An Insurance Self Network Platform is the government’s regulated way of saying that now it is ok to sell insurance policies online. It has motivated many insurance aspirants to finally start their business in India. However, there are many documents that you must keep in mind before setting up this online insurance selling portal. Let us talk about them.
Every product and service is now available online for sale. Therefore, it was not long for insurance policies to be included in those services. However, because there were no regulations, the government of India was apprehensive about allowing such services to be sold remotely.
It was only witnessing the profits that online services can bring to the table that the IRDA decided to introduce regulations of the Insurance Self Network Platform.
What is the process to obtain the license to start an ISNP?
To start an Insurance Self Network Platform, the process that you must follow is:
- Establishing a company or a cooperative society: It is important to establish a company or a cooperative society beforehand because as per the IRDA regulations, only organizations such as these are suitable to run an insurance portal.
- Training the principal officer: the Principal officer is the person who will be responsible for carrying out day to day operations of an ISNP. Therefore, he must complete at least 50 hours of training in operating an ISNP from an IRDA-authorized institute.
- Furnishing the requisite documents: To verify the details you enter in the application form, the IRDA assesses your documents. Thus, you need to furnish the required docs in a particular format.
- Applying for ISNP registration online: Fill out the online application form for ISNP registration and wait for the response of the IRDA. If every detail is as per the requirement of the registrar, you will acquire the certificate of registration.
To excel at this process and to obtain the registration certificate without delay, you need the right documents from the very start.
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Documents required for ISNP license by RBI
Following are the documents required for the license to establish an Insurance Self Insurance Platform:
- Certificate of Incorporation: The applicant, whether it is a company or a cooperative society, must provide a certificate of incorporation to establish the identity of the body running the ISNP.
- Memorandum of Association: The MOA or Memorandum of Association is the document that will state that your business objective is to run an Insurance Self Network Platform.
- Articles of Association: The AOA or Articles of Association is the document that details the rules and regulations followed by your company.
- Details of the Principal Officer: Provide an information sheet about the principal officer including, its ISNP examination certificate number and other personal details.
- Security details of the ISNP: Through this document, the applicant provides the details regarding the manner of protection it provides against unauthorized access, destruction, alteration, or discloser of critical information.
- Communication details: Provide a document detailing the way market participants communicate in your ISNP.
- Details of transmission and encryption format: Documents containing information about the encryption facility provided by the ISNP to protect all critical data.
- Details of the customer servicing policy: Policy document that states the method you have implemented to protect the rights of your customers.
- Process and procedures for seamless KYC integration: Provide the system details you have implemented to seamlessly integrate the platform with customer information.
- Details of the Management Information: Provide info of the MIS that supports insurance internet solutions to establish a real-time connection with the cure systems while maintaining separation between the Insurer System to prevent information breaches.
- Security details: Firewall, intrusion detection, data encryption, data recovery, and other info about Internet Information Security System.
- Details of the domain name: Provide information about the domain name of the website and the location of the servers.
You can only obtain the ISNP registration if you close care of all the documents you submit to the IRDA. In this article, we have revealed to you the docs you require at all times. For further details, contact Registrationwala.
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