How it works ?
 
Complete this purchase process our executive wil contact you with all details i.e documents required, time line , price etc 
 
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An Insurance Web Aggregator License is a regulatory authorization required by entities that operate as intermediaries to sell or distribute insurance products through an online platform. Web aggregators collect, compare, and present insurance products from multiple insurers to help customers make informed decisions.
Purpose of the License:
To regulate the operations of web aggregators.
To ensure fair practices and transparency in the online distribution of insurance.
To protect consumer interests by adhering to prescribed guidelines.
Regulatory Framework:
In many countries, web aggregators are governed by insurance regulatory bodies. For instance:
In India, the Insurance Regulatory and Development Authority of India (IRDAI) oversees the licensing process and regulations under the IRDAI (Insurance Web Aggregators) Regulations, 2017.
Similar regulatory frameworks exist in other regions, tailored to local insurance markets.
Eligibility Criteria for Licensing:
The requirements to obtain the license typically include:
Entity Structure: Must be a company registered under relevant corporate laws.
Capital Requirements: Minimum net worth, often set by the regulatory authority (e.g., INR 25 lakhs in India).
Infrastructure: Adequate IT systems, data protection measures, and a secure platform.
Key Personnel: Skilled professionals with relevant certifications or experience in insurance or financial services.
Compliance with Regulations: Adherence to rules around advertising, disclosures, and commissions.
Application Process:
Submission of Application: Fill out the prescribed application form with details of the company, directors, IT infrastructure, etc.
Fee Payment: Pay the non-refundable application and license fees.
Review by the Regulator: The regulatory authority reviews the application for compliance.
Grant of License: On successful review, the license is granted, typically valid for 3-5 years.
Responsibilities of a Licensed Web Aggregator:
Provide unbiased and accurate comparisons of insurance products.
Ensure consumer data protection and privacy.
Avoid misleading advertisements or claims.
Operate within the guidelines regarding commission and fee structures.
If you're looking to apply for or renew a Web Aggregator License, I can guide you through the detailed requirements or specific regulatory frameworks. Let me know!