Professional indemnity insurance requires web aggregators to maintain comprehensive cover, controlled excess, and branch liability protection. Professional indemnity insurance for an Insurance Web Aggregator must cover negligence, fraud-related liability, document loss, and dishonest acts of ... Summary
Referred In :
International Financial Services Centres Authority (Insurance Web Aggregator) Regulations, 2022
Professional indemnity insurance requires web aggregators to maintain comprehensive cover, controlled excess, and branch liability protection.
Professional indemnity insurance for an Insurance Web Aggregator must cover negligence, fraud-related liability, document loss, and dishonest acts of employees. Annual cover must apply throughout the registration period, respond to claims made during the policy period, and not require prior payment of liability by the IWA. Indemnity limits are linked to remuneration within prescribed minimum and maximum limits, while uninsured excess is capped by capital employed. Branch operations require head-office policy compliance and endorsement for IFSC branch liabilities.
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