IA-2.2.4
The
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