Professional indemnity insurance requires Insurance Web Aggregators to maintain comprehensive annual cover, claims protection, and certified policy compliance.

Professional indemnity insurance for an Insurance Web Aggregator must provide annual claims-made cover for negligence, fraud-related liability, document loss and dishonest acts by employees. Claim payments cannot depend on the IWA first meeting its liability. Indemnity limits must equal twice remuneration received at each financial-year end, subject to prescribed minimum and maximum limits, while uninsured excess is capped at five percent of capital employed. Branch-form IWAs require head-office cover endorsed for IFSC branch liabilities.

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