TaxTMI 
TaxTMI 
International Financial Services Centres Authority (Insurance Web Aggregator) Regulations, 2022.
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....ggregator in an International Financial Services Centre under the regulatory purview of the International Financial Services Centres Authority. 3. Definitions :- (1) In these regulations, unless the context otherwise requires, the terms defined herein shall bear the same meaning as assigned to them below and their cognate expressions shall be construed accordingly: (a) "Act" means the International Financial Services Centres Authority Act, 2019 (50 of 2019); (b) "Agreement" means an agreement entered between an Insurance Web Aggregator and an Insurer; (c) "Applicant" means: - (i) an Insurance Web Aggregator registered with IRDAI; (ii) an Insurance Broker registered with the Authority under the International Financial Services Centres Authority (Insurance Intermediary) Regulations, 2021; (iii) a company incorporated under the Companies Act, 2013 (18 of 2013); (iv) A limited liability partnership formed under the Limited Liability Partnership Act, 2008 (6 of 2009); (v) Any other person permitted by the Authority to act as an Insurance Web Aggregator. Explanation: A body corporate incorporated....
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....itation of insurance products; (o) "Lead Management System" or "LMS" refers to the Software implemented by the IWA for recording, filtering, validating, grading, distributing, following up and closing the leads from the enquiries received on the website of the Insurance Web Aggregator; (p) "Principal Officer" means - (i) the Chief Executive Officer of an IWA; (ii) a Director / Partner or any other person, who has been entrusted with the responsibility to comply with these regulations; or (iii) an employee of the IWA who is responsible for the decisions made by such IWA in IFSC for its management, administration and operations; (q) "Solicitation" for the purpose of these regulations means approaching a prospect by an insurer or an IWA with a view to convince the prospect to purchase an insurance policy; (r) "Telemarketer" for the purpose of these regulations means an entity registered with Telecom Regulatory Authority of India under Chapter III of The Telecom Commercial Communications Customer Preference Regulations, 2010; (s) (2) Words and expressions used and not defined in these regulations but defin....
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....ese terms shall have the same meanings as ascribed to them in the Companies Act, 2013 (18 of 2013) (8) the Principal Officer/ Director(s)/ Promoter(s)/ Partner(s)/Designated Partners/Key Management Personnel/ Controlling Shareholders are in compliance with the fit and proper requirements as specified by the Authority; (9) the Promoters/ Investors/ Partners/Designated Partners/Controlling Shareholders of the Applicant are: (a) of sound financial position to make investment in the Applicant; and (b) from a FATF compliant jurisdiction or country; (10) the Applicant has submitted an undertaking to the effect that - (a) it does not have a referral arrangement with any of the Insurer; (b) it does not have conflict of interest of any kind between the interests of policyholders and the business of its group entities engaged in insurance intermediation (c) it has a designated website hosted on a sever based in India for carrying out IWA business; (d) it shall always maintain the Capital and Net Worth requirements as specified in regulation 8 of these regulations to the satisfaction of Authority; (e) it....
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....er as specified in these regulations; (2) IWA shall comply with the provisions of the Insurance Act, 1938, IFSCA Act, 2019, applicable laws and any other instructions issued thereunder from time to time by the Authority; (3) IWA shall comply with relevant Know Your Customer (KYC) and Anti-Money Laundering (AML) guidelines, as may be issued by the Authority from time to time. (4) IWA shall forthwith inform the Authority in writing, if any information submitted for renewal of application or particulars of any previously submitted information are found to be false or misleading and shall also inform if there is any material change in the information already submitted; (5) IWA shall take adequate steps for redressal of grievances of its policyholders within 14 days of receipt of such complaint and keep the Authority informed about the number, nature and other particulars of the complaints received from such policyholders in format and manner as may be specified by the Authority; (6) IWA shall solicit and procure reasonable number of insurance policies commensurate with its resources and the number of Authorized verifiers engaged by them; ....
