IRDA Web Aggregator Regulations

Can you provide me the details of the IRDA (Web Aggregators) Regulations 2013 as provided by IRDA or Insurance Regulatory and Development Authority?

[sumit]

In exercise of the powers conferred by section 114A of the Insurance Act, 1938, sections 14 and 26 of the Insurance Regulatory and Development Authority Act, 1999, IRDA, proposes the following regulation:

1) Short title and commencement:

a) This regulation may be called the Insurance Regulatory and Development Authority (Web Aggregators) Regulations, 2013.

b) This regulation shall come into force on the date of their notification in the Official Gazette.

c) This regulation shall apply to all Web Aggregators and Insurers carrying on Insurance business in India


Annual Fees:

a) Every Web Aggregator shall pay annual license fees of Rs.5,000/-.

b) The annual license fee shall be paid before the expiry of 15 days from the finalization of annual audited accounts of the Web Aggregator or till the 30th of September whichever is earlier.

c) The fees shall be payable by an Account Payee draft in favour of “The Insurance Regulatory and Development Authority” payable at Hyderabad.