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Insurance Web Aggregator License

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Web Aggregator is an online portal for enquiring about financial and insurance products. An end consumer gets the quote or can shop diverse insurance products or policies through the service providers sitting at one point. Web Aggregators are the companies, registered under the Companies Act along with approved as per the regulations of Insurance Regulatory & Development Authority, and whose work is to establish, operate and maintain online Websites for clients who is willing to gather the information based on Insurance policies and products.


Do’s: Web Aggregators does help the client to compare the different policies of different companies. As these Web Aggregators have a tie-up with many insurance companies and thus they ask for all the information about the policies & products of these companies which is then be disclosed on the Website as per the set format.

Don’ts: Web Aggregators don’t give any ratings or reviews to these Insurance companies claiming any of them to be the best sellers. They can’t display any information or service other than that of Insurance products or policies. Also, they are not allowed to do any form of advertisement.


These are the following benefits of using Web Aggregators:

  • Easy comparison of many policies sitting from one end.
  • Contacts with every service provider without any personal meet.
  • Saves the hustle-bustle and time for traveling and other inconveniences of gathering information for Insurance policies and products.
  • Every Insurance provider such as bans, NBFC, etc. competes in a fair market.


Following are the necessity for getting the certificate of registration of Web Aggregator license:

  • An applicant shall be a Company registered under the provisions of Companies Act,2013
  • An applicant shall be an LLP registered under the Limited Liability Act, 2008.
  • Any other person as recognized by IRDA.
  • If an applicant is a company, then its memorandum of association shall have the main object of carrying the business of Web-aggregation of Insurance product.
  • An applicant company is not allowed to engage in any business other than that mentioned in its MOA as its main object.
  • An applicant is not already registered or proposed to be registered as an Insurance agent, corporate agent, or any other Insurance intermediary.
  • Principle officer has undergone the training and shall possess the necessary qualification as prescribed in Form C of schedule I.
  • Principle officer, Directors, Promoters, Partners and KMP shall fulfill the Fit & Proper criteria specified for this purpose as per Form D of Schedule I.


Following are the procedure for the application to the authority for seeking the grant of certificate of registration:

  • An applicant, forgetting the license for doing the business of Web-aggregation of Insurance Product, shall apply to the authority in Form A of Schedule I of IRDA (Web Aggregator) Regulation, 2017.
  • An application shall be accompanied by a prescribed fee which is INR 10,000/-. This fee is non-refundable, which has to be paid either through electronic transfer funds or via Demand Draft drawn in the favor Insurance Development & Regulatory Authority.
  • In case an applicant wants permission for Outsource & Telemarketing Functions, the same has to be mentioned in an Application form.
  • Necessary documents shall be attached along with the application for the grant of certificate of registration. Such documents are mentioned in Form B of Schedule I.


  • An application filed to the authority is scrutinized and verified for its correctness. In case of any incompleteness, an authority may order for further information or documents.
  • An application, if not completed up to the mark, is liable for rejection by an authority. 
  • Though before rejecting, an applicant gets thirty days to furnish such information or documents as required by an authority.
  • In case an applicant doesn't serve additional information within 30 days of communication, such an application is returned to the applicant and the applicant needs to file a fresh application.
  • In case of applications that are rejected/ returned or canceled, an applicant can make a fresh application only after the lapse of one year from the date of such rejection.
  • An applicant who is aggrieved by the decision of authority can file an appeal to Securities Appellant Tribunal (SAT) within 45 days of such order.
  • If an application is complete in all respect, the authority may grant the Certificate of Registration in Form E of Schedule I.
  • Such a certificate of registration granted to the applicant is with the code of conduct which is to be adhered by an applicant throughout.
  • PERSONAL REPRESENTATION: Sometimes an authority while demanding for further information, orders an applicant and/or principal officer to appear before him. In that case, an applicant and/or principal officer needs to appear for personal representation.


Unless an authority suspends or cancels the certificate of registration, such license is valid for three years from the date of issuance.


  • An application in Form F of Schedule II for renewal of a license shall be submitted by an Insurance Web Aggregator at least 30 days before the expiry of the certificate of registration to the authority supporting with necessary documents.
  • An application shall be accompanied by a renewal fee of INR 25,000/- plus applicable taxes.
  • No person is allowed to carry on the business of Insurance Web Aggregator unless he has a valid certificate or license for the same.
  • On being satisfied and in case the renewal application is complete in all terms, an authority will issue a renewed certificate of registration as per Form H of Schedule II.
  • Authority can also refuse to renew in case it comes to the knowledge of an authority that an applicant has not carried on any business during the previous period of registration.


  • In case, an applicant is a Company, minimum paid-up share capital or, in case an applicant is an LLP, Minimum Contribution in both has to be Rupees Twenty-Five Lacs (INR 25,00,000/-).
  • In case an applicant is a Company, paid-up share capital has to be issued and subscribed only in form Equity Shares.
  • A minimum contribution of LLP has to be bought only in cash.
  • Capital in the form of Equity Shares of companies doing the business of Web-aggregation of Insurance products shall be remaining unencumbered. That is, it cannot be pledged to secure any form of credit.
  • Every applicant shall always abide by the laws, regulations, guidelines, code of conduct issued by an authority for Indian owned and controlled.


The aggregate holding of Equity Share Capital held by any foreign investors and portfolio investors, at any time shall not exceed more than 49% of total Paid-Up Equity Share Capital of such Insurance Web Aggregator.


  • The net worth of Insurance Web Aggregator shall not at any time, during the period of validity of Certificate of Registration, fall below 100% of minimum paid-up capital requirement.
  • Net worth status shall be reviewed half-yearly. That is for the period ending 31 September and 31 March of every half-year shall be reviewed and any non-compliance, if any, should be reported.
  • In case of any noncompliance, the same shall be restored to minimum net worth within 30 days, and on such a failure Web Insurance Aggregator has to immediately stop the business.
  • Every year after the finalization of books of account, Chartered Accountant shall issue a net worth certificate duly certified by him which has to be submitted to an authority by Insurance Web Aggregator.

Frequently Asked Questions

  • 1. What is the scope of work for an Insurance Web Aggregator?

    Registered Insurance Web Aggregator can perform the following activities: (a) Selling of Insurance online through Websites (b) Displaying the details of product comparison online on the Website. (c) Selling Insurance through telemarketing mode.

  • 2. What is the fee of Insurance Web Aggregator?

    INR 50,000/- per year for every product displayed on Website by the Insurance Web Aggregator is a flat fee that payable to him.

  • 3. What are the remedies available to an applicant in case of renewal license is not issued by an authority?

    An applicant who is aggrieved by the decision of authority can appeal to the Securities Appellant Tribunal (SAT) within 45 days of such order.

  • 4. Is there any remedy available to the Insurance Web Aggregator in case he lost or damages the certificate of registration?

    An applicant can file an application in Form I for a duplicate certificate with the fee of INR 1,000/- requesting an authority to issue a duplicate certificate.

  • 5. What is the Certificate of Compliance?

    Certificate of Compliance is a document submitted to an authority by an Insurance Web Aggregator stating that it has complied with all the necessary rules, regulations, code of conduct throughout the year.

  • 6. Are there any books of accounts that need to be maintained by an Insurance Web Aggregator?

    Yes, the following documents are required to be prepared for every financial year: (a) Balance sheet (b) P&L account (c) Cash flow statement (d) Income & Expense statement

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