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....regulation (2) shall be valid for a period of three (3) years from the date of its issuance unless revoked or cancelled by the Authority. Provided that the certificate granted for the first time by the Authority for setting up branch office in an IFSC, shall be valid till the expiry of the certificate of registration issued by the IRDAI and thereafter for a period co-terminus with the expiry of the certificate of registration issued by the IRDAI. (4) If the Authority, after considering the application is of the opinion that registration cannot be granted, it shall communicate the deficiencies to the Applicant in writing, giving it thirty (30) days' time to rectify them. (5) If the Applicant fails to rectify such deficiencies to the satisfaction of the Authority within the specified time, the Authority may refuse to grant registration and shall communicate the same to the Applicant, giving reasons in writing for such refusal. Provided that no such refusal shall be made by the Authority without giving the Applicant an opportunity to make written submissions on the grounds on which the registration is proposed to be refused. (6) An IWA ....
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....pecified by the authority. Explanation: For the purposes of these regulations, "net worth" shall have the same meaning as assigned to it in the Companies Act, 2013. (5) The IWA shall submit to the Authority a certificate issued by its statutory auditor or Practising Chartered Accountant or Practicing Company Secretary or Practicing Cost and Management Accountant, regarding paid-up capital and net-worth requirements under these regulations on half yearly basis. Chapter - III Renewal of Registration of IWA 9. Renewal of Certificate of Registration - (1) The application for renewal of certificate of registration, along with renewal fee as specified by the Authority, shall be submitted by the IWA in the format specified in SCHEDULE - 4 at least ninety (90) days before the expiry of the certificate of registration. The indicative list of documents to be submitted along with renewal application are specified in SCHDULE - 5; Provided that the IWA shall pay applicable additional fee by way of penalty, if the renewal application does not reach the Authority thirty (30) days prior to the date on which the earlier certificate of registration ceases....
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.... registration earlier granted to the Applicant should not be renewed, it shall communicate the deficiencies to the Applicant giving it thirty (30) days' time to rectify them. (2) If the Applicant fails to rectify such deficiencies to the satisfaction of the Authority within the specified time, the Authority may refuse to renew the certificate of registration and shall communicate the same to the Applicant, giving reasons in writing, for such refusal. Provided that no such refusal shall be made by the Authority without giving the Applicant an opportunity to make written submissions on the grounds on which the application for renewal of certificate of registration is proposed to be refused. 11. Effect of refusal to renew the certificate of registration - (1) The Applicant, whose renewal has been refused by the Authority, shall, on and from the effective date mentioned in the communication from the Authority, cease to act as an IWA. (2) The IWA, whose renewal has been refused by the Authority, shall continue to be responsible to provide services in respect of contracts already entered through it. Provided that such services shall con....
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....rers with whom it has arrangements to distribute the products and provide them with the details such as scope of coverage, term of policy, premium payable, premium terms and any other information of all the products available with it and in all cases shall avoid conflict of interest; (b) the product it proposed to sell, is based on the need analysis of the prospect. 18. Maintenance of books of account, records, etc. - (1) An IWA shall prepare and maintain following financial statements for every financial year - (a) A balance sheet at the end of each financial year; (b) A profit and loss account for that period, which shall be maintained on accrual basis; and (c) A statement of cash/fund flow (direct method). Explanation: For the purpose of these regulations, the financial year shall refer to a period of twelve (12) months commencing from 1st April and ending on the 31st March. (2) Financial statements shall include a note providing the insurer-wise (including insurer's group companies) details of all the incomes received by it and also the details of payments received by it from its group companies, associates, ....
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...., as required under the relevant guidelines related to the Prevention of Money Laundering; (g) Copy of the proposal form duly signed electronically by the client and submitted to the insurer; (h) A document containing list of clients, details of policy viz. type of policy, premium amount, date of issuance, charges or fees received; (i) A document containing details of complaints received and disposed which shall, inter-alia include name of the complainant, nature of complaint, details of policy issued/solicited and action taken thereon; (j) Correspondence exchanged with the Authority; (k) Any other document or information as may be specified by the Authority from time to time. CHAPTER - V Functions of IWAs 19. Display of product comparison on IWA web-site - An IWA shall display the product comparison on its website in such manner as specified in SCHEDULE -11. 20. Transmission of leads to the Insurers: The manner of sharing of leads by the IWA with the insurers shall be as specified in SCHEDULE - 12. 21. Online Sale of Insurance - The manner and process of online sale of Insurance shall be in compliance with guidel....
