Yes, an Insurance broker can sell the insurance product through the web portal of the insurer. For selling insurance, the Broker has to follow the IRDAI ( Insurance Web Aggregators) Regulations of 2017. 1 The objective of the Insurance Web Aggregator Regulations is to supervise and monitor web aggregators. A web aggregator is a company registered under the Companies Act and approved by IRDAI which maintains or owns a website and provides information on insurance products of different insurers. Some of the functions of Web Aggregators include –
- Display of product comparisons and their conditions on the website,
- Transmission of leads by web aggregator to the insurer in a specified manner, the manner and process of sale of insurance online by web aggregators,
- Sale of insurance online and by tele-marketing mode,
- Other distance marketing for solicitation of insurance based on the leads generated from its designated distance. 2
- FAQ’s on Insurance Brokers Regulations 2018, INSURANCE BROKERS ASSOCIATION OF INDIA (I.B.A.I.)http://ibai.org/wp-content/uploads/2016/11/FAQs_on_broker_regulations_2018.pdf
- Insurance Regulatory and Development Authority of India (Insurance Web Aggregators) Regulations, 2017, IRDAI, rule 26-29, https://www.irdai.gov.in/ADMINCMS/cms/Uploadedfiles/Regulations/Consolidated/Web%20Aggregators%20Regulations-2017-After%20Amendment-May%202020.pdf.