Regulation is license raj with another name, it appears. India's insurance regulator has issues some rather stringent - and in our opinion, disastrous-for-the-industry - guidelines, applicable by February 2012, which significantly restrict the activities of online insurance aggregators - companies like Intel Capital and Info Edge backed PolicyBazaar, EasyPolicy.com, EasyInsurance, ApnaPaisa.com, among others. In a nutshell, here's what the guidelines force insurance aggregators to do: 1. Brings web aggregators under registration & Inspector Raj: Web aggregators will have to apply to receive an approval from the IRDA, in order to be allowed to offer web aggregation of insurance. There's an application fee of Rs 10,000, and a web aggregator needs to have a net worth of Rs 10 lakhs. The authority will approve the web aggregator for a period of three years, after which there will be a renewal. Note that the minimum-net-worth has been brought down from Rs 50 lakh in the draft guidelines. The authority is going appoint "one or more of its officers or a qualified chartered accountant 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, and documents of the web aggregator". Our Take: well, not exactly licensing, but registration, but there's hardly a difference. Why create this layer of approvals for just aggregators? This is a regressive, bureaucratic move, and ensures that startup web aggregators need to get an approval from the IRDA…
- Delhi High Court puts a stop to fraudulent Burger King websites September 21, 2023
- WhatsApp bets on e-commerce in India with new business features September 21, 2023
- Event Announcement: International trends in Network usage fees, 4th October #Ad September 21, 2023
- Delhi HC Passes Order Disallowing Non-Permitted Use Of Anil Kapoor’s Name, Voice, Dialogue Through AI September 21, 2023
- IT Ministry appoints special officer on duty to set up the Data Protection Board of India September 21, 2023
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...
RBI Deputy Governor Rabi Shankar called for self-regulation in the fintech sector, but here's why we disagree with his stance.
Straw man fallacy: IT Ministers’ defence of government exemptions in data protection law misses the point
Both the IT Minister and the IT Minister of State have chosen to avoid the actual concerns raised, and have instead defended against lesser...
The Central Board of Film Certification found power outside the Cinematograph Act and came to be known as the Censor Board. Are OTT self-regulating...
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...