IRDA License to setup an insurance website

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Web Aggregator License

IRDA license comes in various forms. However, the one that has grabbed most attention is the one that allows you to setup an insurance web aggregator website.

What is an insurance web aggregator? As the name suggest it’s an online aggregator – collector – of insurance policies. Simply put, it’s a website where one can find many insurance policies, their terms and conditions and the option to purchase them.

In this digitized world, where uncertainties are high and time is low, an IRDA web aggregator license allows you to setup a website through which people can purchase insurance policies quickly, and without the need of a human intermediate.

So, what does it take to start an insurance web aggregator business? Well, for starters, you’ll need the web aggregator license. Let’s discuss how you can obtain it.

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Conditions under which you’re issued the insurance web aggregator license

You cannot just get up one day, decide to get the license and file the application. You have to become eligible for the license first. Following are the eligibility criteria IRDA or Insurance Regulatory Development Authority of India has specified that makes one eligible for the license:

  • The applicant should be registered as a company
  • The company should have a principal officer who is trained by the IRDA in matters of web aggregation of insurance policies
  • The company should be financially stable to handle web aggregation business, including paying the insurance web aggregator license fees
  • The company’s directors and members shouldn’t have any pending cases against them in the department of revenue intelligence or department of enforcement.

The process of obtaining the insurance web aggregator license in India

Once you’ve done the due diligence and understood what makes you eligible for the license, you can move ahead and start the process:

  • Incorporate your insurance web aggregator business: Reach out to a Chartered Accountant or Company Secretary. You’ll need their assistance and their signatures to register your insurance web aggregator company.
  • Train your principal officer: If you want to lead your company, you need to train yourself and your employees. Follow up with the IRDA and train for insurance web aggregation business. Once you’ve completed the training, give the exam and get the training certificate.
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  • File the online Insurance web aggregator application: File the online application of insurance web aggregator license and attach the following documents to it:
    • Certificate of incorporation
    • Memorandum of Association
    • List of directors
    • List of shareholders
    • Net worth of the company
    • Audited balance sheet of the company
    • IRDA certificate of training completion
    • Details of the employees
    • Source code of the website’s backend
    • Website content of web aggregation portal.

Conclusion

When it comes down to filing the application of insurance web aggregation license, India, no help is probably going to be enough for you.

From the documents you have to provide to the details you have to enter, none of would be readily available for you. That’s why, our experts of Registrationwala will extend their hands to assist you.

IRDA license to setup an insurance website. The license is called IRDA web aggregator license and this blog will provide you the process you have to follow to obtain it.

 

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