Insurance Web Aggregators may conduct telemarketing and distance-mode insurance solicitation only after telemarketer registration and through Authorized Verifiers. Solicitation must arise from website-generated leads, obtain express Prospect consent for outbound calls, use standardized scripts, provide complete product disclosures, and be based on need analysis. IWAs must avoid exclusive promotion of an insurer, preserve call and verifier records, and remain accountable for Authorized Verifier conduct. Insurers must retain distance-sale records, undertake verification calls, and issue policies with prescribed transcripts and servicing information.

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 must prominently disclose possible sharing of visitor particulars with insurers and confine displayed product information to authentic insurer-furnished material. Comparisons must be current, accurate, unbiased, and factual, without ratings, rankings, endorsements, bestsellers, or editorial comments on insurers or products. Comparison charts must sequentially present coverages, exclusions, benefits, terms, conditions, and price, with customer acknowledgement. Product-price comparisons must include all taxes and fees on a gross basis for like-to-like comparison.

Insurance Web Aggregators must maintain secure, India-hosted information systems, encrypt transmission of leads and data, and use approved payment gateways where authorised to collect premiums. Their systems must undergo annual information-security audits, followed by submission of audit reports and annual compliance certificates. IWAs must restrict displayed products to contracted insurers, tag policies to Authorized Verifiers for sales and complaint tracking, and comply with controls on websites, domain names, corporate nomenclature, and regulatory disclosures.

Authorized Verifiers must be resident in India, be on the rolls of an Insurance Web Aggregator or tele-marketer, and solicit insurance only through tele-marketing or distance marketing. They must conduct need-based sales, explain comparable products, avoid unsolicited outbound calls and misleading promises, and satisfy prescribed training and examination requirements. Insurance Web Aggregators must tag each policy to the verifier for sales and complaint tracking. Transfers require a no-objection certificate or expiry of the prescribed waiting period.

Insurance Web Aggregators must disclose changes affecting their certificate of registration and proceedings, actions or directions initiated or issued by other regulatory or governmental bodies within thirty days. Professional indemnity policy claims and acquisitions of property in India must be reported within fifteen days. Applicants must voluntarily disclose changes to application information after filing or during processing, and the Authority may require further information, data, documents or other disclosures.

Professional indemnity insurance for an Insurance Web Aggregator must cover negligence, fraud-related liability, document loss, and dishonest acts of employees. Annual cover must apply throughout the registration period, respond to claims made during the policy period, and not require prior payment of liability by the IWA. Indemnity limits are linked to remuneration within prescribed minimum and maximum limits, while uninsured excess is capped by capital employed. Branch operations require head-office policy compliance and endorsement 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.