Insurance Web Aggregators conducting telemarketing or distance marketing must register as telemarketers, deploy authorised verifiers, and use website-generated leads for tele-calling. Outbound calls require express consent, while solicitation must follow insurer-approved standardised scripts covering caller identity, product features, exclusions, premiums, cancellation rights and required disclosures. IWAs are responsible for verifier conduct, must retain and transfer call records, undertake monitoring and compliance checks, and submit annual compliance certification. Insurers must identify distance-mode proposals, conduct verification calls, and preserve records. In policy-wording disputes, clients may give primacy to the Key Features Document and relevant calls.

Insurance Web Aggregators must use Lead Management Systems to record visitor details, leads and preferences, disclose potential sharing of particulars, and permit selection of up to three insurers. Leads may not be transmitted beyond preferred insurers; where no preference is made, transmission is limited to three insurers in the relevant class based on need analysis. Lead transmission must protect prospect information and follow information-technology security procedures. Annual system audits, Audit Committee review and corrective action are required, while insurers must post policy details after converting a lead.

Insurance Web Aggregators (IWAs) displaying product comparisons online must prominently notify homepage visitors that their particulars may be shared with insurers and that displayed information concerns insurers with which the IWA has agreements. Displayed product information must be authentic and drawn solely from insurer-furnished information. Content must be unbiased and factual; IWAs must not display ratings, rankings, endorsements or bestseller labels, or comment on insurers or products.

Insurance Web Aggregators must maintain secure information systems, encrypt lead and other data transmissions, and use approved payment gateways when collecting premiums for insurers. Their websites, portals, lead-management systems and India-hosted data centres require annual audit by a CERT-In empanelled information-security auditing organisation, followed by timely submission of audit reports. IWAs must also obtain annual compliance certifications, tag policies sold by Authorized Verifiers for tracking, comply with restrictions on displayed products and websites, and use prescribed nomenclature and registration disclosures.

Authorized Verifiers must be resident in India and engage only in tele-marketing or distance-marketing insurance solicitation. They must handle inbound customer queries, sell products after need analysis, explain comparable products, avoid unsolicited outbound calls and misleading inducements, and meet prescribed training and examination requirements. Each policy sale must be tagged to the verifier for sales and complaint tracking. Transfers between an Insurance Web Aggregator and tele-marketer require a no-objection certificate or completion of the prescribed waiting period.

Insurance web aggregators must disclose changes affecting their certificate of registration and proceedings initiated by other regulatory or government bodies within thirty days. Actions or directions issued in those proceedings must be reported within the same period. Information on professional indemnity policy claims and property acquisitions in India must be furnished within fifteen days. Applicants must voluntarily disclose changes in application information arising after filing or during processing. The Authority may also require further information, data or documents in a specified manner.

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.

Renewal of an Insurance Web Aggregator's registration is certified by recording the entity, registration number, issue date, and validity period. Continued Insurance Telemarketing or Insurance Outsourcing work may be approved with renewal. Renewal and approval are subject to the International Financial Services Centres Authority Act, 2019, the Insurance Act, 1938, the IFSCA (Insurance Web Aggregator) Regulations, 2022, and additional conditions imposed by the International Financial Services Centres Authority.

Renewal applications for insurance web aggregator registration require a self-certified undertaking, confirmation of website-hosting location where changed, and an updated list of persons controlling or responsible for website content where changed. Renewal training certificates for the Principal Officer and Authorised Verifiers must accompany the application, along with any further information required by the Authority. Every submitted copy must be attested by the Principal Officer.

Renewal of an Insurance Web Aggregator certificate of registration requires a completed application with supporting documents, updated applicant particulars, and disclosure of organisational or Key Management Personnel changes. Applicants must disclose pending or settled disputes and relevant economic offences. Continued insurance telemarketing or outsourcing permission requires confirmation of valid telemarketing registration and an updated list of authorised verifiers. An authorised representative must execute the application with the required designation, place, and date.

Certificate of registration authorises a named entity to act as an Insurance Web Aggregator, while separate registration approval permits Insurance Telemarketing or Insurance Outsourcing work. Each certificate identifies the registration particulars and remains effective only for its specified commencement and expiry dates. Registration is subject to the International Financial Services Centres Authority Act, 2019, the Insurance Act, 1938, the IFSCA (Insurance Web Aggregator) Regulations, 2022, and additional conditions imposed by the Authority.

Registration applicants must submit corporate, financial, governance, operational and personnel records, including constitutional documents, net-worth and shareholding certification, annual reports, website information, infrastructure details, training certificates and fit-and-proper disclosures. Notarised declarations by two directors or designated partners must address legal capacity, specified convictions, economic offences and relationships with other insurance-related entities. Existing insurance web aggregators or insurance brokers seeking to establish a branch must additionally disclose company, capital, shareholding, home-country regulatory, business-strategy and operational-viability particulars, supported by a certification of the accuracy of facts and projections.

Grant of a certificate of registration as an Insurance Web Aggregator requires a completed application with supporting materials and supplementary sheets where necessary. The applicant must identify its principal and correspondence offices, principal officer, legal status, incorporation and listing details, business objects, material shareholders, directors or designated partners, associate concerns, principal bankers and statutory auditors. Operational and financial suitability is demonstrated through a three-year business plan with projected activities and income, an organisation chart, and particulars of key managerial personnel.

Regulation 27 empowers the Chairperson to issue necessary clarifications where difficulties arise in implementing the regulations. The Chairperson may also relax conditions mentioned in the regulations, provided reasons for the relaxation are recorded in writing. The provision forms part of the miscellaneous regulatory framework for insurance web aggregators.

Disciplinary action may be taken against an insurance web aggregator for non-compliance with applicable statutory, regulatory, circular or guideline requirements, or where its activities are not in the interest of insurance business in International Financial Services Centres. Measures include suspension or cancellation of the certificate, subject to an opportunity for the insurance web aggregator to make written submissions.

Regulation 25 requires an Authorized Verifier to discharge the roles and responsibilities specified in Schedule 9 under the International Financial Services Centres Authority (Insurance Web Aggregator) Regulations, 2022. The verifier's functions are governed by the duties prescribed in that Schedule for carrying out assigned roles and responsibilities under the miscellaneous provisions.

Insurance Web Aggregators may solicit direct insurance business for insurers from permitted prospects in International Financial Services Centres, other Special Economic Zones, and the Indian diaspora outside India. Domestic Tariff Area solicitation is restricted except under applicable insurance law. Foreign-jurisdiction laws govern diaspora solicitation, and financial transactions must use freely convertible foreign currency. IWAs must conduct business fairly, comply with prescribed obligations, duties, code of conduct and disclosures, and remain responsible for employee acts and omissions.

Remuneration payable by an insurer to an Insurance Web Aggregator must follow the mode and manner specified by the Authority. No charges may be paid merely for transmitting leads. Remuneration may be earned where leads result in insurance-policy sales, and an IWA may receive mutually agreed product-display fees subject to any prescribed overall ceiling. Mutually agreed service charges may also be paid under service agreements for Insurance Outsourcing functions.

Regulation 22 permits an Insurance Web Aggregator to use telemarketing or other distance-marketing modes to solicit insurance where the solicitation is based on leads generated through its website. Such use must follow the instructions specified in Schedule 13. Remote insurance solicitation is thereby tied to website-generated leads and compliance with applicable Schedule 13 instructions when those marketing modes are used.

Online sale of insurance by insurance web aggregators must be conducted in the manner and through the process specified by the Authority. Applicable Authority-issued guidelines govern the operational framework for conducting insurance sales online, including requirements concerning the prescribed manner and process of such sales.