{"id":2444,"date":"2021-02-19T06:12:35","date_gmt":"2021-02-19T06:12:35","guid":{"rendered":"https:\/\/swaritadvisors.com\/blog\/?p=2444"},"modified":"2021-02-19T06:18:44","modified_gmt":"2021-02-19T06:18:44","slug":"start-insurance-web-aggregator-website","status":"publish","type":"post","link":"https:\/\/swaritadvisors.com\/blog\/start-insurance-web-aggregator-website\/","title":{"rendered":"Start Insurance Web Aggregator Website: A Complete Guide"},"content":{"rendered":"\n<p class=\"has-drop-cap\">In India, an\nInsurance Web Aggregator primarily deals in providing services concerning the\nInsurance Products offered by Insurance Companies. These entities allow a buyer\nto compare the pricing and features of different insurance products. Also, it\nshall be considerate to state that due to the increasing popularity, nowadays,\nbudding capitalists and financiers tend to start Insurance Web Aggregator\nWebsite, for which they need to obtain <strong><a href=\"https:\/\/swaritadvisors.com\/insurance-web-aggregator-license\" class=\"text-primary\">Insurance\nWeb Aggregator License<\/a><\/strong> from IRDAI.<\/p>\n\n\n\n<p>In this blog, we\nwill be discussing in detail concerning the concept and process to start\nInsurance Web Aggregator Website in India.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3abb36ecfd0\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3abb36ecfd0\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/swaritadvisors.com\/blog\/start-insurance-web-aggregator-website\/#Concept_of_Insurance_Web_Aggregator\" title=\"Concept of Insurance Web Aggregator\">Concept of Insurance Web Aggregator<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/swaritadvisors.com\/blog\/start-insurance-web-aggregator-website\/#Role_of_Insurance_Web_Aggregator\" title=\"Role of Insurance Web Aggregator\">Role of Insurance Web Aggregator<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/swaritadvisors.com\/blog\/start-insurance-web-aggregator-website\/#Governing_Laws_for_Insurance_Web_Aggregator\" title=\"Governing Laws for Insurance Web Aggregator\">Governing Laws for Insurance Web Aggregator<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/swaritadvisors.com\/blog\/start-insurance-web-aggregator-website\/#Guidelines_to_Start_Insurance_Web_Aggregator_Website_in_India\" title=\"Guidelines to Start Insurance Web Aggregator Website in India \">Guidelines to Start Insurance Web Aggregator Website in India <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/swaritadvisors.com\/blog\/start-insurance-web-aggregator-website\/#Duties_of_Insurance_Web_Aggregator\" title=\"Duties of Insurance Web Aggregator\">Duties of Insurance Web Aggregator<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/swaritadvisors.com\/blog\/start-insurance-web-aggregator-website\/#Conditions_to_Start_Insurance_Web_Aggregator_Website_in_India\" title=\"Conditions to Start Insurance Web Aggregator Website in India \">Conditions to Start Insurance Web Aggregator Website in India <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/swaritadvisors.com\/blog\/start-insurance-web-aggregator-website\/#Capital_Requirements_to_Start_Insurance_Web_Aggregator_Website_in_India\" title=\"Capital Requirements to Start Insurance Web Aggregator Website in India \">Capital Requirements to Start Insurance Web Aggregator Website in India <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/swaritadvisors.com\/blog\/start-insurance-web-aggregator-website\/#Net_Worth_Requirements_to_Start_Insurance_Web_Aggregator_Website\" title=\"Net Worth Requirements to Start Insurance Web Aggregator Website \">Net Worth Requirements to Start Insurance Web Aggregator Website <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/swaritadvisors.com\/blog\/start-insurance-web-aggregator-website\/#Documents_Required_to_Start_Insurance_Web_Aggregator_Website\" title=\"Documents Required to Start Insurance Web Aggregator Website \">Documents Required to Start Insurance Web Aggregator Website <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/swaritadvisors.com\/blog\/start-insurance-web-aggregator-website\/#Process_to_Start_Insurance_Web_Aggregator_Website\" title=\"Process to Start Insurance Web Aggregator Website \">Process to Start Insurance Web Aggregator Website <\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/swaritadvisors.com\/blog\/start-insurance-web-aggregator-website\/#Furnish_Application_with_IRDAI\" title=\"Furnish