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....ing for the violation of code of conduct specified herein and shall be liable for appropriate action including imposition of monetary penalty. (4) An IWA shall comply with other duties and functions as specified in SCHEDULE - 10. (5) The IWAs shall make disclosures to the Authority as specified in SCHEDULE - 8. CHAPTER - VIII Miscellaneous 25. Role and Responsibilities of Authorized Verifier - The Authorized Verifier shall discharge such roles and responsibilities as specified in SCHEDULE - 9. 26. Action in case of Default - If pursuant to an inspection or investigation or otherwise, the Authority is of the opinion that the operations of an IWA are not being conducted in accordance with the provisions of the Act, rules or regulations or circulars and guidelines issued thereunder or its activities are not in the interest of insurance business in the International Financial Services Centres, the Authority may take appropriate disciplinary action against it, including but not limited to suspension or cancellation of Certificate after giving an opportunity to the IWA, of making its written submissions. 27. Powers to issue clarification and relaxat....
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.... 2.5 Name and activities of associate companies/concerns Name of Company/ Concern Address Type of activity handled Nature of Interest of Promoter / Director Nature and Interest of Applicant company Whether any one or more persons of the associate companies/ concern are interested in the Applicant's business? 2.6 Name and Address of the Principal bankers of the Applicant: 2.7 Name and address of the statutory auditors: 3. BUSINESS INFORMATION :- 3.1 Three years business plan document with projected volume of activities and income for which Certificate of registration is sought has to be attached with this application. 3.2 Organization Chart separately showing functional responsibilities to be enclosed 3.3 Particulars of KMP Name Designation/ Position Qualification Insurance related experience Date of Appointment Functional Areas PAN/ ....
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.... ** Attach sheet if required 5.2 Details of any economic offences by the Applicant or any of the Directors, Chief Executive or Managing Director or Principal Officer or Key Managerial Personnel in the last three years, if any For and on behalf of Applicant (Signature and Name of Authorised Representative) For and on behalf of Applicant (Signature and Name of Authorized Representative) Place: Date: Application for Permission for Insurance Telemarketing/Insurance Outsourcing work 1.1 Name of the Applicant:_____________________________________ 1.2 Certificate of registration No.:_______________________________ 1.3 Validity Period: From ______________________________________To ___ 1.4 TRAI Registration No.:_____________________________________ 1.5 Validity Period: From ______________________________________To ___ 1.6 List of Authorised Verifiers: Name Qualification Sponsoring Entity Certificate No. Valid Till PAN/ Aadhaar No. &....
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..../KMP/Principal Officer or designated partners/employees of the company are holding directorships/ employment in or represent any other insurance related entity. 7. Snap shots of contents of proposed website along with the proof of domain name registration. 8. Confirmation of place of hosting website such as registered office, operations office. 9. List of persons who have control over or responsibility for the website contents in relation to insurance web aggregation. 10. Certificate of Chartered Accountant for the Net Worth and Shareholding Pattern of the Company as on the date of submission of Application. 11. Copies of the Annual Report and Audited Accounts for the previous three financial years; 12. Details of infrastructure including IT infrastructure available; 13. Training and Examination Certificates of Principal Officer and Authorised Verifiers; 14. Details and declarations of Principal Officer/ Promoters/ Directors/ Partners/ Key Management Personnel, relating to Fit and Proper criteria as specified by the Authority. 15. A user I.D. and temporary password in a closed cover (with only view permission), to verify the Aggregation Website(s) / Porta....
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....12 Annual Reports Annual reports for the past 3 years. Annexure - 13 Compliance with training and experience requirements 14 Details of the office proposed to be opened: (a) Name of the Office: (b) Office Address(representative address or company address if the IWA office address is not available): (c) Address for Communications (state the name of the Principal Officer, telephone numbers, fax numbers, mobile number, e-mail address and such other details: (d) Principle Officer & Key Management Personnel and allocation of (e) Organizational structure. responsibilities.(Proposed): Reporting relationships of the IWA to the holding company (f) Planned infrastructure at the proposed office 15 Details of payment of fee 16 Details of any additional capital to be infused, if applicable 17 Particulars of Previous Application: Has the applicant ever applied for license in International Financial Services Centre to carry out insurance business? If so, give particulars. 18. Details of shareholders of insurance intermediary: [Please gi....
