establish an insurance web aggregator platform.
Insurance Web Aggregator websites started emerging right after the government of India realized that people don’t trust insurance agents anymore. Having access to the internet has opened their eyes. Thus, they now seek to make their own insurance decisions without relying on those who can manipulate them.
Thankfully, the IRDA – the Insurance Regulatory authority of India – comprehended this requirement with ease. And therefore, created regulations for the Certificate of Registration for Insurance Web Aggregators.
Who is eligible to acquire the Insurance web aggregator license?
To procure the IRDA web aggregator license, paying the fees isn’t enough. IRDA has set high standards for those who are eligible for this authorization:
- The applicant should be a Private Limited Company.
- The Company’s CEO should be a qualified Principal Officer.
- A competent court should have declared the applicant organization fit to conduct the duties of an insurance web aggregator.
- Applicant must comprehend the web aggregator meaning.
- The applicant must have a robust business model for your Insurance Web Aggregator business.
Once you meet those requirements, getting the license is just a matter of:
- Furnishing the documents,
- Filling and submitting the application form
- And obtaining the certificate of registration from the IRDA
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Documents for IRDA Web aggregator License
The documents you require for the IRDA web aggregator license are as follows:
- Certified copy of a COR: The Certificate of Incorporation is proof that the applicant is a private limited company.
- Memorandum of Association: The Memorandum of Association is the document that contains information about the objective of the applicant company.
- Articles of Association: This document details the rules and regulations of the applicant company
- LLP agreement: If the applicant is an LLP, the document requirement is the LLP agreement.
- Copy of the PAN card: It proves the applicant has the power to pay taxes.
- Resumes of the directors of the company or Designated partners of an LLP: They will contain info about the experience and qualification of the partners or directors.
- Resume of the principal officer: This document should state the number of hours the Principal Officer has trained for the web aggregator examination and the date of clearance of that examination.
- Photograph of the web aggregation portal
- List of individuals with the authorization to post information about the insurance policies.
- Shareholding pattern of the company
- Copies of the audited accounts, annual reports, and balance sheet
- A fully-realized business plan of the company
- IT infrastructure details
- Human resource chart
- Training and qualification details of the Principal Officer
- Login credentials of the insurance web aggregation platform
What happens if you don’t provide the aforementioned documents to the IRDA?
The Insurance Regulatory and Development Authority of India is known for taking strict measures against those who violate the rules of Insurance intermediations. Therefore, not providing the documents to the IRDA won’t prove fruitful to you. It will not only render the IRDA blind to the nature of services you provide, but it will also de-motivate this authority from granting you the license.
Conclusion
The correctness of the documents decides whether or not you will obtain the Insurance web aggregator license on time. Therefore, pay close attention to the listed docs in this article. And if you need any assistance, don’t be afraid to reach out to our IRDA consultants.
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