In today’s age of digitalization, e-commerce is the gaining the fancy of customers as well as sellers. Even in the insurance industry, the registered player is exploring the online platforms to sell their products. In light of that, Insurance Regulatory and Development Authority of India (IRDA) had issued guidelines relating to insurance e-commerce on 9th March 2017. The main objective of these guidelines is to set standardize rules for conducting insurance e-commerce activities. As per these regulations, anyone willing to sell insurance online is required to set-up a digital platform known as Insurance Self-Network Platform (ISNP) and follows all the regulations specified for it.
What is an ISNP?
Insurance Self-Network Platform refers to an electronic platform set up with a view to conducting insurance e-commerce activity. Such platforms can only operate after getting permission from IRDA.
ISNP can be set up in any of the following forms:
- Website (desktop or mobile version)
- Mobile application
Many very under the misconception that these insurance e-commerce guidelines will pave the way for e-commerce companies like Amazon and Flipkart. But, that is not the case, as per the definition provided in these insurance e-commerce guidelines clearly state that only a person registered or recognized by the Insurance Regulatory And Development Authority of India can apply for ISNP registration.
For setting up an Insurance Self-Network Platform to carry on insurance e-commerce activities prior permission from the authorities is required.
Application for grant of permission of e-commerce activities in India, it’s required to obtain permission from the Authority.
Existing ISNP’s Insurer and Insurance Intermediaries who already set-up their own ISNP’s or insurance portals for selling and service insurance product. They are comply with theses guideline within a period of three months.
The review of operation of the ISNP and the controls, system, procedure and safeguards put in place by the ISNP, shall be carried out, atleast once a year, by an external Certified Information System Auditor (CISA), DISA or CERT-IN.
The scope of such external audit of the ISNP shall be as prescribed by the Authority from time to time.
The Applicant shall place the report of the CISA Auditor or DISA or CERT-In expert and the information security management system of ISNP before the Board or its sub-committee for their observation.
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