Here are the Dos and Don’ts of an ISNP you must know about

In this article, we are going to discuss what the applicant of an ISNP must and what he must not do.

Dos for the applicant of the ISNP by IRDA

Following are the points in of the code of conduct that the applicant of ISNP must follow at all times:

1. When an insurance proposal is given to the client, the applicant has to provide its summary in an electronic format. It has to be done before the terms of contract concludes.
2. The applicant must provide an electronic copy of the insurance policy to the client so that its information can be stored and reproduced when required.
3. It’s important that the applicant furnishes all the information about its insurance business at all times.
4. IRDA aspects the ISNP administrator – the applicant – to provide returns on a periodical basis.

Don’ts for the applicant of INSP

With respect to ISNP, following are the activities that the applicant is not allowed to undertake:

1. Conducting business that shows that the applicant is discriminating against particular policy holders
2. Manipulating the insurance business for the sake of profits and against the well-being of the insurance policy holder
3. Indulging in unfair trade practices that discriminate against a particular insurance company or the policy holder.
4. Accepting redirected internet traffic from websites that are not part of the insurance domain.
5. Defaulting on any requirements of the IRDA Act, 1999 or any regulation or rule.
6. Violating the code of conduct in any way
7. Not complying with the orders of the IRDA
8. Offering discounts and incentives in products other than those that are approved by the IRDA.
9. Providing cash-back or other promotional incentives by payment gateway companies or other entities.

Conclusion

If you want to retain your Insurance Self Network Platform, you must comply with all the points specified in the code of conduct. In this article, we have specified them to you in the simplest way possible. If some confusion still remains, you can consult with Registrationwala.

Here are the dos and don’ts of an INSP. Comprehend them before setting up an Insurance Self Network Platform.

Also read:  The Top Strategies to Grow a Successful Insurance Marketing Firm

Author: Dushyant Sharma

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.