All you need to know about Insurance Self network platform

Internet has paved the way for every type of service to reach out to the people. Seeing it’s potential for the insurance policies, the government of India created a specific registration. It allows insurance brokers, corporate agents and insurance companies to start an insurance self network platform.

What is the eligibility criteria to start such a platform

What are the documents required?

And, what is the procedure to obtain the registration?

This blog lifts the veil from these questions and reveals the answers.

What is the eligibility criteria to start an ISNP (Insurance Self Network Platform)?

Much like other IRDA licenses,  the license to start an insurance portal too entails a specific eligibility criteria. They are as follows:

  1. You, as an applicant, must have a registered company before you can apply for the license.
  2. That company must have a principal officer; one who is responsible for overseeing the working of the portal.
  3. You must be ready to accept all the responsibility that comes with starting an insurance self networking platform.
  4. Your Insurance self network portal must be able to automate the process of buying and selling the insurance policies. Simply put, there should minimal human intervention in the way that the platform does its job.

What are the documents require for ISNP for Insurance?

The technical and the legal nature of the business of ISNP creates a lots of documents that the RBI needs to assess. The list of them is as follows:

  1. Certificate of incorporation of your company
  2. Memorandum of Association and articles of Association of your company
  3. Details of the directors and the shareholders of that company
  4. Details of the steps you’ve taken to stop any unauthorized access to the insurance self networking platform
  5. Details of the procedures you’ve implemented to recover the data from the portal in case of any disaster.
  6. Details of the information security system you’ve put in place to protect the user data.
  7. Source code of the ISNP to show IRDA
  8. CERT-IN certification of the E Commerce portal.

What is the process to get registration for your ISNP by IRDA?

The process of ISNP registration follows the conventional governmental procedure that entails the following steps:

  1. Make one of the directors for the principle officer.
  2. Gather all the required documents  for the ISNP registration.
  3. Upload the documents to your system. Now you’re ready to file the application. 
  4. Go the official IRDA portal. On the left side, there are menu’s search for intermediaries
  5. As soon as your mouse hovers intermediaries, you’ll see a pop-up menu showing Insurance Self Networking Platform
  6. Click the link you see on the screen. It will take you to the official application filing portal.
  7. Fill the application form with the precise details. Upload the documents when prompted.
  8. Submit the final application and the ISNP registration fees.
  9. Wait as the RBI assesses your application
  10. If the assessment yields the report that states that there are issues with your application, you’ll receive a notification with the description of the said issues and the deadline to fix them.
  11.  Do so and you’ll obtain the ISNP registration certificate.

Conclusion

Insurance Self networking portal is a sign that soon, all the government services, even ration, would come to the internet. That being said, the procedure is still quite difficult to implement. Thus, reach out to our IRDA consultants when you decide to register your ISNP.

All you need to know about Insurance Self Network Platform. if you have more queries on this matter, reach out to experts of Registrationwala.

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