{"id":11039,"date":"2020-06-15T16:54:21","date_gmt":"2020-06-15T11:24:21","guid":{"rendered":"https:\/\/swaritadvisors.com\/learning\/?p=11039"},"modified":"2020-06-15T16:54:23","modified_gmt":"2020-06-15T11:24:23","slug":"process-of-appointment-of-principal-officer-for-insurance-web-aggregator","status":"publish","type":"post","link":"https:\/\/swaritadvisors.com\/learning\/process-of-appointment-of-principal-officer-for-insurance-web-aggregator\/","title":{"rendered":"Process of Appointment of Principal Officer for Insurance Web Aggregator"},"content":{"rendered":"\n<p class=\"has-drop-cap\">For starting an Insurance Web Aggregator platform, a company needs to adhere to many requirements such as the process of appointment of Principal Officer, minimum capital requirements, eligibility conditions and documentation requirements. A company cannot operate as an insurance web aggregator without obtaining the <strong><a href=\"https:\/\/swaritadvisors.com\/insurance-web-aggregator-license\">Web Aggregator License<\/a><\/strong> from the IRDAI. One of the most important requirements to obtain the registration is to appoint a Principal Officer of the business. This guide talks about the Principal Officer appointment process, requirements, eligibility criteria for a PO, and duties to be performed by a PO in a web aggregator company.<\/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-6a2e83384c02a\" 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-6a2e83384c02a\"  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\/learning\/process-of-appointment-of-principal-officer-for-insurance-web-aggregator\/#Meaning_of_Principal_Officer\" title=\"Meaning of Principal Officer\">Meaning of Principal Officer<\/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\/learning\/process-of-appointment-of-principal-officer-for-insurance-web-aggregator\/#Educational_Eligibility_Criteria_for_Appointment_of_Principal_Officer\" title=\"Educational Eligibility Criteria for Appointment of Principal Officer\">Educational Eligibility Criteria for Appointment of Principal Officer<\/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\/learning\/process-of-appointment-of-principal-officer-for-insurance-web-aggregator\/#Requirements_WRT_Principal_Officer_for_Web_Aggregator_License\" title=\"Requirements W.R.T. Principal Officer for Web Aggregator License\">Requirements W.R.T. Principal Officer for Web Aggregator License<\/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\/learning\/process-of-appointment-of-principal-officer-for-insurance-web-aggregator\/#Process_of_Appointment_of_Principal_Officer\" title=\"Process of Appointment of Principal Officer\">Process of Appointment of Principal Officer<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/swaritadvisors.com\/learning\/process-of-appointment-of-principal-officer-for-insurance-web-aggregator\/#Documents_for_Process_of_Appointment_of_Principal_Officer\" title=\"Documents for Process of Appointment of Principal Officer\">Documents for Process of Appointment of Principal Officer<\/a><\/li><\/ul><\/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\/learning\/process-of-appointment-of-principal-officer-for-insurance-web-aggregator\/#Responsibility_of_Principal_Officer_WRT_Certification_of_Compliance\" title=\"Responsibility of Principal Officer W.R.T. Certification of Compliance\">Responsibility of Principal Officer W.R.T. Certification of Compliance<\/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\/learning\/process-of-appointment-of-principal-officer-for-insurance-web-aggregator\/#Process_to_Change_the_Principal_Officer\" title=\"Process to Change the Principal Officer\">Process to Change the Principal Officer<\/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\/learning\/process-of-appointment-of-principal-officer-for-insurance-web-aggregator\/#Disqualifications_of_Principal_Officer\" title=\"Disqualifications of Principal Officer\">Disqualifications of Principal Officer<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/swaritadvisors.com\/learning\/process-of-appointment-of-principal-officer-for-insurance-web-aggregator\/#Code_of_Conduct\" title=\"Code of Conduct\">Code of Conduct<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/swaritadvisors.com\/learning\/process-of-appointment-of-principal-officer-for-insurance-web-aggregator\/#Conduct_in_matters_relating_to_client_relationship\" title=\"Conduct in matters relating to client relationship\">Conduct in matters relating to client relationship<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/swaritadvisors.com\/learning\/process-of-appointment-of-principal-officer-for-insurance-web-aggregator\/#Conduct_relating_to_dealing_with_complaints\" title=\"Conduct relating to dealing with complaints \">Conduct relating to dealing with complaints <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/swaritadvisors.com\/learning\/process-of-appointment-of-principal-officer-for-insurance-web-aggregator\/#Conduct_regarding_the_advertising_activities\" title=\"Conduct regarding the advertising activities\">Conduct regarding the advertising activities<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/swaritadvisors.com\/learning\/process-of-appointment-of-principal-officer-for-insurance-web-aggregator\/#Conduct_regarding_receipt_of_remuneration\" title=\"Conduct regarding receipt of remuneration\">Conduct regarding receipt of remuneration<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/swaritadvisors.com\/learning\/process-of-appointment-of-principal-officer-for-insurance-web-aggregator\/#Conduct_relating_to_training\" title=\"Conduct relating to training\">Conduct relating to training<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/swaritadvisors.com\/learning\/process-of-appointment-of-principal-officer-for-insurance-web-aggregator\/#Requirements_from_Principal_Officer_for_License_Renewal\" title=\"Requirements from Principal Officer for License Renewal \">Requirements from Principal Officer for License Renewal <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/swaritadvisors.com\/learning\/process-of-appointment-of-principal-officer-for-insurance-web-aggregator\/#Cancellation_or_Suspension_of_License\" title=\"Cancellation or Suspension of License\">Cancellation or Suspension of License<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Meaning_of_Principal_Officer\"><\/span>Meaning of Principal Officer<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>As per Regulation 2(l) of the Insurance\nRegulatory and Development Authority of India (Insurance Web Aggregators)\nRegulations, 2017, a Principal Officer of an insurance web aggregator company\nis:<\/p>\n\n\n\n<ol><li>A\nDirector or Partner in the company, who holds the exclusive responsibility for\nthe operation of the Insurance Web Aggregator.<\/li><li>A\nPrincipal Officer is the CEO -Chief Executive Officer of the company who is appointed\nsolelyfor the purposes of executing the activities ofthe Insurance Web\nAggregator.<\/li><\/ol>\n\n\n\n<p>A Principal Officer plays a centric\nrole in the company, supervising all the activities undertaken for the web\naggregation of insurance services. The Principal Officer also ensures that the\nbusiness adheres to its object clause of solely operating as a web aggregator to\ndisplay and provide comparison of insurance products in India.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Educational_Eligibility_Criteria_for_Appointment_of_Principal_Officer\"><\/span>Educational Eligibility Criteria for Appointment of Principal Officer<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>A person can only be appointed as the Principal Officer of an Insurance Web Aggregator company if they fulfil the following eligibility educational qualifications under the Regulations:<\/p>\n\n\n\n<ol><li>The\nperson must have obtained a Bachelors or Masters degree in fields of Arts,\nScience, Social Sciences, Commerce, Engineering, Law or Management or an\nequivalent to such fields from any institution or university which has been\nrecognised by any State Government or the Central Government; or<\/li><li>The\nperson must be an Associate or Fellow of the Insurance Institute of India,\nMumbai, or<\/li><li>The\nperson must have obtained a post-graduate qualification of the Institute of\nInsurance and Risk Management, Hyderabad; or<\/li><li>The\nperson must be an Associate or Fellow of the Institute of Chartered Accountants\nof India, New Delhi; or<\/li><li>The\nperson must be an Associate or Fellow of the Institute of Cost and Works\nAccountants of India, Kolkata; or<\/li><li>The\nperson must be an Associate or Fellow of the Institute of Company Secretaries\nof India, New Delhi; or<\/li><li>The\nperson must be an Associate or Fellow of the Institute of Actuaries of India;\nor<\/li><li>The\nperson must have obtained the Certified Associateship of the Indian Institute\nof Bankers, Mumbai; or<\/li><li>The\nperson must possess any other qualification as provided by the IRDAI from time\nto time under the IWA Regulations. <\/li><\/ol>\n\n\n\n<p>The person appointed as a Principal\nOfficer must also have finished the training on insurance from a recognised\ninstitution by the IRDAI and cleared the examination on insurance after finishing\nthe insurance training. