Certificate issuance for insurance web aggregators requires staged compliance, deficiency rectification, and timely business commencement.

Insurance web aggregator registration requires in-principle approval followed by compliance with minimum capital infusion, principal officer training, professional indemnity policy, and other necessary conditions. Compliance must ordinarily be completed within 45 days, subject to a timely requested extension not exceeding 90 days from in-principle approval. Registration deficiencies must be notified in writing and may be rectified within 30 days before refusal is considered, with an opportunity for written submissions. A registered IWA must commence business within six months of certificate grant, subject to an extension not exceeding nine months.

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