Insurance Self-Network Platform (ISNP) 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:
Organizations may have 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 (IRDA) 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.
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 should also comply with these guidelines.
The review of operation of the ISNP and the controls, system, procedure and safeguards put in place by the ISNP, shall be carried out, at least 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.
Any Insurance Agency that is looking to setup an Electronic Platform, they must comply with the following requirements as defined by the IRDA:
The Applicant shall place the report of the CISA or DISA or CERT-In expert and the Information Security Management System (ISMS) of ISNP before the Board or its sub-committee for their observation.
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SecurWires is a pure-play Cyber Security and Information Security Company which is dedicated to help businesses run Cyber Security and Information Security Programs more effectively. With Certified Information System Auditor (CISA) on-board, SecurWires is authorised to help you understand, manage and comply with IRDA’s Cyber Security requirements as published in the IRDA’s Guidelines on insurance e-Commerce published on the 9 Mar 2017.
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