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 (IWAs) must operate a lead management system that records designated-website visitors' full details, generated leads, and visitor preferences. LMS data must be shared with insurers having agreements with the IWA, subject to transparency and accountability. Visitors must be able to select up to three insurers for simultaneous lead transmission; leads containing prospect data must not be sent to insurers outside those preferences. Where an interested prospect names no insurer, transmission is limited to no more than three insurers in the same insurance class following need analysis.

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 registration for an Insurance Web Aggregator is effected under Regulation 9 of the IFSCA (Insurance Web Aggregator) Regulations, 2022 and the Insurance Act, 1938. The renewal certificate identifies the registration number and entity and specifies the validity period. Renewal may also include approval to continue insurance telemarketing or insurance outsourcing work, subject to the governing statutory framework, regulations, and additional conditions imposed by the Authority.

Renewal applications by insurance web aggregators require a self-certified undertaking, changed website and website-content responsibility details, and renewal training certificates for the Principal Officer and Authorised Verifiers. The undertaking confirms regulatory standing, code-of-conduct compliance, exclusive engagement of the Principal Officer, adherence to stated business objects, prohibition of rebates, preservation of minimum capital, compliance with prescribed duties, truthfulness of declarations, and continuing regulatory compliance. All submitted copies must be attested by the Principal Officer.

Renewal of an Insurance Web Aggregator's certificate of registration requires a completed application with supporting documents, including applicant particulars, changes in organisational structure and key management personnel, disputes and economic offences. Applicants seeking to continue insurance telemarketing or insurance outsourcing work must confirm valid telemarketing registration and provide updated authorised-verifier details. The application must be executed by an authorised representative.

Schedule 3 prescribes Certificate of Registration forms for Insurance Web Aggregators and for entities approved to undertake Insurance Telemarketing or Insurance Outsourcing work. Each certificate identifies the registration and entity, specifies its validity period, and remains subject to the International Financial Services Centres Authority Act, the Insurance Act, the Insurance Web Aggregator Regulations, and additional conditions imposed by the Authority.

Insurance web aggregator registration applications require corporate registration and constitutional records, PAN, qualifications and curriculum vitae of relevant personnel, certified net worth and shareholding, audited accounts, infrastructure details, and training certificates. Notarised declarations must establish fit and proper compliance, including legal capacity, criminal and economic-offence history, and absence of conflicting insurance-related positions. Website screenshots, domain and hosting proof, content-control details, and temporary view-only verification access are also required. Branch applicants must additionally disclose corporate, regulatory, capital, shareholder, business-strategy, and home-country compliance information.

Schedule 1 prescribes Form A for registration as an Insurance Web Aggregator, requiring supporting documents and disclosures on the applicant's organisation, ownership, directors, associates, business plan, key managerial personnel, websites and hosting arrangements. Financial information must cover capital, reserves, net worth, assets and audited accounts. The applicant must also disclose disputes and economic offences involving specified persons. Permission for insurance telemarketing or outsourcing requires registration and authorised verifier particulars, with a declaration by two directors or designated partners confirming accuracy and a no-rebate undertaking.

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.

Authorized Verifier roles and responsibilities within the International Financial Services Centres Authority (Insurance Web Aggregator) Regulations, 2022 are prescribed through Schedule 9. Regulation 25 requires each Authorized Verifier to discharge the functions and responsibilities specified in that Schedule. The Schedule consequently forms the governing framework for performance of the verifier's regulatory role.

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.

Insurance Web Aggregators may solicit insurance through telemarketing or other distance-marketing modes where leads are generated through their websites. Such solicitation is permitted only in accordance with the instructions prescribed in Schedule 13.

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.