Web Aggregator License for Insurance

The Web Aggregator License for Insurance is provided by the IRDA (Insurance Regulatory and Development Authority of India). The Least capital requirement under the specified regulations to apply for the Web Aggregator License is INR 25 Lakhs.

What we offer:-

  • Plan for Company
  • Company Registration
  • Advisory on Operation Application
  • Job Flow and SOP advisory
  • Follow Up End to End
  • Our expert’s Free Call Back

Apply Now!

Apply Now!

What is an Insurance Web Aggregator License?

A web aggregator is a person who provides details about various insurance products that insurance companies offer. Insurance web aggregators allow buyers to choose amongst various insurance products on the basis of their prices and features. However, these web aggregators need to obtain the License for this job prior to starting any kind of aggregation activity.

The main cause to introduce Insurance Web Aggregators in our country India was to instruct the masses and make them cognizant about the different insurance products. Earlier, people used to take suggestions from insurance agents before they buy any insurance policy and for this service, agents used to charge a huge amount of commissions. Therefore, the IRDAI was formed with the idea of introducing a digital, transparent, and highly regulated platform to reduce the malpractice of charging needless commissions by insurance agents. Insurance Web Aggregators also avail the facility of comparing policies so that customers can make more informed decisions according to their needs and the type of insurance they want.

What is the need of Insurance Web Aggregator?

An insurance web aggregator has to collect, assemble and maintain the details of various insurance products that various insurance companies offer. All the information collected by the web aggregator is uploaded on the online portal so that the consumers who are looking for insurance services could easily access it. Insurance Regulatory and Development Authority of India (IRDAI) administers the functions of the Web Aggregator are administered by the regulations enforced by itself. The provisions of the Companies Act and the Insurance Act govern the concept of the Insurance Web Aggregator.

In India, a company needs to obtain an Insurance Web Aggregator License from IRDAI if it is willing to operate as an Insurance Web Aggregator.

Laws Relating to Insurance Web Aggregator License

The legal provisions that regulate the concept of Insurance Web Aggregator License in India are given below:

Mandatory Guidelines for being Insurance Web Aggregators

The guidelines for the Insurance Web Aggregators issued by the IRDA are as follows:

Role of Insurance Web Aggregators

The role of Insurance Web Aggregators in India are as follows:

Insurance Web Aggregator License

A web aggregator is an intermediary or an insurance company that provides information on insurance provided by many other companies. A web aggregator also provides a comparison of insurance products and also the prices of different insurance products. The web aggregator is a company registered in accordance with the rules of the Companies Act 2013 or the previous company law 1956 and the IRDAI. A web aggregator offer us details about many distinguishable products to various insurers.

The web aggregator concept is developed when end consumers get quotes on the prices of different financial products. The aggregator can either maintain a website or own a website to yield information about the insurance products.

Who all can apply to get an Insurance Web Aggregator License?

The applicant is an individual, including:

Requirements for Net Worth

Requirements for Capital

Any business wishing to act as an Insurance Web Aggregator must have Rs 25 Lakhs of minimum paid-up capital. By issuing equity shares as per the provisions of the Companies Act, 2013, the company may collect this money.

In a Limited Liability Partnership, however, the investment made by the partners must be in cash only.

Moreover, the combined shareholding of foreign investors in the Insurance Web Aggregator does not reach the 49% limit of the equity capital paid-up.

Why Insurance Web Aggregator License is Required?

Who Regulates Insurance Web Aggregator License

IRDAI (Insurance Regulatory and Development Authority of India) is the primary regulatory authority for the Insurance Web Aggregator Licence. The regulations behind Insurance law are the Insurance Act 1938 and the Insurance Regulatory and Development Act 1999. Besides this, the Web Aggregators are provided with rules related to their work by the Insurance Regulatory and Development Authority of India (Insurance Web Aggregators) Regulations, 2017.

Capital Requirements for Web Aggregators License

Process / Procedure to get Insurance Web Aggregator License

Application for Registration

An Applicant needs to make an application in Form- A for being registered as a web aggregator.

A fee of Rs. 10,000/- and in addition to it tax has to be paid through demand draft payable or electronic transfer to the Insurance Regulatory and Development Authority of India payable at Hyderabad.

The application would not be further moved if payment of the fee is not made.

If the aggregator will also provide telemarketing services, and outsourcing as well, it should be mentioned in the application form.

The applicant is bound to fulfill some specific requirements. The requirements that are needed to be fulfilled are as follows:

1) The applicant has fulfilled the eligibility criteria or not.

2) If any key managerial person is being suffered from any kind of disqualification under the Insurance Act 1938;

3) If any person who is in direct or indirect connection with the applicant has been denied in the past to grant the license.

4) If the applicant has fulfilled the requirements of the capital and net worth.

The authority will check the application for registration of a web aggregator’s license.

The authority can ask for extra documents for the license of the web aggregator.

Further Details

The authority grants the certificate of registration in Form- E if it feels to them that registration is in the interest of the policyholders. This will grant permission to the applicant to provide service as an insurance web aggregator.

If the applicant fulfills the code of conduct laid down by the authority, the certificate of registration will be issued

In case of the lapse of the certificate or the authority has denied providing the certificate, a new application can be submitted only after one year for the certificate of registration.

If the applicant wants a certificate of registration, he has to fulfill conditions that are as follows:

1) The applicant of the web aggregator can only adjourn insurance.

2) The Web Aggregator shall fulfill all the requirements of the IRDA Act 1999.

3) The applicant should let the authority be aware of any change or false/ misleading detail, for the documents provided previously.

4) Web Aggregators have to take correct steps within 14 days for the redressal of grievances.

5) The code of conduct must be maintained by the Web aggregator.

6) The authority is provided with the authority to appoint another investigative agency to look and check the books and accounts of the web aggregator.

Documents Required for Registration of a Web Aggregate License

The documents required for the Insurance Web Aggregate License Registration are:

Validity for Insurance Web Aggregator Licence

The validity of the Certificate of Registration that is the license for Insurance Web Aggregator is for three years from the date of the issue.

Insurance Web Aggregator Licence Renewal in India

The following steps has to be followed to renew an Insurance Web Aggregator Licence:

How can assist you with Insurance Web Aggregator License

Why Choose Legal Raasta

30+ Offices in India
10+ Years Experience
Economical and Fast
Money Back Guarantee


Frequently Asked Questions

NOC is made available to insurance web aggregators and this certificate can be put to use by the Web Aggregator for the registration of the company under ROC (the Registrar of Companies).
The following documents have to be submitted to the authority for the NOC:
• The name that is proposed.
• PAN Card, Address Proof and the name of the proposed directors.

If the application submitted is not complete in all respects or according to the instructions specifically given in the application form, the authority may reject it.

A person who acts as a key management executive of Insurance Web Aggregator is known as the Principal Officer. All the activities and responsibilities related to the business of Insurance Web Aggregator is conducted by the Principal Officer.

The function of a web aggregator is to provide prospects with several insurance policies in order to choose from as per their needs. Apart from this, the function of insurance broker is to suggest the best insurance product according to their household budget.

Yes, the Web Aggregator needs to get a website prepared that works well. It is also necessary to give CISA Report (the audit report of the website). It shall be certified by authorized professionals.


LegalRaasta was founded on the principle that sophisticated legal and taxation services should be simple, modern, and inexpensive. We can serve our clients more efficiently thanks to cutting-edge practise technology.

By continuing past this page, you agree to our Terms and Conditions Privacy Policy and Refund Policy | Copyright © 2015-2023 LegalRaasta.com| All Rights Reserved