The International Financial Services Centres Authority (Performance Review Committee) Regulations, 2022 govern constitution of the Performance Review Committee, information to be provided, adequate resource provision, and discharge of the Committee's functions. The framework comes into force upon publication in the Official Gazette and thereafter applies to these Committee-related matters.

Bulk sugar consumers using more than 10 tonnes monthly as a raw material may hold up to 30 days' requirement instead of 15 days. Holdings above 15 days must consist exclusively of sugar imported under the Tariff Rate Quota or Advance Authorisation Scheme; sugar obtained from the open market remains restricted to 15 days' consumption. Bulk consumers must declare and disclose their sugar inventories every Friday through the food ministry's online portal.

Insurance Web Aggregators must deal with prospects and policyholders in good faith, with integrity, care, diligence and confidentiality, while securing confidential information and assessing client awareness of insurance risk. They must maintain complaint-recording and monitoring systems, provide online complaint facilities, acknowledge communications within five working days, address grievances, and communicate further redressal options. Websites must avoid prohibited advertising, remuneration must be disclosed on request, staff must be trained and competent, and regulatory returns must be furnished as specified.

Insurance Web Aggregators must display registration, insurer arrangements, product information, and visitor-data sharing disclosures on their websites. They require permission to promote third-party offerings or allow third parties to divert clients to their website, must register for telemarketing where applicable, and must operate an effective Lead Management System. They must maintain insurer-agreement records, comply with applicable legal and regulatory requirements, accept only prescribed remuneration, and obtain prior regulatory approval for specified changes in management, ownership structure, office details, core service providers, and server location.

Insurance outsourcing to Insurance Web Aggregators may be undertaken at insurers' discretion, while execution of services remains a core activity of insurers. Each insurer-IWA relationship must be governed by a written contract covering material terms, including service charges and the parties' rights, responsibilities, and expectations. IWAs may undertake insurance outsourcing activities for insurers only through telemarketing and distance-marketing modes.

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.