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Insurance Web Aggregator Legal Support

Forget about the legal hassles related to your Insurance Web Aggregator business by availing specially curated Legal service from TAP GLOBAL.

Package inclusions:

End to End Litigation and Arbitration support
Fulfilling the Various Compliance Requirements
Legal advisory on products and transactions
Advisory in maintaining Corporate Social Responsibility
Advance Contract and Vendor Management
Assistance in KYC/AML Compliance
Hassle Free Legal Liaison

Overview of Insurance Web Aggregator Legal Support

Insurance Web Aggregator is a business entity that maintains a website to provide information about the different insurance policies offered by insurance companies. The web aggregators act as an intermediary between the insurance company and the customer. They collect and compile such information and upload it on their website to help the customer choose the best policy's per their requirements.

The outbreak of COVID -19 has led to a growth in the insurance sector as more and more people have released the importance of insurance. This has encouraged the insurance businesses to operate virtually, resulting in the increase in Insurance Web Aggregators in India.

There are various aspects in the Insurance Web Aggregator business for which the insurance Web aggregator requires legal support services such as litigation/ arbitration, advisory and compliance to name a few. TAP GLOBAL has a dedicated and experienced team to provide legal support services to the Insurance Web Aggregators.

Web Aggregator Legal Support Services Provided by TAP GLOBAL

Managing the Legal vertical can be tricky for some businesses as it requires a well-established process to tackle all the legal hassles that may affect your operations. Our team experienced Advocates/Researchers/Analyst will help you in managing all the Legal division of your business. TAP GLOBAL provides the following Legal Support Services.

Fulfilling the Various Compliance Requirements

The Web Aggregator needs to fulfill various compliance requirements such as -

Advisory policy approval by the Web Aggregator Board

Maintenance of books of accounts and the records
Maintenance of professional indemnity insurance cover
Disclosure of required information to the IRDAI
Capital Requirements
Net Worth Requirements
Notification to IRDAI about any malpractices
Audit of Website / Online Portal by CERT
Data Encryption
Transaction with insurers only through RBI licensed payment gateways
Adherence to the Information protection standards
Other compliance as prescribed by the authority

Our professionals can provide end-to-end assistance in the above-mentioned compliance required by the authorities to avoid any penalties.

Licensing Services

We can provide end to end assistance in obtaining Insurance Web Aggregator License from the IRDA, our Legal team will complete the following services:

Advise of the procedure for obtaining the Licence
Drafting of Application
Preparation of Documents for obtaining the Licence
Drafting 5-year business plan
Assistance in fulfilling the eligibility criteria
Filing of Application with IRDAI
Submission of Documents to IRDAI
Advisory on the workflow and SOP
Regular follow up with the IRDAI regarding the status of the application for Insurance Web Aggregator License

The above mentioned services can help in obtaining the Insurance Web Aggregator License without any hassle and start the Insurance Web Aggregator business at the earliest.

Corporate Social Responsibility

Corporate Social Responsibility refers to a self-regulatory mechanism that helps a company to be socially accountable to the general public, its shareholders and stakeholders. It includes a set of practices and policies undertaken by a company to contribute to the society.

We provide legal support in the following

Baseline Study & CSR Impact Assessment
Formulating a CSR Strategy
Drafting CSR Policy
CSR Monitoring and Evaluation along

Our services will ensure that the organisation is complying with CSR which can help the organisation to enhance its goodwill and credibility whilst serving the society.

Counter Party Due Diligence

Counter Party Due Diligence refers to the process of gathering as much information as possible about a counter party also known as third party. The counter party due diligence includes-

KYC / AML Compliance
Contract Drafting/Vetting/Management
Monitoring the suppliers, contractors and service provider's performance
Supplier Management which includes determining the expectations of quality, ascertaining the delivery goals , maintaining supplier relationships
Contract Compliance and Negotiations
Vendor Management which includes selection of vendors speedy on boarding , managing the payments of vendors
Transaction risk analysis , accounting , billing
Consent based checks such as interviews and site visits
Analyzing the legal, market and financial position of the counter-parties

Our aim is to protect our clients from all kinds of frauds which can occur due to lack of information about the counter-parties and to promote transparency in the business operations through our services.

