IWA registration compliance requires exclusive authorised business, KYC/AML controls, grievance redressal, recordkeeping, and prohibition of multi-level insurance marketing. Registration and renewal of registration for an Insurance Web Aggregator (IWA) are conditional upon carrying on only the registered business, complying ... Summary
IWA registration compliance requires exclusive authorised business, KYC/AML controls, grievance redressal, recordkeeping, and prohibition of multi-level insurance marketing.
Registration and renewal of registration for an Insurance Web Aggregator (IWA) are conditional upon carrying on only the registered business, complying with applicable legal requirements, observing Know Your Customer and Anti-Money Laundering guidelines, and maintaining prescribed records. An IWA must address policyholder grievances within the stipulated period, avoid multi-level marketing, maintain policy-wise and authorised-verifier-wise records accessible to the Authority, and report false, misleading, or materially changed information.
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