Web Aggregator License

A Web Aggregator License falls under The Companies Act, 2013 approved and authorised by IRDA [Insurance Regulatory and Development Authority]. A Web Aggregator helps in providing information on both Financial and Insurance products of different insurance provider companies which helps in getting effective information from different insurers under one roof.

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A Web Aggregator works as a intermediary or a online agent who maintains and supervise websites and compares price and features from different companies and their insurance products and helps clients to choose the best from the best.

ELIGIBILITY CRITERIA:

  1. The applicant must be one of these
    1. Company registered under The Companies Act, 2013. or
    2. Limited Liability Partnership registered under the LLP Act 2008.
    3. Any other person recognized as a web aggregator.
  2. MoA and AoA which states the objective of the company.
  3. The applicant should NOT be registered as any of the following under the important Regulations framed by the Authority
    1. Insurance agent, 
    2. Corporate agent, 
    3. Loss assessor, 
    4. Micro-insurance agent, 
    5. TPA, 
    6. Surveyor,
    7. An Insurance Broker 
  4. Educational qualification shall match as prescribed in Section V of the act.
  5. Principal Officer shall not violate the obligation and code of conduct of web aggregators as specified in schedule VI and VII respectively to this regulation.

 

Capital requirement.

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DOCUMENTS REQUIRED:

  1. Certificate of Registration of the Company or LLP as issued by the ROC;
  2. MOA and AOA of the Company to be registered or the LLP Agreement;
  3. Copy of PAN Card of the Company;
  4. Profile of the Directors/Partners of the Company or LLP;
  5. Profile of the Principal Officers along with the educational qualification certificates;
  6. Brief preview of the contents of the website proposed for License;
  7. Details about the hosting place of the website;
  8. Details about the responsible persons for the website’ content;
  9. Net worth certificate and shareholding pattern of the company as certified by the Chartered Accountant;
  10. Audited financials for the last three years in case of an existing company or latest as on date in case of a new company;
  11. Details of the IT infrastructure available with the applicant;
  12. Organizational Chart with various designations with their roles and responsibilities; and
  13. A user I.D. and temporary password (with only view permission) to verify the Aggregation Website(s)/Portal/LMS by IRDAI I.T. (Information Technology) Department in a closed cover.

Validity of License 

Net Worth Requirement

REGISTRATION PROCESS:

Smartbizguru also helps in posting compliance of the Company like appointing a Auditor, Preparing Finance of the Company, Filing of GST Returns and Other Returns to Government Authority, Registrar of Company (ROC) Compliances, and Consultation on Digital Market solutions. 

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