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  • IA-2.2 IA-2.2 Arrangements with Insurance Firms

    • IA-2.2.1

      No arrangements must be made by the insurance aggregators with the insurance firms which are against the interests of policyholders.

      October 2019

    • IA-2.2.2

      An insurance aggregator desirous of transmitting proposals to an insurance firm must enter into an "agreement" with the insurance firm which must include at least the following details:

      a) Timeframe and mode of transmission of proposals to be shared;
      b) Onus of complying with regulatory and other legal requirements on both the parties to the agreement;
      c) Identifying the different data elements to be shared such as name of prospective client/client/visitor of the web site, contact details etc.;
      d) The timeframe for providing the premium and feature tables of the agreed products to the insurance aggregator after concluding the agreement and keeping them up to date.
      October 2019

    • IA-2.2.3

      The insurance aggregator must keep the agreement ready for inspection as and when desired by the CBB's on-site supervision team.

      October 2019

    • IA-2.2.4

      The insurance aggregator must ensure the following:

      a) While entering into such arrangements, no insurance aggregator must promise nor any insurance firm must compel the insurance aggregator to distribute the products of only a particular insurance firm;
      b) The arrangements must have provisions to include duties and responsibilities of insurance aggregators towards the policyholders, duties and responsibilities of insurance firms and insurance aggregators, terms and conditions for termination of arrangements;
      c) In case an insurance aggregator wishes to terminate arrangement with any insurance firm, they may do so after informing the insurance firm, the reasons for termination of arrangement. In such cases, the insurance aggregator must service any policies solicited but not yet issued by the concerned insurance firm until the issuance of the said policies;
      d) No insurance firm must pay and no insurance aggregator must receive any signing fee or any other charges by whatever name called, except those permitted by the CBB under relevant regulations, for becoming its insurance aggregator.
      October 2019

    • IA-2.2.5

      The CBB may, at any point in time, direct any insurance firm or insurance aggregator to terminate the distribution arrangements.

      October 2019