Litigation / Arbitration

Our team of lawyers have experience in handling the insurance litigation matters, our array of services includes;

Drafting of legal notices, petitions, complaints and appeals
Filing replies of notices, petitions, complaints and appeals
Reviewing of complaints, petitions appeals
Analyzing the claim and insurance policy coverage
Representing the insurance web aggregator before the authorized regulatory body or tribunal
Drafting and managing contracts and agreements in every verticals

Our curated services will help in end to end settlement of all the litigation pending against the business, filing any litigation or ADR proceedings against the any defaulter and representation of the company in any pending suit or proceeding.

Legal Risk Management Advisory

Our team will conduct thorough legal research about the recent trends in the insurance industry to provide the best solutions for the growth of your business. The legal research would include -

Research on the various laws, rules and regulations related to insurance and insurance web aggregators in India
The recent amendments and changes in the law, policy or compliance requirements
Formulating and vetting the Advisory Policy, HR Policies and other policies as per the requirement of the Insurance Web Aggregator
Advisory on the business plan and workflow of the business

Our services will help in providing timely updates about the changes in the insurance industry together with the advisory services to help our client to make an informed decision about their business operations.

Frequently Asked Questions

What are the regulations that govern the Insurance Web Aggregators in India?

The Insurance Web Aggregators are regulated as per the regulations of IRDAI (Insurance Web Aggregator) Regulations.

What are the advantages of Insurance Web Aggregator?

The advantages of Insurance Web Aggregator are given below

Facilitates quick comparison of insurance policies
Liberty of Purchasing the Insurance policy through an online platform
Faster process for purchasing insurance
Quick and Easier Payments
Genuine Method for buying Insurance Policies

What are the benefits of taking TAP GLOBAL Insurance Web Aggregator Legal Support?

The advantages taking TAP GLOBAL Insurance Web Aggregator Legal Support are -

Professional Support.
Highly Integrated IT Team.
24*7 Customer Support.
Competent Team of Lawyers

What would be the time duration for the Legal Support Services?

There is no fixed time limit for these legal support services as the time duration is based on the requirements of the client.

Can the client avail the litigation services in case of appeals before the authorized court /tribunal?

Yes, we provide end-to-end litigation services straight from filing the application to the disposal of the case as well as the matters of appeals before the court/tribunal.

Is there any difference between KYC and AML?

Yes, KYC majorly involves identity verification and risk assessment, whereas AML is a broader concept which involves due diligence, and sanctions. PEP Screening and transaction monitoring.

What are the documents required for obtaining the Insurance Web Aggregator

The list of documents required for obtaining the insurance web aggregator license is given below

Incorporation Certificate of the Company or LLP as issued by the ROC;
MOA and AOA of the Company or the LLP Agreement;
Copy of PAN Card of the Company;
Profile of the Directors/Partners of the Company or LLP;
Profile of the Principal Officers along with the educational qualification certificates;
A brief preview of the contents of the website proposed for License;
Details about the hosting place of the website;
Details about the responsible persons for the website's content;
Net worth certificate and shareholding pattern of the company as certified by the Chartered Accountant;
Audited financials for the last three years in case of an existing company or latest as on date in case of a new company;
Details of the IT infrastructure available with the applicant;
Organizational Chart with various designations with their roles and responsibilities; and
A user I.D. and temporary password (with only view permission) to verify the Aggregation Website(s)/Portal/LMS by IRDAI I.T. (Information Technology) Department in a closed cover.

Overview of Insurance Web Aggregator Legal Support

Web Aggregator Legal Support Services Provided by TAP GLOBAL

Fulfilling the Various Compliance Requirements

Licensing Services

Corporate Social Responsibility

Counter Party Due Diligence

Litigation / Arbitration

Legal Risk Management Advisory

Frequently Asked Questions

What are the regulations that govern the Insurance Web Aggregators in India?

What are the advantages of Insurance Web Aggregator?

What are the benefits of taking TAP GLOBAL Insurance Web Aggregator Legal Support?

What would be the time duration for the Legal Support Services?

Can the client avail the litigation services in case of appeals before the authorized court /tribunal?

Is there any difference between KYC and AML?

What are the documents required for obtaining the Insurance Web Aggregator

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