An Insurance Self Network Platform is an insurance body that exists to deliver insurance policies through e-commerce. However, the digital nature of this entity has made it come under a lot of scrutinies. Thus, IRDA reviews the working of an ISNP from time to time. This article explores the process of review of an insurance Self Network Platform.
After realizing the worth of internet services, IRDA decided to transform insurance policies into insurance products and create a framework to sell them online. The result of that realization is the Insurance Self Network Platform. A digital insurance intermediary, the ISNP continues to succeed within the insurance domain. However, because the platform is the sign of complete digitization of the insurance market, it has come under the intense scrutiny of the IRDA.
Therefore, every year, license holders of the ISNP must go under review at the hands of IRDA.
This article explores the scope of this review.
Types of review of an ISNP
IRDA reviews the controls, systems, and safeguards of the insurance self network platform annually. To ensure that the scrutiny is thorough and as per the regulatory standards, it allows only the following entities to assess the insurance Ecommerce portal:
- Certified Information System Auditor,
- Chartered Accounts with DISA Qualification
- Or, Chartered Accountants with CERT-In qualification
Scope of the external audit
No auditor has the permission to go beyond the scope of the assessment as prescribed by the IRDA. The IRDA will penalize that auditor who engages with self-serving acts that needlessly pressurize the ISNP operator.
Compliance with the Information Management Standard
The ISNP must comply with the International Information Security Standards or the guidelines of the International Electro-technical Commission. Not doing so can lead to the cancellation of the registration certificate.
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Assessment of the CISA Auditor
The ISNP operator must put forth the observations of the CISA or DISA auditor in front of a committee before delivering the same to the IRDA. In simple words, the applicant wields the authority to scrutinize the auditor’s report before IRDA officials assess it. smm panel
Reporting the issues of the Insurance Portal
The applicant must deliver the report of any issues with the ISNP that can harm the policyholder. Not doing so violates the IRDA laws regarding the Insurance Self Network Platform.
No set time for inspection
The authority of inspecting the premises of the ISNP lies with IRDA. Therefore, it can conduct the assessment of the Insurance Self Network Platform at any given time. In response, the insurance company has no authority to show aversion to it or do anything that stops the IRDA from conducting its duty. bodrum escort
How to be ready at the time of inspection?
There is no assessment more dreadful than a surprised one. Thus, the applicant must be ready to face any issues when inspection arrives. One can follow these steps to get steady for the assessment:
- Following the compliance laws of the ISNP
- Continually running analysis of the Insurance self network platform
- Ensuring that all the vulnerabilities are taken care of
- Filing regular returns to ensure that there is no chance for the IRDA to complain
- Getting in touch with IRDA consultants from time to time to deal with the compliance requirements
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Conclusion
The thoroughness of providing services and removing all the issues is the key to surviving in the insurance domain. Therefore, the applicant must read the regulations documents carefully before applying for the registration certificate to establish the Insurance Self Network Platform. erotik film izle
Awareness about the compliance points is the main difference between a thriving business and one that slows down.
