Guidelines to renew IRDA Insurance Web Aggregator License

Once you obtain the IRDA License for insurance web aggregator, you  got to understand that the license is only valid for a limited time. To watch over your business in order to ensure that you comply with the setup rules, the IRDA or Insurance Regulatory Development Authority of India have made it so that you need to renew your insurance web aggregator license.

However, when we went online, there are not much available to tell you the guidelines of insurance web aggregator IRDA license renewal.

That’s why, we have scrounged the internet to present to you the necessary guidelines if you want to renew your insurance web aggregator license.

Take the following web aggregator guidelines to heart if you want to sustain your insurance web aggregator business for a long time.

1. Application form F: To renew your IRDA license for insurance web aggregator, you’re required to file the renewal application using form F. You can fill it after your license has expired or ninety days before your present license expires.
2. Form G documents: You would have to submit all the essential documents mentioned in FORM G along with the application. These documents aren’t complex, they merely consist of:
   1. Your certificate of incorporation
   2. Copy of the original certificate
   3. Audited balance sheet for the time you’ve had the IRDA license.
   4. Updated web content on your insurance web aggregation website
   5. And declaration that you’re fully capable of sustaining this unique insurance business.
3. Renewal Fee: Nothing of worth comes for free. So remember to pay the IRDA license fee for renewal when you file the application. It’s twenty five thousand rupees. You have to pay it via a DD in favour or Insurance Regulatory and Development Authority of India. If you don’t want to physically go to the bank, you can opt for the electronic route for payment.
4. Penalty Fee: Normally, you’d have to file the application for IRDA license renewal 30 days before the expiry of the current license. If you fail to do so, you’d need to pay additional 100 rupees as penalty fees. However, there is a way to prevent that, provided that you can give a satisfactory reason of why you delayed filing the renewal application.
5. Renewal training: Before applying for the IRDA license renewal, ensure that the principle officers of your company have gone through renewal training six months before the expiration of the current license.
6. The validity period: If IRDA accepts the renewal application, it will renew your web aggregator license for three years.
7. The rejection of registration: If the Insurance body ever finds out that through the course of business, you’ve conducted business other than Insurance web aggregator, there is a chance that your license might not be renewed.