ISNP or the Insurance Self Network Platform is an online portal leveraged by registered insurance entities to provide insurance services. Coming into existence only after the government realized the value of insurance policies in the e-commerce market, an ISNP requires authorization from the IRDA. In this article, we highlight the documents you need to obtain this license.
An insurance self network platform is a website that presents insurance policies as insurance products. It is the way for the insurance sector to present insurance policies as a legitimate service that it can provide via an e-commerce portal.
It took a lot of regulations to allow such a niche to enter the online business field. Therefore, IRDA takes special care that only the deserving get the authority to run an insurance self network platform.
Part of that attention to finding the eligible candidates to run the platform is asking for the right documents during the application filing process.
Here is the checklist of those documents. Read it thoroughly if it is your wish to enter the insurance sector with style.
Documents for the license to set up an ISNP in India
Establishing an e-commerce platform requires for the applicant to be:
- A company, a society, or an LLP
- Meeting the net worth requirement
- Able to ensure protection to the customer information on the portal
- Capable of following the regulations of the Insurance self network platform
Related Service: Insurance Broking License
Therefore, to set up an ISNP, the documents required must provide the above criteria. And thus, they are as follows:
- Certificate of incorporation of the company, Registration certificate of the society, or incorporation certificate of the Limited Liability Partnership
- Memorandum of Association of the company, LLP agreement of the LLP or By-laws of co-operative society
- A document containing the details of the business; must contain all the information that IRDA needs to get a complete picture of your enterprise
- Details of all the individuals who are managing your business: it is better to present that information in the form of an organogram. That way, the IRDA can have a complete look at your business infrastructure – increasing your chances of getting the license.
- Details of disaster recovery: In the event of a disaster, you must-have technology and backdoors to ensure that there is no loss of customer insurance details and other information.
- Description of the encryption: Provide an information sheet detailing the encryption that you have implemented to ensure safety for the customer information on the Insurance Self Network Platform.
- Details of procedure to salvage insurance information during disaster recovery: Provide a policy document that highlights the standard operating procedure to ensure recovery of all customer information.
- ISO certificate for the Information Security management system: It is safe to say that all the security measures you have implemented on the platform must meet the international regulatory standard. Therefore, it is important that you provide a copy of the ISO certification for that.
- Source code of the portal: The in-house IT specialists at the IRDA office will also assess the insurance self network platform. Therefore, you must make the source code available to this apex insurance authority of India.
- Cert-in certification of the portal: The ISNP portal must have a cert-in certificate issued by a CERT impaneled Security Auditor
Conclusion
Now, you have a comprehensive list of information you must furnish to the IRDA to get the license. We admit, there are many details that you must furnish in order to get this certificate. However, furnishing them on time ensures that you get the license early. And when you do, you can do more business over the course of three years during which the certificate is valid.
For further details about this license, contact Registrationwala.
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