Application with IRDAI\">Furnish Application with IRDAI<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/swaritadvisors.com\/blog\/start-insurance-web-aggregator-website\/#Prescribed_Documents_and_Fees\" title=\"Prescribed Documents and Fees \">Prescribed Documents and Fees <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/swaritadvisors.com\/blog\/start-insurance-web-aggregator-website\/#Meet_the_Eligibility_Criteria\" title=\"Meet the Eligibility Criteria\">Meet the Eligibility Criteria<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/swaritadvisors.com\/blog\/start-insurance-web-aggregator-website\/#Rejection_of_License_Application\" title=\"Rejection of License Application\">Rejection of License Application<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/swaritadvisors.com\/blog\/start-insurance-web-aggregator-website\/#Furnish_Additional_Information\" title=\"Furnish Additional Information\">Furnish Additional Information<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/swaritadvisors.com\/blog\/start-insurance-web-aggregator-website\/#Issuance_of_License\" title=\"Issuance of License\">Issuance of License<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/swaritadvisors.com\/blog\/start-insurance-web-aggregator-website\/#Validity_of_Insurance_Web_Aggregator_License\" title=\"Validity of Insurance Web Aggregator License\">Validity of Insurance Web Aggregator License<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/swaritadvisors.com\/blog\/start-insurance-web-aggregator-website\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Concept_of_Insurance_Web_Aggregator\"><\/span>Concept of Insurance Web Aggregator<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The term\nInsurance Web Aggregator means an entity that deals in collecting, assembling,\nand maintaining information concerning the different insurance products offered\nby insurance companies. <\/p>\n\n\n\n<p>Further, all the\ninformation gathered is then made available on its official website for easy\naccessibility and approachability by consumers seeking insurance services. <\/p>\n\n\n\n<p>The operations\nand working of an Insurance Web Aggregator are administered by the regulations\nlaid down by the Insurance Regulatory and Development Authority of India\n(IRDAI). <\/p>\n\n\n\n<p>Also, it shall\nbe relevant to state that an Insurance Web Aggregator is administered by both <a href=\"https:\/\/en.wikipedia.org\/wiki\/Companies_Act_2013\">Companies Act 2013<\/a>\nand Insurance Act 1938.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Role_of_Insurance_Web_Aggregator\"><\/span>Role of Insurance Web Aggregator<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The key roles of an Insurance Web Aggregator can be summarised as:<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter is-resized\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/swaritadvisors.com\/blog\/wp-content\/uploads\/2021\/02\/To-Boost-the-Online-Market-for-Insurance-Products-1024x214.png\" alt=\"Role of Insurance Web Aggregator\" class=\"wp-image-2447\" width=\"724\" height=\"151\" srcset=\"https:\/\/swaritadvisors.com\/blog\/wp-content\/uploads\/2021\/02\/To-Boost-the-Online-Market-for-Insurance-Products-1024x214.png 1024w, https:\/\/swaritadvisors.com\/blog\/wp-content\/uploads\/2021\/02\/To-Boost-the-Online-Market-for-Insurance-Products-300x63.png 300w, https:\/\/swaritadvisors.com\/blog\/wp-content\/uploads\/2021\/02\/To-Boost-the-Online-Market-for-Insurance-Products-768x161.png 768w, https:\/\/swaritadvisors.com\/blog\/wp-content\/uploads\/2021\/02\/To-Boost-the-Online-Market-for-Insurance-Products.png 1500w\" sizes=\"(max-width: 724px) 100vw, 724px\" \/><\/figure><\/div>\n\n\n\n<ul><li>To Boost the Online Market for Insurance Products;<\/li><li>To Enhance Customer Experience;<\/li><li>To Assist Customer in the Process of Sale;<\/li><li>To Infuse Transparency in Insurance Sector;<\/li><\/ul>\n\n\n\n<p><strong>Also, Read:<\/strong> <mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/swaritadvisors.com\/blog\/concept-and-process-to-register-web-aggregator-license\/\">Concept and Process of Web Aggregator License in India<\/a><\/mark><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Governing_Laws_for_Insurance_Web_Aggregator\"><\/span>Governing Laws for Insurance Web Aggregator<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The laws\ngoverning the operations and