How to start an Insurance Self Network Platform?

ISNP is the sign for the government of India to realize that E Commerce is everywhere, and here to stay. Online business is not the domain of products anymore, more and more people are choosing to also buy services via the online mode, including insurance policies. That’s why, India’s Insurance Regulatory Development Authority or IRDA, formulated a guidelines on Insurance E-commerce – giving birth to the concept of Insurance Self Network Platform.

In this article, you’ll find out how to start an Insurance Self Network Platform of your own.

Insurance Self Network platform

As per the Insurance Act, 1938, an insurance intermediary setup an Insurance Self Network Platform, a website for selling and servicing insurance products after obtaining permission from the IRDA.

To obtain the permission to start an Insurance Self Network platform, you must meet the eligibility criteria, furnish the required documents and follow the steps as per the regulations of IRDA.

What are the requirements to start an Insurance Self Network Platform?

You can split the requirements of starting an ISNP in India into two parts;

1. What you’re required to be: This part entails the eligibility requirements you need to fulfil for the IRDA to consider you for IRDA registration for ISNP. They are as follows:
   1. You must apply for the certification as a company, an LLP or a cooperative society.
   2. Already be a player of the insurance domain – an insurance intermediary, a corporate agent or an insurance company.
   3. You must possess the technical capacity to run an E commerce portal that can automate the process of selling insurance services.
2. What you’re required to provide: This part entails the documents you need to furnish to apply for the IRDA registration:
   1. Certificate of incorporation
   2. Memorandum of Association
   3. Articles of Association
   4. details of directors/partners/members and shareholders
   5. Business description
   6. Details of procedure to recover the customer and insurance data in the event of disaster.
   7. Source code of the ISNP
   8. Cert-IN certification for the ISNP platform.

What are the steps to obtain IRDA registration to start an ISNP in India?

Once you meet the requisite eligibility criteria and have furnished the required documents, follow the steps below to obtain the registration to start an Insurance Self Network Platform:

1. Use ISNP -1 Form to file the application for IRDA registration
2. Submit the documents you’ve furnished
3. IRDA will assess your application as well as the documents you’ve provided. If it finds any issues, you’ll get a notification – stating said issue and the time you have to remove them.
4. Deal with those discrepancies and you’ll obtain the IRDA registration to start an Insurance Self Network Platform.

Conclusion

Insurance self network platform is a way for insurance intermediaries and agencies to join E commerce domain of insurance products. It’s lucrative and if you play the cards right, can make your business last far longer.  Thus, IRDA doesn’t given away this license, you need to fit the eligibility criteria and furnish the required documents before applying for it. This article has given you all the details that you should know, albeit in their briefest form.

If you want to go deeper and understand the legal nuances of this IRDA registration, contact Registrationwala, India’s most dedicated IRDA consultant.