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.

Transmission of insurance leads by an Insurance Web Aggregator to insurers is governed by the manner specified in Schedule 12. The prescribed framework controls how an IWA shares leads with insurers and makes lead transmission subject to the stated procedural requirements.

Product comparison display on an Insurance Web Aggregator's website is mandatory and must be carried out in the manner prescribed by Schedule 11. The obligation governs website-based presentation of product comparisons and requires the comparison display to conform to the specified Schedule 11 manner.

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, which must purchase and maintain continuous cover in accordance with requirements prescribed in Schedule 7. The obligation forms part of the corporate governance, operational and management framework applicable to insurance web aggregators, requiring insurance protection to remain in force at all times on an ongoing basis.

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.