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Requirements_WRT_Principal_Officer_for_Web_Aggregator_License\"><\/span>Requirements W.R.T. Principal Officer for Web Aggregator License<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>When it comes to the Web Aggregator\nLicense registration, there are numerous requirements which must be dealt with\nbefore the application is filed with the IRDAI. The IRDAI only considers accepting\nan application for insurance web aggregation business in India if the\nconditions mentioned under Chapter II of the Insurance Regulatory and\nDevelopment Authority of India (Insurance Web Aggregators) Regulations, 2017. <\/p>\n\n\n\n<p>Some of these eligibilities and\nregistration requirements must specifically be fulfilled by the Principal\nOfficer of the company. These requirements with regards to the Principal\nOfficer for Insurance Web Aggregator License are:<\/p>\n\n\n\n<ol><li>The\nPrincipal Officer must fulfil the educational qualification requirements, as\nmentioned above.<\/li><li>The\nPrincipal Officer of the Insurance Web Aggregator must have undergone the training\nand passed the examination, as specified above.<\/li><li>The\nPrincipal Officer must fulfil the fit and proper criteria. This criterion requires\nthat nocriminal or civil proceeding must be pending against the PO with the\nDepartment of Revenue Intelligence. If any such case is pending against the\napplicant, the person cannot be appointed as the company\u2019s Principal Officer.<\/li><li>The\nPO of the company may be asked to appear before the IRDAI for personal\nrepresentation regarding the web aggregator license application.<\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Process_of_Appointment_of_Principal_Officer\"><\/span>Process of Appointment of Principal Officer<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>When it comes to the process of\nappointment of Principal Officer of an insurance web aggregator company, the\ndocuments filed at the time of Web Aggregator License registration are\nsufficient to express the PO\u2019s appointment. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Documents_for_Process_of_Appointment_of_Principal_Officer\"><\/span>Documents for Process of Appointment of Principal Officer<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The documents involved in the process\nof appointment of Principal Officer include:<\/p>\n\n\n\n<ol><li>C.V. of the Principal Officer.<\/li><li>Copies of the Principal Officer\u2019s Qualification Certificates.<\/li><li>Self Certification by the Principal Officer that states that the Principal Officer is not registered as an Insurance Agent, Company Agent, Micro Insurance agent, TPA, Surveyor, Loss Assessor, <strong><a href=\"https:\/\/swaritadvisors.com\/insurance-broker-license\">Insurance Broker<\/a><\/strong> or any other insurance intermediary with any company.<\/li><li>Training and Examination Certificates of Principal Officer. <\/li><li><strong>An Undertaking that states the following:<\/strong><ul><li>The Principal Officer has not been refused the grant of Web Aggregator License by the IRDAI. <\/li><li>The Principal Officer has not violated the code of conduct as specified in the Insurance Regulatory and Development Authority of India (Insurance Web Aggregators) Regulations, 2017. <\/li><li>The Principal Officer is appointed solely to execute the functions of the company under the Regulations <\/li><li>The Principal Officer is not holding any directorship, employment, assignment or representation on a full time or on part-time basis in any other insurance-based entity or any other company. <\/li><\/ul><\/li><li>Particulars of Principal Officer such as personal details, full name, contact details, address, phone no., cell no., e-mail ID, date of birth, nationality, pan card no. and Aadhaar card no.<\/li><li><strong>Description of duties and responsibilities of the Principal Officer such as:<\/strong><ul><li>Qualifications, experience and achievements including the name of the Institute, country, qualifications and year of study <\/li><li>Professional Qualifications like name of the Institute, country, qualifications and year of study.<\/li><li>Working Experience including the name of the employer, nature of business, designation, description of duties and period of working.<\/li><li>Association with the company with details of the present shareholding in the company, position as on the date of application, name of the Company, no. of shares held and % of shares held in the company.<\/li><li>Equity Interest in other companies or shareholding in other companies including the name of the company, no. of shares held and the % of shares held in the company<\/li><li>Directorship, Partnership or Proprietor positions held in other companies including the name of the company, position held in the organisation and the period of working.<\/li><\/ul><\/li><\/ol>\n\n\n\n<p>Also, all the documents related to Web\nAggregator License registration, Web Aggregator License Renewal or a fresh\napplication by the aggregator company must be attested by the Principal Office.