management of an Insurance Web Aggregator are as\nfollows:<\/p>\n\n\n\n<ul><li>The Insurance Act 1938;<\/li><li>The Insurance Regulatory and Authority of India\n(Insurance Web Aggregator) Rules 2017;<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Guidelines_to_Start_Insurance_Web_Aggregator_Website_in_India\"><\/span>Guidelines to Start Insurance Web Aggregator Website in India <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The guidelines\nto start Insurance Web Aggregator Website in India are as follows:<\/p>\n\n\n\n<ul><li>An Insurance Web Aggregator is not allowed to promote\nany service other than offered by a particular insurer;<\/li><li>It can sell products based on the Analysis Report; <\/li><li>It needs to display the pricing of each product on a mandatory\nbasis;<\/li><li>An Insurance Web Aggregator is prohibited from\nshowcasing ranks, ratings, and highlights of the best-selling insurance\nproducts;<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Duties_of_Insurance_Web_Aggregator\"><\/span>Duties of Insurance Web Aggregator<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The duties of an\nInsurance Web Aggregator are as follows:<\/p>\n\n\n\n<ul><li>Display details regarding the Insurance Products\noffered on Digital Platforms;<\/li><li>Must offer a facility to compare different insurance\nproducts on their portal;<\/li><li>Facilitate Comparison in an unbiased manner;<\/li><li>Transmit leads generated by way of digital platforms\nto the concerned insurance company;<\/li><li>Sell insurance products through Telemarketing\nServices;<\/li><li>Solicit Insurance Products on the basis of the leads\ngenerated from the website;<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conditions_to_Start_Insurance_Web_Aggregator_Website_in_India\"><\/span>Conditions to Start Insurance Web Aggregator Website in India <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The Conditions\nto start insurance web aggregator website in India are as follows:<\/p>\n\n\n\n<ul><li>Applicant needs to register itself as a company under the Companies Act 2013 or as a <strong><a class=\"text-primary\" href=\"https:\/\/swaritadvisors.com\/limited-liability-partnership-registration\">Limited Liability Partnership<\/a><\/strong> under the LLP Act 2008;<\/li><li>The Memorandum of Association must state that the entity will be dealing in the activity of Web Aggregation of Insurance Products;<\/li><li>The said entity cannot engage in any other business other than one mentioned as an object;<\/li><li>An Insurance Web Aggregator cannot appoint the people as follows:<\/li><\/ul>\n\n\n\n<ol><li>Insurance Agent;<\/li><li>Company Agent;<\/li><li>Micro Insurance\nAgent;<\/li><li>Third Party\nAdministrator;<\/li><li>Surveyor;<\/li><li>Loss Assessor;<\/li><li>Insurance\nMarketing Firm, or;<\/li><li>Any other\nInsurance Intermediary;<\/li><\/ol>\n\n\n\n<ul><li>Must have a Referral Association with an Insurer;<\/li><li>Need to have a dedicated platform to carry out the\nactivities of an Insurance Web Aggregator;<\/li><li>The Principal Officer appointed need to possess the\nprescribed qualification and experience;<\/li><li>It is mandatory for the Principal Officer,\nShareholders, Promoters, Directors, and Key Managerial Personnel (KMP) to full\nthe fit and proper criteria;<\/li><li>The Authorised Verifier need to possess the training\nand experience prescribed by IRDAI;<\/li><li>Should not carry out any activity restricted under\nIRDAI regulations;<\/li><li>The application for Web Insurance&nbsp; Aggregator License must not be previously\nrejected by IRDAI;<\/li><li>The applicant company must not have withdrawn the\napplication for registration in the previous financial year;<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Capital_Requirements_to_Start_Insurance_Web_Aggregator_Website_in_India\"><\/span>Capital Requirements to Start Insurance Web Aggregator Website in India <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Any company that\nwants to work as an Insurance Web Aggregator need to have Rs 25 lakhs as the\nminimum capital required. Also, it shall be relevant to take into notice that\nthe said entity can raise its capital by issuing shares under the Companies Act\n2013. However, in case of a Limited Liability Partnership, the contribution\nmade by the designated partners should only be in the form of cash.