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IRDA Draft Guidelines Will Limit Indian Web Insurance Aggregators

India's insurance regulator IRDA is now looking to regulate online insurance aggregators, and, through the insurance companies it regulates, define the terms under which web based insurance aggregators operate, including the business model and renumeration, and will force the industry to switch from a cost-per-lead model to a cost-per-sale model. Some provisions we culled out from the draft guidelines for web based insurance aggregators and insurance companies in India, followed by our comments: 1. Only Approved Web Aggregators: Only IRDA approved web aggregators can generate insurance related leads for insurance companies. The IRDA shall grant approval for a period of three years to the web aggregator. The Authority may appoint one or more of its officers as an inspecting authority to undertake inspection of the premises of the web aggregator to ascertain and see how activities are carried on, and also to inspect the books of account, records 2. Minimum Net Worth: The web aggregator shall have a minimum net worth of not less than rupees fifty lakhs at any time during the previous three consecutive years. 3. At no point of time of its functioning, a web aggregator shall have net worth below rupees fifty lakhs. 3. Deal terms: Insurer/Broker shall enter into an "agreement" with the web aggregator approved by the authority which shall necessarily include details relating to, among other things, the Fee/Remuneration for the leads to be shared. The agreement shall be valid for a period of three years from the date of grant of approval…

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Written By

Founder @ MediaNama. TED Fellow. Asia21 Fellow @ Asia Society. Co-founder SaveTheInternet.in and Internet Freedom Foundation. Advisory board @ CyberBRICS

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