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Responsibility_of_Principal_Officer_WRT_Certification_of_Compliance\"><\/span>Responsibility of Principal Officer W.R.T. Certification of Compliance<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The Principal Officer of insurance web\naggregator company must submit to a certificate of confirmation with the IRDAI\nat the end of each financial year. This certificate states that the insurance\nweb aggregator has adhered to the Insurance Regulatory and Development\nAuthority of India (Insurance Web Aggregators) Regulations, 2017 during the\nfinancial year.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Process_to_Change_the_Principal_Officer\"><\/span>Process to Change the Principal Officer<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>An insurance web aggregator can only\nchange its Principal Officer by seeking prior approval from the IRDAI. A\nwritten approval application must be filed with the IRDAI if a company wishes\nto change its PO, along with the reason for doing so. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Disqualifications_of_Principal_Officer\"><\/span>Disqualifications of Principal Officer<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>A person may be disqualified from\ngetting appointed as the Principal Officer of a web aggregator if they fall\ninto any of the following categories:<\/p>\n\n\n\n<ol><li>The\nperson is a minor.<\/li><li>The\nperson is found to be of unsound mind by a court of competent jurisdiction.<\/li><li>The\nperson hasbeen found guilty of criminal misappropriation, criminal breach of\ntrust, cheating, forgery or abetment or attempt to commit any such offence\nduring the last 5 years.<\/li><li>The\nperson has been found guilty of, knowingly participated or conniving at any fraud\ndishonestly or misrepresentation against an insurer or an insured person in a\ncase filed against them regarding any policy of insurance of the winding up of\nan insurance company or in the course of an investigation of the affairs of an\ninsurer.<\/li><li>The\nperson is found to be lacking the requisite qualifications and practical\ntraining for a period up to 12 months.<\/li><li>The\nperson has not passed the examinations as required under the IWA Regulations.<\/li><li>The\nperson has violated the code of conduct laid down under the IWA Regulations.<\/li><li>The\nperson must not have violated the code of conduct specified in Form W (Code of\nConduct for Insurance Web Aggregator) under theRegulations.<\/li><\/ol>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Code_of_Conduct\"><\/span>Code of Conduct<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Form W (Code of Conduct forInsurance Web Aggregator) of <a href=\"https:\/\/www.irdai.gov.in\/ADMINCMS\/cms\/frmGeneral_Layout.aspx?page=PageNo110&amp;flag=1\"><em>Schedule VIII of the IRDAI- IWA Regulations<\/em><\/a> lay down the code of conduct that must be followed by an insurance web aggregator company, its Principal Officer and its Authorised Verifier.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conduct_in_matters_relating_to_client_relationship\"><\/span>Conduct in matters relating to client relationship<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>The Insurance Web Aggregator must\nensure that the following activities are done without fail:<\/p>\n\n\n\n<ul><li>Its\ndealings are conductedwith the Prospects or Policyholders with utmost good\nfaith and integrity at all times.<\/li><li>It\nacts with care and diligence.<\/li><li>It\ntreats all information provided by the prospects with complete confidentiality and\nto the insurers whom the business is offered to.<\/li><li>The\ncompany or Principal Officer takesnecessaryprecautions to ensure the safety of\nconfidential documents in the company\u2019s possession.<\/li><li>The\ncompany understands the kind of Prospect it is dealing with and knows the extent\nof the Prospect\u2019s risk and insurance awareness.<\/li><li>The\ncompany or its PO avoidsany form of conflict of interest. <\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conduct_relating_to_dealing_with_complaints\"><\/span>Conduct relating to dealing with complaints <span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>The Insurance Web Aggregator must\nensure that the following are taken care of:<\/p>\n\n\n\n<ul><li>The\ncompany must have a system to record and monitor complaints by the website\nusers and insurers.<\/li><li>The\nwebsites must contain the information of complaint handling process and specify\ntheoption to the complainants tofile any complaints online.<\/li><li>The\ncommunication with clients via means like written complaint, phone, fax, email\nor messaging are acknowledged within five working days from the date of receivingsuch\ncomplaint.<\/li><li>The\ngrievance must be resolved to the fullest satisfaction of the client in a\nprompt manner.<\/li><li>The\nresponse letters must be sent to the complainant once the grievance is resolved\nand the complainant must be informed of the next steps of redressal procedure\navailable.<\/li><li>The\ncomplaints must be attended to at the Key Management Person level in the\ncompany.