Getting The Irda License Is Easier Than You Think

By Author: Vicky Kumar
Total Articles: 10
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Starting any type of insurance business requires you to get the IRDA License. However, things get a bit different if the business is that of a web aggregator. IRDA licence, although required to become an insurance web aggregator, does require an in-depth understanding of the IRDA licensing portal and other policies.
Or is it?
Turns out, we have all been lied to when it comes to IRDA license for becoming an insurance web aggregator. It turns out that getting the IRDA license is easier than you think. Through this article, we are going to take you through a simple, step-by-step process of the same. In doing so, we’ll reveal to you the ease of getting the IRDA License.
Becoming eligible for the IRDA license
The first thing that people say that you need to be is eligible to apply for the license. Following are the things to do to become eligible to count yourself among the web aggregators in India:
1. Register a company with the objective of insurance web aggregation.
2. Make sure that you stay true to your business objective.
3. Draft the format of the agreement beforehand. With some ...
... minor changes, you can modify it in any way to sign it with the insurer.
4. Only pick up the business if you don’t have any background in insurance domain,.
5. Create a website from which to promote, and sell insurance products of several companies.
6. As the principle officer of the company, pass the insurance web aggregation exam.
7. Make sure that every key member of your company is capable of standing with you in the insurance web aggregation business.
8. If your criminal records are clean aka. they don’t exist, you can apply for the license.
Getting the IRDA license for insurance web aggregator
Web aggregator, meaning the ability to aggregate information on the web and show it to the visitors. In case of insurance web aggregator, information being aggregated are the insurance policies. It only takes three steps for IRDA license download.
1. Filing the online application through the IRDA licensing portal: Gone are the days that required to file the application offline. So, as the prospect of IRDA license, all you need to do is fill the application, attach the fees and the documents to it and submit it online.
2. Letting the Insurance and Regulatory Development Authority of India process the application: After you’ve submitted the application, you’d have to wait for 2 months for the IRDA to pick up and process your application.
3. Get the IRDA web aggregator License: When the IRDA approves of your application, you’ll receive a unique IRDA license no. in the form of IRDA certificate.
Getting the documents ready
Before taking even the first step of the above three, get the following documents ready:
1. Certificate of incorporation of your Insurance web aggregator company.
2. MOA and AOA of that company.
3. A PAN card of the company, showing that you’re financially capable of handling the business.
4. Director profiles of the heads of the company.
5. Details of the principle officer
6. Insurance web aggregation business model document.
7. Contents of the website
8. Details of website hosting
9. Shareholding pattern of the Insurance aggregator company.
10. A net worth certificate of the company.
11. Latest financial statements (audited)
12. Details of the IT infrastructure of your company.
13. An organogram representing the hierarchy of your company.
14. Access to the back end of the insurance web aggregation system.
Conclusion
Considering the minimum things that you need to do to become eligible to apply for IRDA license. And, considering the only three steps and some documents required to do the same, you can guess how easy it can be to become an aggregator. But remember, we are dealing with the government here. Easy steps can become difficult on the spot if the IRDA calls out any deficiency in your application. That’s why, its suitable for you to reach out and consult with an expert to help you file the application.

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Vicky Kumar is a SEO Ex. focusing on Parmarth Niketan Ashram, Vasavi Bhavan Tirumala & Maheshwari Atithi Bhavan, Maheshwari Atithi Bhavan, Yatri Nivas Guest House,Kadva Patel Samaj