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....ns should also be indicated Certification I, the undersigned, solemnly declare that the facts and information given in this application form on behalf of the Applicant Company, are true and that the projections and estimations are based on reasonable assumptions. Place : Date : Signature of the Authorised Person (his/her designation with Seal) SCHEDULE - 3 [Refer Regulation 7 (2)] CERTIFICATE OF REGISTRATION INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY CERTIFICATE OF REGISTRATION Registration number: In exercise of the powers conferred by section 12 and 13 of IFSCA Act, 2019 read with sub-section (1) of section 42D of the Insurance Act, 1938 (4 of 1938), the Authority hereby grants a Certificate of registration to (entity name) to act as Insurance Web Aggregator. (1) This Certificate of registration shall be valid from (dd/mm/yyyy) to (dd/mm/yyyy). (2) This Certificate of registration is subject to the provisions of The International Financial Services Centres Authority Act, 2019, The Insurance Act, 1938, and IFSCA (Insurance Web Aggregator) Regulations, 2022 and also subject to such additional conditions as may be....
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....on Insurance related experience Date of Appointment Functional Areas 4. OTHER INFORMATION 4.1 Details of all settled and pending disputes, if any: (Attach separate sheet and give full information in the format shown below) Nature of Dispute Name of party Pending/ settled ** Attach sheet if required 4.2 Details of any economic offences by the Applicant or any of the directors or designated partners, or key managerial Personnel in the last three years, if any. 4.3 Any other information considered relevant for processing of this application: 5. RENEWAL OF PERMISSION FOR INSURANCE TELEMARKETING/INSURANCE OUTSOURCING WORK 5.1 Do you want to continue insurance tele-marketing/ insurance outsourcing work: Yes/ No 5.2 Is the TRAI Registration valid: Yes/ No 5.3 Updated List of Authorised Verifiers: Name Qualification Sponsoring Entity Certificate No. Valid Till PAN/ Aadhaar No. ....
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.... or premium shown either directly or indirectly in compliance with sec. 41 of Insurance Act, 1938; 5. We confirm that the minimum capital requirement is not diluted by its use in buying shares and securities as also keeping Inter Corporate Deposits and giving loans etc .; 6. We confirm that the duties and functions as specified in regulation 27 of IFSCA (IWA) Regulations, 2022, have been complied with during the previous registration period. 7. We confirm that the above statements are true to the best of our knowledge and belief. 8. We further undertake to comply with all the applicable regulations/rules/notices/circulars as prescribed by the Authority from time to time. Principal Officer (Director/Designated partners, other than the PO) Signature &nb....
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....the Insurance Act, 1938 (4 of 1938) the Authority hereby grants approval to M/s ___ to continue to undertake Insurance Telemarketing/ Insurance Outsourcing work (2) Issued on ___day of ___of Two thousand________ . (3) This Certificate of renewal of registration shall be valid from (dd/mm/yyyy) to (dd/mm/yyyy). (4) This Certificate of renewal of registration is subject to the provisions of The International Financial Services Centres Authority Act, 2019, The Insurance Act, 1938, and IFSCA (Insurance Web Aggregator) Regulations, 2022 and also subject to such additional conditions as may be imposed by the Authority. Place:________ Date:________ By Order For and on behalf of International Financial Services Centres Authority SCHEDULE - 7 [Refer Regulation 15] Maintenance of Professional Indemnity Insurance: - 1. The insurance cover must indemnify an IWA against :- (a) any error or omission or negligence on its part or on the part of its employees and directors/designated partners; (b) any loss of money or other property for which the IWA is liable in consequence of any fraudulent act or omission; (c) any loss of documents and ....
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....later than thirty (30) days from the initiation of such proceedings. Any action or direction issued by such other bodies shall also be disclosed to the Authority within the time limits prescribed above. 2. An IWA shall furnish to the Authority the following information within fifteen (15) days of the occurrence (a) In respect of a claim under the professional indemnity policy; (b) Acquiring of any property in India; 3. In case of any change in the information provided for consideration of their application, subsequent to filing of application or during the processing of application, such change shall be disclosed to the Authority, voluntarily by the Applicant, for consideration of the Authority. 4. The Authority may from time to time require the IWA to furnish information/ data/ documents in the manner as may be specified in the matter. 5. Any other disclosure, information as may be desired by the Authority. SCHEDULE - 9 [Refer Regulation 25] Roles and Responsibilities of Authorized Verifier 1. The Authorized Verifier shall: (a) be on the rolls of either the IWA or the Tele-marketer and resident in India; (b) solicit insur....
