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 in an IFSC, other special economic zones, and from the Indian diaspora outside India, but may not solicit from the Domestic Tariff Area except in accordance with Section 2CB of the Insurance Act. Foreign-jurisdiction laws must be observed for diaspora business, and financial transactions must use freely convertible foreign currency. IWAs must conduct business fairly, follow prescribed obligations and conduct standards, remain responsible for employee acts and omissions, and make prescribed disclosures.

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.

Transmission of leads by Insurance Web Aggregators to insurers must be undertaken in the manner specified in Schedule 12. The prescribed schedule governs the process for sharing insurance leads with insurers and establishes the applicable procedural requirements for lead transmission.

Insurance Web Aggregators (IWAs) must display product comparisons on their websites in the manner specified in Schedule 11. Schedule 11 constitutes the prescribed framework governing the presentation of product comparisons through an IWA website.

Insurance Web Aggregators must prepare audited financial statements, disclose insurer-wise income and related-party payments, and ensure related-party transactions are conducted at arm's length. Audited accounts, auditor reports, and explanations of observations must be submitted within the prescribed period, and audit deficiencies must be rectified. Books and records must be retained at the IFSC office for at least ten years, with extended retention for sub judice claims. Insurer-wise records must include leads, policies, remuneration, KYC material, client particulars, complaints, and regulatory correspondence.

Where an insurance web aggregator has arrangements to distribute products for more than one insurer in a particular line of business, it must display the list of those insurers to prospects and provide details of all available products. Disclosures must include coverage scope, policy term, premium payable, premium terms, and other relevant information. The product proposed for sale must be based on the prospect's needs analysis, ensuring needs-based distribution free from conflicts of interest.

Insurance Web Aggregators are prohibited from entering arrangements with insurers that operate against the interests of prospects and policyholders. Arrangements for distributing insurance products must conform to requirements specified by the International Financial Services Centres Authority, making protection of prospects and policyholders a governing condition for insurer-aggregator distribution arrangements.

Professional indemnity insurance is mandatory for every Insurance Web Aggregator operating within the applicable regulatory framework. Each intermediary must purchase and maintain insurance cover at all times, in the manner prescribed in Schedule 7. The continuing obligation falls within the corporate governance, operations and management requirements applicable to Insurance Web Aggregators.

Insurance web aggregators must maintain a Board-approved, or equivalent-body-approved, policy governing the manner of soliciting insurance products. The policy must cover multiple insurer tie-ups, product comparison and distribution, products offered, solicitation modes, grievance redressal, reporting requirements, and requirements applicable to different business segments. The Board or equivalent body must review the policy at least once every three years.

Change in ownership and control of promoters, partners, designated partners, or controlling shareholders of an Insurance Web Aggregator must be carried out only in the manner and form specified by the Authority. Prescribed regulatory specifications determine the permitted process for such changes.

Insurance Web Aggregators must obtain the Authority's prior approval before implementing any scheme of amalgamation, merger, acquisition, or transfer of business. The requirement applies to transactions involving the whole or any part of the business and makes prior approval a mandatory condition for such restructuring or business-transfer arrangements.

Refusal of renewal of an Insurance Web Aggregator registration requires the applicant to cease acting as an IWA from the effective date specified by the Authority. The IWA must continue servicing existing contracts until their expiry or for six months from refusal, whichever is earlier, and must arrange for another registered IWA in the same category to attend to those contracts. The Authority may require details of the transition arrangements.

Renewal of an Insurance Web Aggregator certificate of registration requires a deficiency-cure process before refusal. The Authority must communicate deficiencies to the applicant and allow 30 days for rectification. If deficiencies remain unrectified to the Authority's satisfaction, renewal may be refused only by communicating written reasons and after giving the applicant an opportunity to make written submissions on the proposed grounds of refusal.

Renewal of an Insurance Web Aggregator certificate of registration requires timely filing in the prescribed format with the prescribed fee and required documents. Delayed applications attract an additional fee by way of penalty and may be considered after expiry only where the delay is condoned. During expiry or pending renewal, no fresh insurance business may be undertaken, although existing policyholders may be serviced. Grant conditions apply to renewal, prescribed training is required for designated personnel, and successful renewal operates for a further three-year period.

Registration of an Insurance Web Aggregator requires minimum paid-up capital or contribution of USD 30,000 and net worth equal to that amount. Branch applicants must maintain earmarked capital in their country of incorporation. Capital investments must derive from owned funds, excluding borrowings or debt-creating arrangements, and remain free from encumbrances. Net-worth shortfalls must be immediately restored and reported. Half-yearly certification of compliance with paid-up capital and net-worth requirements must be submitted by an eligible statutory auditor or practising professional.

Registration of an Insurance Web Aggregator proceeds through in-principle approval followed by satisfaction of minimum capital infusion, principal officer training, professional indemnity policy, and other prescribed requirements. Following compliance with applicable legal requirements, a Certificate of Registration may be issued for the approved category. Deficiencies must be communicated in writing and may be rectified within the stipulated period; refusal requires written reasons and an opportunity for written submissions.