<\/p>\n\n\n\n<p>Also, the\naggregate shareholdings of the foreign investors should not exceed 49% of the\ntotal paid up equity share capital.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Net_Worth_Requirements_to_Start_Insurance_Web_Aggregator_Website\"><\/span>Net Worth Requirements to Start Insurance Web Aggregator Website <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The net worth\nrequirements to start Insurance Web Aggregator Website can be summarised as:<\/p>\n\n\n\n<ul><li>The net worth of an insurance web aggregator entity\nmust not fall below 100% of the required minimum capital;<\/li><li>It is necessary to review the capital of an insurance\nweb aggregator on a half yearly basis, i.e., on 31<sup>st<\/sup> March and 30<sup>th<\/sup>\nSeptember. However, in case of non-compliance, a report for the same must be\nfiled within 15 days. Thereafter, the said web aggregator needs to implement\nrestoration measures within 30 days;<\/li><li>If an insurance web aggregator is not able to maintain\nthe required net worth, then, in that case, the activities of the said\naggregator will be ceased;<\/li><li>A certificate of Net Worth must be obtained from a\nPractising Chartered Accountant;<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Documents_Required_to_Start_Insurance_Web_Aggregator_Website\"><\/span>Documents Required to Start Insurance Web Aggregator Website <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The documents\nrequired to start insurance web aggregator website in India are as follows:<\/p>\n\n\n\n<ul><li>Certificate of Registration in the case of Company and\nLLP;<\/li><li>MOA and AOA of the company;<\/li><li>In case of a Limited Liability Partnership, a copy of\nan LLP Agreement;<\/li><li>PAN Card details;<\/li><li>Basic and Education details of Principal Officer\nappointed;<\/li><li>Background Profile of the partners or directors;<\/li><li>Preview of the content to be displayed on the website\nproposed for license;<\/li><li>Hosting Place details of the website;<\/li><li>Net Worth Certificate;<\/li><li>Certificate of Shareholding Pattern as certified by\nthe CA;<\/li><li>In the case of an existing company, Financial\nStatements for the previous three financial years. However, in the case of a\nnew company, the latest financial statement;<\/li><li>Details concerning IT Infrastructure available;<\/li><li>Organisational Chart showcasing the different\ndesignations, together with their roles&nbsp;\nand responsibilities;<\/li><li>A username and temporary password to verify the\nInsurance Web Aggregator Website\/ license\/ LMS by IRDAI Information and\nTechnology Department in a closed cover;<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Process_to_Start_Insurance_Web_Aggregator_Website\"><\/span>Process to Start Insurance Web Aggregator Website <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The steps involved in the process to start insurance web aggregator website are as follows:<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter is-resized\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/swaritadvisors.com\/blog\/wp-content\/uploads\/2021\/02\/Furnish-Application-with-IRDAI.png\" alt=\"Process to Start Insurance Web Aggregator Website\" class=\"wp-image-2446\" width=\"593\" height=\"291\" srcset=\"https:\/\/swaritadvisors.com\/blog\/wp-content\/uploads\/2021\/02\/Furnish-Application-with-IRDAI.png 1012w, https:\/\/swaritadvisors.com\/blog\/wp-content\/uploads\/2021\/02\/Furnish-Application-with-IRDAI-300x148.png 300w, https:\/\/swaritadvisors.com\/blog\/wp-content\/uploads\/2021\/02\/Furnish-Application-with-IRDAI-768x378.png 768w\" sizes=\"(max-width: 593px) 100vw, 593px\" \/><\/figure><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Furnish_Application_with_IRDAI\"><\/span>Furnish Application with IRDAI<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>In the first step, the applicant needs to file an\napplication with IRDAI to obtain Insurance Web Aggregator License. The said application\nform must be in Form A of Schedule I of the prescribed IRDAI regulations.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Prescribed_Documents_and_Fees\"><\/span>Prescribed Documents and Fees <span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>It shall be taken into due consideration that it is\nnecessary to attach documents with the application form. Also, a fee of Rs\n10000, together with the applicable taxes, in the form of DD (Demand Draft),\nneeds to be paid to the IRDAI.