IRDA has recently come up with few regulations and rules for insurance comparision and ratings sites like policybazaar.com , myinsuranceclub.com and apnapaisa.com and similar sites. As per IRDA rules
- Web aggregators shall disclose prominently on the home page that the client/visitor’s particulars could be shared with insurers/insurance brokers.
- Web aggregators shall not carry any advertisements or sponsored content on their websites.
- Product comparisons that are displayed shall be upto date and reflect a true picture of the products.
- Remuneration shall be payable to web aggregators by insurers in compliance with the following provisions:
- A flat fee not exceeding rupees one lakh per year towards each product displayed by the web aggregator in the comparison charts of its web site.
- An amount not exceeding rupees ten towards each lead transmitted by the web aggregator.
This is an extreme step by IRDA and will impact the business of these websites. Read more at moneylife