ISNP or Insurance Self Network Platform is an online portal use to sell insurance policies. Due to its online nature, many can consider it quite similar to Insurance Web Aggregator. However, there is a stark difference between the two entities. What is the difference between the two?
Let’s discuss that and more in this blog where you’ll know everything that there is to know about ISNP in India
To establish an ISNP, you require a Certificate of Registration.
To establish a platform that you can use to solicit insurance services and policies, you need the approval of Insurance Regulatory Development Authority of India (IRDA). The process of obtain the certificate of registration entails the following steps:
- Incorporate a company or an LLP
- Gather the required documents to proceed with application filing
- File the application using the e Form ISNP -1
- Submit the requisite documents
- The IRDA will assess your application. If it encounters any issues, you’ll receive a notification that would contain the nature of issues and the timeline within which you have to fix them and resubmit the application.
- IRDA issues you a certificate of registration after approving your application.
ISNP can be established by established Insurance entities
ISNP, unlike an Insurance web aggregator can be established by those who have already penetrated the insurance domain such as Corporate agents, insurance brokers and insurance companies.
Corporate agent can use the Insurance Self Network Platform to solicit insurance policies of two insurance companies.
Insurance brokers, depending on whether they are direct, reinsurance or composite insurance brokers, can use the ISNP to solicit insurance policies, reinsurance services or both reinsurance services and insurance policies.
Insurance companies can sell their own insurance products using the self network platform.
Applicant must adhere to eligibility criteria to establish an ISNP
IRDA only will allow you to establish an Insurance Self Network Platform if you adhere to eligibility criteria that it has set up:
- You should apply as either a company or an LLP
- Your company or LLP should have a qualified Principle Officer
- You should go through the ISNP guidelines and conform to them prior to filing the application form.
- Your E commerce portal for insurance policies should have an automated procedure and should safeguard the personal information of the customers.
Multiple Documents are required to obtain the authorization to establish an ISNP
The standard procedure of obtaining the certificate of registration hinges on providing the correct documents to the IRDA. They are as follows:
- Certificate of Incorporation of your Company or your LLP
- Memorandum of Association in case you’re applying as a company.
- LLP agreement if you’re applying as an LLP
- Details of the directors/partners and shareholders/members
- A document with a detailed description about your business.
- Information of the Key Management Persons within your organization
- Details of the recovery procedure your organization implements during disaster events.
- Information about the Information Management Security System you’ve established to maintain confidentiality and functionality of the Insurance Self Network Platform.
- Cert-In certification of the portal
- Source Code of the Insurance Self Network Platform.
Insurance Self Network Platform is a way for the insurance companies and other insurance entities to use E commerce portal to sell insurance services and policies. However, to establish the platform, you need the approval of IRDA. Read more: NBFC License
Obtaining this permission requires following particular steps and providing the correct documents. And that’s all you need to know about ISNP right now. IRDA has more notifications and information in this regard. But to know about them, you need to contact IRDA consultants, us.
Here is everything that you need to know about ISNP in India. Insurance Self Network Platform is a way for insurance entities to sell their services online. But the information about it is still new you can read this blog to know all about them.