<\/p>\n\n\n\n<p>If in case an applicant furnishes his\/ her application\nwithout the fee prescribed, then, the said application will not be processed\nfurther. <\/p>\n\n\n\n<p>Also, it shall be noteworthy to state that an\napplication form must be supplemented with a comprehensive five years business\nplan. The said plan must lay down the action plan and financial projections. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Meet_the_Eligibility_Criteria\"><\/span>Meet the Eligibility Criteria<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The applicant\ncompany must meet all the requirements specified to start Insurance Web\nAggregator Website in India. Also, if it wants to deal in the field of\nTelemarketing and Outsourcing, the same needs to be specified in its MOA.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Rejection_of_License_Application\"><\/span>Rejection of License Application<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>It shall be\nnoteworthy to state that if in case IRDAI is not satisfied with the application\nand documents submitted, it will grant a time of 30 days to rectify the issue.\nHowever, if the applicant fails in rectifying the issues raised, the\nauthorities will reject the application filed.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Furnish_Additional_Information\"><\/span>Furnish Additional Information<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>If in case\nrequired, IRDAI has the authority to ask the applicant to furnish the\nadditional information.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Issuance_of_License\"><\/span>Issuance of License<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Lastly, if the\nauthorities are satisfied with the documents and application form submitted,\nthen, in that case, it will grant the Insurance Web Aggregation License to the\napplicant, so that it can start insurance web aggregator website in India.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Validity_of_Insurance_Web_Aggregator_License\"><\/span>Validity of Insurance Web Aggregator License<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In India, the\ncertificate of Insurance Web Aggregator License remains valid for a period of\nthree years, starting from the date of issuance of the license by IRDAI. <\/p>\n\n\n\n<p>Further, the\nlicense holder needs to apply for the renewal at least 30 days prior to its\nexpiry, by filing an application, together with the prescribed fees of Rs\n25000.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In a nutshell, an Insurance Web Aggregator means an entity that deals in collecting, assembling, and maintaining information concerning the different insurance products offered by insurance companies. Further, to start Insurance Web Aggregator Website, one needs to comply with the requirements and conditions mentioned above.<\/p>\n\n\n\n<p><strong>Also, Read:<\/strong> <mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/swaritadvisors.com\/learning\/a-complete-guide-to-start-insurance-web-aggregator-business-model\/\">How to Start Insurance Web Aggregator Business Model?<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In India, an Insurance Web Aggregator primarily deals in providing services concerning the Insurance Products offered by Insurance Companies. These entities allow a buyer to compare the pricing and features of different insurance products. Also, it shall be considerate to state that due to the increasing popularity, nowadays, budding capitalists and financiers tend to start [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":2445,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[45,43],"tags":[403],"acf":[],"_links":{"self":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/2444"}],"collection":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/comments?post=2444"}],"version-history":[{"count":7,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/2444\/revisions"}],"predecessor-version":[{"id":2454,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/2444\/revisions\/2454"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/media\/2445"}],"wp:attachment":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/media?parent=2444"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/categories?post=2444"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/tags?post=2444"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}