Home » Insurance Self-Network Platform: Compliances to adhere to

Insurance Self-Network Platform: Compliances to adhere to

by registrationwala 2.0
0 comment
Insurance Self-Network Platform

After successfully registering your Insurance Self-Network Platform, you are expected to follow some of India’s IRDAI (Insurance Regulatory and Development Authority) post-registration compliances. These compliances are expected to be adhered to by the ISNP registration license holder for their proper functioning and operation in the insurance market. Any violations of these compliances might invite disciplinary actions from the IRDAI. So, for the smooth functioning of your e-commerce initiative to provide insurance-related services, you must adhere to these compliances. In addition, this adherence will help you in the renewal process of your ISNP license. Here, we discuss some of the compliances to be followed by a newly registered ISNP license holder. Other related service: FFMC License

Online Presence

  • The registered ISNP must make themselves accessible via a regular internet website and/or a mobile application. 
  • The ISNP must enrol only registered insurers operating in the market. These insurers must possess a certificate of registration granted by the Authority.
  • Suppose the Insurance Self-Network Platform has enrolled any unregistered market insurer. In that case, it will be viewed as a very serious violation of the ISNP code of conduct, which may even lead to the cancellation of the permit issued by the Authority.

Information declaration on the Website (Mobile App)

The Insurance Self-Network Platform website must display the following information about itself on its website at all times: 

  • Registered name
  • Address
  • Telephone and e-Contact information 
  • Certificate of Registration Number
  • Incorporation certificate validity
  • Category of certificate of registration 
  • Information on the procedure for filing a complaint by a policyholder. This must also include a link to the Authority’s website. 
  • Any other relevant information. Related service: Insurance Broker License

Disclosure of Insurance products information

  • Only Product Approval terms approved products must be displayed on the Insurance Self-Network Platform website.
  • Any information that misinforms the policyholder and is harmful to them and/or not approved by the Authority is prohibited from being displayed on the ISNP website.
  • Insurance-related products on the ISNP website must be up to date and reflect the absolute true picture of the service(s) being offered.
  • The ISNP of a registered insurer must not display products of other registered insurers except in the case of a combination of insurance products with other insurers. 
  • The ISNP of a registered insurance intermediary must not make any promise or commitment to insurers for the sale of their products and also not favour any one insurer of his or her choice. Related service: Surveyor In Insurance

Pre-sale Solicitation

The registered Insurance Self-Network Platform must provide details of procedures, processes, and timelines for pre-sales solicitation of insurance policies.

lnformation Sharing

The registered ISNP offering insurance products online shall bring the prospect’s attention to the following information: 

  • The type of consumer for whom the product is intended;
  • Main characteristics of the product;
  • Options and coverage provided by the product;
  • Exclusions and limitations associated with the product; 
  • Premium and other charges payable by the consumer 
  • The prospect’s right to cancel’ if applicable, as well as the duration of the cancellation period and procedures for exercising that right; 
  • Any time limit on the validity of the information provided. Related service: Dot Consultant

Insurance Products 

  • If no changes are reflected in the terms & conditions, benefits, exclusions, pricing, including discounts, etc., of the insurance products, then refilling of insurance products will be not necessary.
  • If some necessary changes are made in any of the mentioned insurance product(s) or if the insurer has introduced a new product, then in that case, the Product Approval terms shall be followed. 
  • All products shall be sold in e-form format under the IRDAI (issuance of e-insurance policies) Regulations of 2016. 
  • All the products of an insurer that he/she desires to display on an ISNP must be approved under the Product Approval terms. 
  • All the products of an insurance intermediary that he/she desires to display on an ISNP must be approved under the applicable regulations. Related service: Fema Consultants

Pricing 

  • The insurer must decide the price of the product. The insurer’s responsibility is that product pricing complies with the product approved by the Authority. 
  • The insurer can offer discounts on its product as specified by the Authority. 
  • The differential price for products offered on ISNP of any applicants must be the same.

 

Here we have discussed some of the compliances that must be observed by a registered ISNP as directed by the IRDA. However, there is more to it, which will be discussed in the article.

Related Service: Logo Registration

You may also like

Leave a Comment

Our Company

Lorem ipsum dolor sit amet, consect etur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis.

Newsletter

@2021 – All Right Reserved. Designed and Developed by PenciDesign