IFSCA provides a regulatory framework for registration and operations of Insurance Web Aggregator (IWA) in IFSCs

Notification No: IFSCA/2021-22/GN/REG021 Dated: 31.01.2022

The International Financial Services Centres Authority (IFSCA) notified IFSCA (Insurance Web Aggregator) Regulations, 2022 intending to put in place a process of registration and operations of IWA in an International Financial Services Centre under the regulatory purview of the IFSCA. The notification provides the detailed framework for Registration of IWA, Renewal of Registration, functions of IWA, manner of conducting business, and other miscellaneous details

1. Who can be Applicant?

As per the regulations applicant means:-

(a) an Insurance Web Aggregator registered with IRDAI;

(b) an Insurance Broker registered with the Authority under the International Financial Services Centres Authority (Insurance Intermediary) Regulations, 2021;

(c) a company incorporated under the Companies Act, 2013;

(d) A limited liability partnership formed under the Limited Liability Partnership Act, 2008;

(e) Any other person permitted by the Authority to act as an Insurance Web Aggregator.

Explanation: A body corporate incorporated outside India can form a company or limited liability partnership for making an application under these regulations.

An applicant applying for the grant of registration as an Insurance Web Aggregator (IWA) shall comply with the eligibility requirement as envisaged under regulation 4 and such additional conditions as specified by the authority on a time to time basis.

2. What is the process of making an application?

The Applicant desirous of operating as an IWA in an IFSC shall submit an application form to the Authority in the format specified in Schedule – 1, accompanied by the documents as specified in Schedule – 2 along with the requisite fee as prescribed.

The registration or the renewal of registration granted to IWA shall be subject to the conditions as specified in the regulation 6.

The notification further defines the procedure for issuance of certificate by authority, Renewal of registration of IWA, manner of conducting business by IWA, Additional requirements etc.

Click Here To Read The Full Notification