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Steps to start an ISNP in India

ISNP is Insurance Self Network Platform. Simply put, it’s an online e-commerce platform to deal in insurance policies. In order establish such a portal, one needs to obtain the permission to do so from the Insurance Regulatory Development Authority of India.

This blogs gives you the complete procedure to setup an ISNP in India.

What is Registration of Insurance Self Network Platform?

After realizing the value that e-commerce brings to Indian economy, the Insurance Regulatory Development Authority of India came up with the guidelines specifically for the Insurance E-commerce portal.

As per those guidelines, Insurance intermediaries, corporate agencies and insurance companies can start an Insurance Self Network Platform to solicit insurance products and services. Read Other Useful License: Corporate Agent License

To start an insurance platform, the prospect has to obtain the certificate of registration from the IRDA.

What is the eligibility criteria of an ISNP?

In order to start a platform geared towards soliciting in insurance products and services, the applicant must meet the following eligibility criteria:

  1. The applicant must be a registered corporate entity i.e. a Private Limited Company.
  2. The applicant must be one of the following insurance entities:
    1. An Insurance Company , or
    2. Insurance Intermediaries like Insurance Web Aggregator, Insurance Broker, Insurance repository or Insurance marketing firm, or
    3. A Corporate Agency
  3. As per the requirements, the applicant entity must also have a qualified principle officer.
  4. The applicant should be capable of providing insurance related services.

What are the documents required to obtain the ISNP permission?

To obtain the license to start an ISNP, the applicant has to provide the following documents mentioned in ISNP-1 Application form:

  1. Certificate of incorporation of the company
  2. Memorandum of Association of the company
  3. Articles of Association of the company
  4. Details of directors and shareholders
  5. Document containing the business’s description
  6. Management personnel Details of those with access to the backend of the ISNP platform
  7. Information of the steps taken to prevent unauthorized access to the platform
  8.  Disaster recovery policy that you’ve put in place
  9. Details of encryption provided to the website.
  10. Information Security System that you’ve implemented on the platform.
  11. Source Code of the ISNP
  12. CERT-in certification of the portal.

What is the process to obtain ISNP registration?

The process of acquiring ISNP registration is as follows:

  1. Furnish the mentioned documents.
  2. File the online application form. You can find the guidelines on the official IRDA website.
  3. Once you filled the application form, you will receive a prompt to upload the furnished documents.
  4. After the submission of documents, pay the application processing fee of INR 5,000/-
  5. The IRDA will receive your application and start its assessment. While it happens, we encourage you to visit the website daily to check the status of your application.
  6. If the application is accepted, you’ll get the permission to start an ISNP.

Conclusion

Insurance Self network platform is an e-commerce portal to solicit in insurance policies. Only insurance intermediaries, insurance companies and corporate agencies are allowed to start such a platform.

The IRDA issues this license for the same validity period as the one for the IRDA license the applicant possesses.

For more details about ISNP registration, consult with Registrationwala.

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