ISNP guidelines for every Insurance Self-Network Platform

After registering the Insurance Self Network Platform , applicants are expected to follow some IRDAI (Insurance Regulatory and Development Authority) post-registration compliances. The IRDAI expects the applicant to adhere to such compliances as the ISNP license holder. Compliances must be submitted for the proper functioning and operation of these ISNPs in the insurance market. In case of any violations of these compliances, the ISNP can invite disciplinary actions against itself from the IRDAI.

So, for the smooth functioning of the E-commerce platform and to provide insurance-related services, the newly incorporated ISNP must adhere to the IRDAI’s compliance. In addition, this adherence will aid the ISNP in the renewal process of its license. In this article, we have discussed the compliances that the ISNP needs to follow after its new registration.

ISNP COMPLIANCE 

ISNP must maintain its Online Presence

Every registered ISNP must make itself accessible via a regular internet website or a mobile application. They must enroll only registered insurers that are operating in the Insurance market. Also, these insurers must possess a certificate of registration granted by the IRDAI.

Information declaration on the Insurance Self-Network Platform

The Insurance Self-Network Platform ISNP website must display the following information on its website at all times: 

• Registered Name of the ISNP
• Address of the ISNP Office
• Telephone and e-Contact information of the ISNP
• Certificate of Registration Number of the ISNP
• ISNP’s Incorporation certificate validity
• Category of certificate of registration of the ISNP
• Information on the procedure for filing a complaint against ISNP by a policyholder
• Other relevant information

ISNP’s Disclosure of Insurance Information

The ISNP must display only Product Approval terms approved products on its website. The ISNP is prohibited from displaying any information that misinforms the policyholder and is harmful to them and also not approved by the IRDAI on its website. Insurance products on the ISNP must be up to date. They must reflect the true picture of the offered insurance service(s). 

The ISNP must not display products of other registered insurers except for a combination of insurance products with other companies.  The ISNP of an Insurance Intermediary must not make any commitment to insurers for their product’s sales. It must also not favor any one insurer over others. Every registered ISNP certification holder must provide details of its procedures, processes, and timelines for pre-sales solicitation for plan policies.

lnformation Sharing on an Insurance Self-Network Platform

Every registered ISNP offering insurance services must bring the prospect's attention to the following details: 

• Type of consumer for whom the Insurance Product is intended
• Main characteristics of the Insurance Product
• Coverage provided by the Insurance Product
• Exclusions as well as limitations associated with the Insurance Product
• Premium charges payable by the policy consumer 
• Prospect's right to cancel the policy, if applicable
• Duration of the cancellation period of the Insurance Policy
• Procedure for exercising policy cancellation rights
• Time limit on the validity of the provided information