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.... and software) including the aggregation website(s) / portals, Lead Management System and the Data Centers hosting the website(s) / portal(s) / Lead Management System hosted in India and audited by CERT-In empanelled Information Security Auditing organizations once in a financial year and submit a copy of the Audit Certificate / Report to IFSCA and the insurers with whom the IWA has entered into an agreement, within fifteen (15) days from the date of receipt of the same; (g) Ensure to furnish a certificate from its statutory auditor annually along-with the annual report that it is in compliance with all the provisions and the framework of the IFSCA (IWA) Regulations, 2022 during the last financial year. (h) Ensure that the Principal Officer of IWA, at the end of each financial year shall submit to the Authority, a certificate confirming that during the said financial year the IWA has complied with all the provisions of these regulations. (i) Tag every insurance policy sold by the Authorized Verifier to his identity for tracking sales and complaints if any which shall be given access to the Authority on remote basis; 2. The IWAs shall not :- (a....
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....ratings, rankings, endorsements or bestsellers of insurance products on their website. The content of the websites of the IWAs shall be unbiased and factual in nature; they shall desist from commenting on insurers or their products in their editorials or at any other location in their websites; 4. The comparison chart displayed on the IWA designated web-site shall take the customer through the web- pages which will be acknowledged by him in the following order: (a) coverages, (b) exclusions, (c) benefits, (d) terms, (e) conditions and (f) price 5. Templates may be mutually worked out between the IWAs and Insurers whose products are compared; 6. Product comparisons that are displayed shall be up to date and reflect a true picture of the products; 7. Product price comparisons shall be inclusive of all taxes and fees on gross basis to enable the prospect to make a like to like comparison; 8. IWAs shall display product information purely on the basis of the information furnished to them by insurers. 9. Any other information, data or documents as may be advised by the Authority. SCHEDULE - 12 [Refer Regulation....
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....; (ii) Short Messaging service (SMS); (iii) Electronic mode which includes e-mail and interactive television (DTH); (iv) Solicitation through any means as approved by the Authority from time to time under Distance Marketing. (b) These instructions are specifically applicable in case of the following activities in addition to other similar activities: (i) Use of distance mode for ascertaining the Prospect's intent to purchase insurance. (ii) Solicitation as well as sale over the distance mode; and (iii) Requests by Prospects seeking information or sale of insurance products. 2. Telemarketing and Distance Marketing :- IWA desirous to carry on 'Telemarketing' and 'Distance Marketing', for the purpose of solicitation of insurance business shall :- (a) Register as a 'Telemarketer'; (b) Engage 'Authorized Verifier' as defined in regulation 3(d) of these regulations for carrying out the Telemarketing and Distance Marketing related work; (c) While considering the application, the Authority may, if it so desires, verify the information furnished by the Applicant i....
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....on other than the payments as specified in these regulations. Insurers shall make no payments by any name to IWAs or their related parties towards infrastructure or any account other than payments (except for undertaking outsourcing activities under SCHEDULE - 14 on the policies solicited or procured over Web Aggregation and distance mode; (d) Insurers shall specifically identify the proposals procured by IWAs over distance mode and obtain all relevant records pertaining to such policies. Insurers shall produce such records before the Authority in case of dispute involving alleged violation of breach of conduct by the IWA. 7. Role of Authorized Verifier :- (a) Telemarketers shall employ Authorized Verifiers, who alone are permitted for soliciting and concluding the sale of insurance products; (b) The Authorized Verifiers shall be assigned to the IWA as per the certificate issued by the Authority for the purpose of sale of insurance products; (c) Any change in such assignment shall be disclosed to the Authority and a fresh certificate to that effect shall be obtained from the Authority without which the Authorized Verifier shall not be permitte....
