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.
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.
- The applicant must be one of these
- Company registered under The Companies Act, 2013. or
- Limited Liability Partnership registered under the LLP Act 2008.
- Any other person recognized as a web aggregator.
- MoA and AoA which states the objective of the company.
- The applicant should NOT be registered as any of the following under the important Regulations framed by the Authority
- Insurance agent,
- Corporate agent,
- Loss assessor,
- Micro-insurance agent,
- An Insurance Broker
- Educational qualification shall match as prescribed in Section V of the act.
- 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.
- Certificate of Registration of the Company or LLP as issued by the ROC;
- MOA and AOA of the Company to be registered or the LLP Agreement;
- Copy of PAN Card of the Company;
- Profile of the Directors/Partners of the Company or LLP;
- Profile of the Principal Officers along with the educational qualification certificates;
- Brief preview of the contents of the website proposed for License;
- Details about the hosting place of the website;
- Details about the responsible persons for the website’ content;
- Net worth certificate and shareholding pattern of the company as certified by the Chartered Accountant;
- Audited financials for the last three years in case of an existing company or latest as on date in case of a new company;
- Details of the IT infrastructure available with the applicant;
- Organizational Chart with various designations with their roles and responsibilities; and
- 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
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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