<\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conduct_regarding_the_advertising_activities\"><\/span>Conduct regarding the advertising activities<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>The Insurance Web Aggregator\u2019s PO must\nalso ensure that the website contains no advertisements or any biased\ninformation prohibited under Regulations.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conduct_regarding_receipt_of_remuneration\"><\/span>Conduct regarding receipt of remuneration<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>The Insurance Web Aggregator or its PO\nmust disclose the amount of remuneration or other remuneration received as a\nresult of effecting insurance upon receiving a request from the prospect.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conduct_relating_to_training\"><\/span>Conduct relating to training<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>The Insurance Web Aggregator or its PO\nmust ensure the following in relation to the insurance training: <\/p>\n\n\n\n<ul><li>The\ncompany\u2019s staff must be aware of and follows the standards expected of them under\nthe Regulations.<\/li><li>The\nstaff must be competent, suitable and have received adequate insurance training.<\/li><li>There\nmust be a system to evaluate and monitor the quality of advice given by the\ncompany\u2019s staff.<\/li><li>The\nstaff must be aware of the legal requirements associated with the company\u2019s\nfunctioning, including the law of agency affecting their activities.<\/li><li>The\ncompany must make the client aware of Section 41 of the Insurance Act, which\nprohibits the rebate and share of commission or remuneration. <\/li><li>The\nInsurance Web Aggregator must display a copy of the code of conductin every\noffice where the business activities are carried out and to which the public\nhave access to.<\/li><li>The\nInsurance Web Aggregator or its PO must furnish the returns to the IRDAI within\n15 days from the end of the period or time specified by the IRDAI.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Requirements_from_Principal_Officer_for_License_Renewal\"><\/span>Requirements from Principal Officer for License Renewal <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>When a web aggregator company plans for\nWeb Aggregator License Renewal, it must ensure that the Principal Officer and\nits Authorised Verifiers have undergone the requisite renewal training not more\nthan 6 months before expiry of the license.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Cancellation_or_Suspension_of_License\"><\/span>Cancellation or Suspension of License<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The Web Aggregator License of the\ncompany may be cancelled or suspended with notice if the Principal Officer does\nnot fulfil the conditions specified in the Regulations or is in violation of\nthem.<\/p>\n\n\n\n<p>The Web Aggregator License registration\nprocedure is complicated as it requires various requirements and conditions to\nbe fulfilled, such as process of appointment of Principal Officer. Swarit\nAdvisors provide end-to-end assistances to businesses for their Insurance Web\nAggregator License, Web Aggregator License Renewal, appointment or change of\nthe Principal Officer and much more.<\/p>\n\n\n\n<p class=\"text-left\"><b>Also, Read<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/swaritadvisors.com\/learning\/web-aggregator-license-all-about-insurance-web-aggregation-in-india\/\">Web Aggregator License: All About Insurance Web Aggregation in India<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>For starting an Insurance Web Aggregator platform, a company needs to adhere to many requirements such as the process of appointment of Principal Officer, minimum capital requirements, eligibility conditions and documentation requirements. A company cannot operate as an insurance web aggregator without obtaining the Web Aggregator License from the IRDAI. One of the most important [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":11048,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[649],"tags":[648],"_links":{"self":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts\/11039"}],"collection":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/comments?post=11039"}],"version-history":[{"count":16,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts\/11039\/revisions"}],"predecessor-version":[{"id":11056,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts\/11039\/revisions\/11056"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/media\/11048"}],"wp:attachment":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/media?parent=11039"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/categories?post=11039"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/tags?post=11039"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}