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....l not approach the prospect through outbound tele-calling without his express consent. However, if there are inbound tele-calls or tele-calls seeking assistance about the product by the prospect to the IWA, then the IWA shall offer all possible assistance to the prospect. 10. Standardized Script: The leads generated from the web-site shall be in specific compliance with the following norms :- (a) Insurers, in consultation with IWAs, shall prepare standardized scripts for presentation of benefits, features and disclosures under each of the products proposed to be sold over the distance modes. Solicitation under distance mode shall be in line with the standardized script; (b) The scripts shall be incorporating all the Key Features of the product and shall be approved by the compliance officers of the respective insurers. The scripts shall be filed with the Authority under Product Approval norms within fifteen (15) days by the insurer; (c) Every script shall mandatorily mention that the prospect is advised to refer to the detailed prospectus available at the website of the insurer and that the prospectus shall be sent to his email id wherever available. ....
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....se of product presentation: (i) The specific responses of the Prospect in the form of agree/disagree, yes/no, accept/reject, understand / don't understand, as applicable, against each of the items below, under all modes of distance solicitation. (ii) Name of the product suggested and its nature and parameters. Name of the Insurer to which the product belongs. (iii) Insurance cover available under the product for a specified amount of annual premium, or, conversely, premium chargeable and applicable taxes towards a specified amount of insurance cover. (iv) The scope of cover, perils covered and not covered, exclusions, deductibles or franchise, copayments, loading/discounts on premiums, add-on covers, conditions, other terms and benefits, mid-term inclusions, short period scales, basis of sum insured, warranties, clauses and endorsements, compliance with Section 64VB(1) of the Insurance Act, 1938 - payment of premium before commencement of risk, etc, as applicable. (v) The contents of the "key features document" (KFD) as and when specified by the Authority. (vi) The right to cancel the policy within thirty (30) days of receip....
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....s of conclusion of sale. In case of telephone calls the records transferred shall be the recordings of the entire conversation. 12. No Unfair Denial of Insurance Cover: When a Prospect approaches an IWA over distance mode proposing for insurance cover, the latter are duty-bound to consider the case on merits and in accordance with regulatory directions and their own norms. In no case shall they resort to an unfair denial of cover to a Prospect who seeks insurance. 13. Preservation of Records :- The insurer and IWA shall preserve, in an unalterable and easily retrievable form, a voice/ electronic/ physical record, as applicable, of the entire process beginning with lead generation/ solicitation and concluding in sale of insurance, for a period of six (6) months beyond the term of the policy or until satisfactory settlement of claim or for a period of ten (10) years, whichever is later. Voice and electronic records shall be digitized and encrypted for storage to ensure reliability and security of the data. 14. Verification Process :- (a) IWAs shall monitor the calls live by arranging for listening to at least 1% of the calls as they happen; (b) IWAs shal....
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....urcing arrangement, including charges for services, the rights, responsibilities, and expectations of all parties. 2. Activities that can be Outsourced to the IWA by Insurer: An IWA can undertake insurance outsourcing activities on behalf of insurers through the tele- marketing and distance marketing modes. SCHEDULE - 15 [Refer Regulation 4 (5)] Obligations of IWA IWA shall :- (1) display Certificate of registration obtained from the Authority and details of validity of Certificate of registration on its web site; (2) prominently display the names of insurers with whom it has an agreement to refer leads in the Home page of the website; (3) display the list of products that are available for information on its designated website; (4) display specific information that the details of the prospects who visit their website shall be shared with the insurers for the purposes of soliciting insurance policies; (5) not promote the services or the products of any third parties on their designated website, unless permitted by the Authority; (6) not allow any third party to divert their clientele to the website of the IWA, unless permitted by the Authority; ....
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....ites contain details of complaints handling procedures and provides a facility to the complainant to log complaints online; (c) ensure that communication of clients in any form, written / phone / fax / email / Messaging etc are acknowledged promptly and in no case extends beyond five (5) working days from the date of receipt of such complaint; (d) ensure that the grievance is resolved to the satisfaction of the client; (e) ensure that communication is sent to the complainant on the resolution of the grievance, and the complainant is informed of the further redressal procedure available to him; (f) ensure that complaints are attended to at Key Management Person level. 3. Conduct in matters relating to advertising: Every IWA shall ensure that the designated website contains no advertisements or any information that is prohibited under regulation 27 of these regulations; 4. Conduct in matters relating receipt of remuneration: Every IWA shall, if requested by a prospect, disclose the amount of remuneration or other remuneration it receives as a result of effecting insurance for that client. 5. Conduct in relation to matters relating to train....