Drag
loader

Search Blog, projects, Service or people.

Contact info

Email
info@abassociatess.co.in
Phone
+91-9310420570
Location
U-44A, Upadhyay Block, Shakarpur, Near Laxmi Nagar Metro Station, New Delhi-110092

Follow us

+91 9310420570
info@abassociatess.co.in
Mon - Sat : 10:00AM - 07:00PM
Get a quote
Get a quote

Insurance-Web-Aggregator

Home / Insurance-Web-Aggregator
post-image

1. Who is Insurance Web Aggregator?

Insurance Web Aggregator is an insurance intermediary who maintains a website for providing interface to the insurance prospects for price comparison and information of products of different insurers and other related matters.

Explanation

An Insurance Web Aggregator is a middleman or intermediary in the insurance industry who runs a website that allows people to compare insurance policies from different insurance companies in one place. The website gives users an easy interface (like a comparison tool) where they can see details such as premium prices, coverage, features, and benefits of various insurance plans — for example, health, life, motor, or travel insurance.
By using this information, customers can understand, compare, and choose the policy that best fits their needs. In short, an Insurance Web Aggregator acts as a bridge between customers and multiple insurers, helping customers make informed decisions through online comparison and guidance.

2. Who is eligible to obtain registration as an Insurance Web Aggregator under IRDAI regulations?

As per IRDAI (Insurance Web Aggregators) Regulations, 2017, the following persons are eligible e to obtain registration as an Insurance Web Aggregator (IWA) only if they meet specific organizational and professional criteria set by the Authority which are as follows

  1. Legal Form of Applicant: The applicant must be a Company registered under the Companies Act, 2013, or a Limited Liability Partnership (LLP) formed under the LLP Act, 2008, with all partners being Indian residents and Any other person recognized by the Authority to act as an Insurance Web Aggregator

  1. Main Object: The Memorandum of Association (MOA) or equivalent document must state that the business of web aggregation of insurance products is the main objective of the entity.
  2. Exclusive Business Activity: The applicant should not engage in any other business apart from the web aggregation of insurance products.
  3. No Dual Registration: The applicant should not be registered as any other insurance intermediary, such as an insurance agent, corporate agent, TPA, broker, surveyor, or insurance marketing firm.
  4. Designated Website: The applicant must own a designated website, registered and used exclusively for insurance web.
  5. Qualified Principal Officer: The Principal Officer must have the prescribed educational qualification, undergo training, and pass the IRDAI examination
  6. Fit and Proper Criteria: The Directors, Promoters, Shareholders, Partners, and Key Management Personnel must satisfy the ‘Fit and Proper’ criteria as defined in the Regulations.
  7. Authorized Verifier: The entity must engage an Authorized Verifier who has completed the required training and certification as per IRDAI norms.

3. What is the minimum capital requirement for Insurance Web Aggregators?

As per Regulation 8 of IRDAI (Insurance Web Aggregators) Regulation 2017, an applicant seeking to become an Insurance Web Aggregator under these regulations shall have a minimum paid up capital/ contribution of rupees twenty five lakhs.

Notes:-

  1. The capital of the Insurance Web Aggregator shall be issued and subscribed in the form of Equity Shares where the Insurance Web Aggregator is a company registered under Companies Act, 2013
  2. The contribution of partners in case of LLP shall be only in cash
  3. The shares of the Insurance Web Aggregator held as capital shall not be pledged in any form or manner to secure credit or any other facility and shall at all times be unencumbered.

4. What is the net worth requirements for insurance web Aggregators?

The net worth of an Insurance Web Aggregator shall at no time during the period of the certificate of registration fall below 100 percent of the minimum capital requirement specified under sub-regulation.
Every Insurance Web Aggregator shall review the status of the net worth specified in sub-regulation (i) every half-year as at 30 September and 31 March each year, report non-compliance (if any) to the Authority within 15 days thereof, and restore the requirement within 30 days.

Note:-For the purposes of these regulations, “net worth” shall have the meaning assigned to it in the Companies Act, 2013 and as amended from time to time

5. What is the application fee prescribed for obtaining registration as an Insurance Web Aggregator under IRDAI regulations?

The application shall be accompanied by a non-refundable fee of rupees ten thousand( Rs.10000+Taxes) plus applicable taxes paid by way of a demand draft drawn in favour of ‘Insurance Regulatory and Development Authority of India’ payable at Hyderabad or by recognised electronic funds transfer to Insurance Regulatory and Development Authority of India

6. How long the Certificate of Registration is valid?

A certificate of registration issued by IRDAI shall be valid for a period of three years from the date of its issue, unless the same is suspended or cancelled pursuant to the regulations.

7. How to apply for Certification of Registration (COR) with IRDAI?

An applicant desiring to get COR to act as an Insurance Web Aggregator shall follow the following procedure. a. To familiarize with the IRDAI (Insurance Web Aggregators) Regulations, 2017. b. To submit the application to the Authority in Form A. c. Remit the non-refundable application fee of Ten Thousand rupees paid by way of Demand Draft drawn in favour of ‘Insurance Regulatory and Development Authority of India’ payable at Hyderabad or by recognized electronic fund transfer to IRDAI. d. Submit all the necessary documents/declarations as mentioned in form B and regulations.

Quick solutions

Provide hands-on guidance and support during the execution strategic

Proven Results

Benefit from the expertise of seasoned consultants who offer strategic

Personalization

Ensure that strategies are effectively implemented and objectives

😊 🤝🏻

How can we help you?

At AB & Associates, we specialize in assisting clients with the complete process of obtaining Insurance Web Aggregator (IWA) registration under IRDAI regulations. Our services include evaluating your company’s eligibility, drafting and filing the application with supporting documents, guiding on capital and net worth requirements, and coordinating with IRDAI until the certificate of registration is granted. We also assist in preparing your website compliance structure, ensuring adherence to IRDAI’s advertising and operational guidelines, and providing ongoing advisory for renewal, audits, and compliance reporting—making the registration journey smooth, transparent, and fully compliant.

Get consultant now!

Lets talk now
Shapes Shapes