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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…

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

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

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