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Every registered ISNP. i.e., the Insurance Self Network Platform must comply with the IRDAI set regulations after its incorporation. Such compliance is issued by the IRDAI, i.e., the Insurance Regulatory and Development Authority of India, to monitor the functioning of all the registered ISNPs within the Insurance Market. ISNP Compliance by the IRDAI must be taken seriously. Committing default in filing the regulatory compliance can invite disciplinary actions against the Insurance Self-Network Platform.
This article details ISNP compliance for every ISNP certificate holder, so read carefully.
Performance Recordkeeping of the ISNP Personnel
Every Insurance Self-Network Platform (ISNP) must keep a record of conduct as well as the performance of the persons in management of the applicant's ISNP is satisfactory.
Every Insurance Self-Network Platform's records and data must be protected against the following:
The ISNP must secure the network through which crucial information transfer happens among the market participants, for instance, on the applicant's ISNP, against unauthorized entry or access.
The applicant's ISNP must have a standard transmission as well as encryption formats amongst the market participants because it is compulsory to protect the information from disruption, hacking, etc.
The ISNP must establish adequate procedures as well as facilities to protect it against nature-related loss or destruction. Also, the arrangements for disaster recovery must be made at a location different from the existing place.
The ISNP must have a mechanism, for instance, to ensure that the interests of the persons buying services under the available insurance policies on the platform, including their privacy on the ISNP, are adequate.
The ISNP must arrange for the following regarding pre-sales solicitation and post-sales servicing of insurance policies:
Above all, the ISNP must have a Management Information System which supports their internet-based insurance business operations. Therefore, such systems are set up to realize a real-time connection with Insurance Core Systems. Also, the system ensures effective isolation between other application systems of the insurers. By this, the ISNP can avoid the external transmission and spread of information security risks for insurers.
The ISNP must have the following cybersecurity facilities:
The ISNP must have a registered domain name for the website and servers hosting it in India. In addition, the ISNP must have a specialized Internet insurance business administration equipped with appropriate professionals.
The ISNP must have means available to ensure that the information displayed on the website, the processes, procedures, and any other mechanism displayed and implemented on the platform are available at all times for verification and scrutiny.
An ISNP must ensure the integrity of the automatic data processing systems and their proper maintenance at all times. It must also maintain the privacy of data for both insurers and consumers. Every registered ISNP must have internal mechanisms for reviewing, monitoring, and evaluating the following:
The Regulatory Authority has every right to undertake an independent inspection of the affairs of an ISNP at any time. But the Authority must notify the ISNP beforehand by issuing an audit notice. The IRDA License Portal must also specify the documents to be furnished by the ISNP useful during the inspection.
To learn more about ISNP compliance, connect with the Insurance Experts at the Registrationwala.
Hey there, I'm Dushyant Sharma. With the extensive knowledge I've gained in past 8 years, I have been creating content on various subjects such as banking, insurance, telecom, and all the important registration and licensing processes for various companies. I'm here to help everyone with my expertise in these areas through my articles.
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