An application submitted by the Applicant that is not complete in all respects and/or not conforming to the instructions specified in the application form and/or not complying with the authority’s requirements and/or directions may be rejected.
Insurance Web Aggregator License
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- Fill out the application Form-A, to register as a web aggregator.
- Settle the application fee of Rs. 10,000/- plus applicable taxes through electronic transfer or demand draft payable in favor of the IRDAI.
- Submit the completed application form along with the necessary documents to initiate the verification process.
- IRDAI will thoroughly examine the application and supporting documents to ensure compliance with all essential requirements.
- In case of any discrepancies or missing information, the application will be rejected, and the applicant will be notified within 30 days of such rejection.
- A new application for the certificate of registration can only be submitted after a period of one year from the rejection of the previous application.
- The applicant must be a legal entity registered under either the Companies Act, 2013, or the LLP Act, 2008.
- The Memorandum of Association (MoA) of the proposed web aggregator organization must clearly state that its primary business activity is the web aggregation of insurance products.
- The applicant must refrain from engaging in any business activities other than web aggregation of insurance products.
- The applicant must not be a corporate agent, insurance broker, small scale insurance broker, surveyor, loss assessor, insurance advertiser, or any other insurance intermediary registered with the IRDAI.
- The applicant must not have any referral agreements with insurance companies.
- The applicant must possess a dedicated website to conduct the activities of an insurance web aggregator.
- Must have a designated Principal Officer who meets the minimum prescribed qualifications, has undergone the required training, and has passed the prescribed online examination.
- Must not have had a previous application for a web aggregator license rejected by the IRDAI in the preceding fiscal year.
- We help you to file the application form on your behalf to get your business's Insurance Web Aggregator Licence.
- Guide you to uphold records in the specified manner, which will capture policy-wise details and shall set up systems that allow regular access to such records by the authority
- Get our expert guidance on complying with the code of conduct & condition given by the IRDAI from time to time
- Tracking compliance incidents, identify areas for improvement, and report on their compliance performance to regulatory authorities.
Mr. Manish is highly professional. We get the best service and advice. Very punctual and dedicated team, always stays upfront in informing anything to avoid obligations. Thank you so much.
Raman Shukla
COO at VSERV Infosystems & Founder VSERV Academy
Mr. Manish Mishra's team provided invaluable guidance and expertise in Fintech and NBFC advisory, helping us navigate complex financial regulations and achieve remarkable growth in our business. Their insights are truly a game-changer.
Abhishek M R
Managing Director AMR FINANCE PVT LTD
Mr. Manish, as our Virtual CFO, has been instrumental in propelling our business to spontaneous growth. His expert guidance and strategic insights have transformed our financial landscape, paving the way for remarkable success.
Ajay Kumar
Founder & CEO - Eagabriz Shipping Pvt Ltd
The validity of an insurance aggregator license is 3 years from the date of issue in India.
The applicants or entities registered as the following cannot apply for the Insurance Web Aggregator license:
- Insurance agent
- Corporate agent
- Microfinance Agent
- Insurance Surveyor and Loss Assessor
- Insurance Marketing Firm
- TPA
- Micro Insurance Agent.
It is available on the IRDAI website.
Yes, the applicant shall get a functional website ready while preparing the website. It is also mandatory to submit the audit report of the website known as CISA Report, certified by authorized professionals for this purpose.
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