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Sr. No. |
|
Old Regulations |
New Regulations |
Impact |
Net Worth |
INR 10,00,000 |
INR 25,00,000 |
To meet the requirement within 1 year. |
|
Equity held by Foreign Investors (“FI”)
|
Less than equal to 26% of the paid-up equity capital at any time. |
Less than equal to 49% of paid-up equity capital at any time. |
This is as per the change in the FDI policy. Specific conditions are provided under Schedule XII of the New Regulations. |
|
Professional Indemnity |
Minimum - INR 10,00,000 Maximum - 3 times the remuneration received during the previous year |
Minimum - INR 25,00,000 Maximum - INR 100,00,00,000 |
Maximum indemnity has been provided. |
|
Renewal Fees |
INR 10,000 |
INR 25,000 |
Low impact. |
|
Grant of registration |
None |
If the FI or Indian promoter has exited at any time during the preceding two financial years from the date of application, then the applicant may not be eligible to obtain registration as Insurance web aggregator. |
IRDA can exempt the requirement. In future, the exit should be scheduled in accordance with renewal timelines. |
|
Annual Fees |
INR 5000 |
Nil |
Low impact. |
|
Premium Ceiling in case of life insurance (for insurers) |
Insurers shall not solicit non - single premium policies whose premium is exceeding INR 50,000. Single premium policies shall not be solicited for a premium exceeding INR 50,000 over telemarketing |
Insurers shall not solicit non- single premium policies whose premium is exceeding INR 1,50,000. Single premium policies shall not be solicited for a premium exceeding INR 1,50,000 over telemarketing mode. |
Business friendly. |