Robinhood Insurance Broker Limited operates the website http://www.OneInsure.com to provide consumers choice and an easy way to buy insurance products from multiple insurance companies. The company is a licensed insurance broking company holding a broking license (IRDAI / DB 407/08 Code No. 386) from the Indian insurance regulator, named Insurance Regulatory and Development Authority of India (IRDAI).
These terms and conditions of appointment of Point of Sale Person (POSP) appointed by the Company and shall include the annexures described therein/ appended thereto are as follows.
Whereas, the POSP requested the Company to engage him/her as POSP, as per POSP guidelines issued by IRDAI for solicitation of “Insurance Products”, as may be determined by the Company and as approved by IRDAI under POSP guidelines.
Whereas, the Company appoints the POSP for the purpose of selling and servicing of insurance policies on behalf of the Company. The Company reserves the right to discontinue of any such POSP. The Company and the POSP expressly agree that the POSP is not an employee of the Company and shall be considered an independent entity for the purposes of these Terms and Conditions. The POSP shall not be reimbursed of any expenses incurred under these Terms and Conditions and shall supply his or her own work place, use his or her own supplies and set his or her own work hours, all at no cost to the Company.
The Company and the POSP shall hereinafter be individually referred to as the “Party” and collectively as the “Parties”.
THE TERMS AND CONDITIONS FOR THE APPOINTMENT ARE AS FOLLOWS: 1. DEFINITIONSIt is expressly understood by and between the Parties hereto that the following terms shall have
the meaning as ascribed thereto under this Clause.
(a) “Act” means the Insurance Act, 1938 (4 of 1938).
(b) “Applicable Law” means the Insurance Act, the Insurance Rules, 1939, the IRDAI Act, and any regulations, circulars, guidelines issued by the IRDAI, the Reserve Bank of India (“RBI”), the Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018 (“Brokers Regulations”), the IRDAI’s Guidelines on Insurance e-commerce, 2017 (“E- commerce Guidelines”), the Information Technology Act 2000, the applicable anti bribery & corruption laws, applicable anti-money laundering laws and guidelines including modifications, amendments or re-enactments of applicable legislations, as in force from time to time, as applicable to the respective Parties with regard to subject matter hereof.
(c) “Authority” or “IRDAI” means the Insurance Regulatory and Development Authority of Indian established under the provisions of Section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999).
(d) “Effective Date” shall mean the date of creation/ registration/ appointment by the Company or these terms and Conditions whichever is earlier.
(e) “Insurance Broker” – means an entity/person as defined in Regulation 2(1) (k) of Insurance Regulatory and Development Authority (Insurance Brokers) Regulations, 2018.
(f) “Insurer” – as defined under Section 2 (9) of the Act.
(g) “POSP” – means Point of Sale Person as defined in guidelines issued by IRDAI relating to POSPs for Insurers (Life & Non-Life and Health).
(h) POSP Guidelines – means all Guidelines issued by IRDAI for solicitation of “Insurance Product” by POSPs, as approved by IRDAI from time to time.
(i) “Remuneration” shall have the meaning as described to it under clause 5 of these Terms and Conditions
All definitions mentioned in the IRDAI Guidelines, IRDAI (Insurance Brokers) Regulations, 2018 and guidelines related to POSPs for Intermediaries (Life and Non-Life) updated from time to time and regulations for Insurance Brokers and POSP shall apply mutatis mutandis to the terms of these Terms and Conditions.
In these Terms and Conditions, headings are for convenience only and do not affect the interpretation of these Terms and Conditions, and, unless the context otherwise requires:
a. Words in the singular include the plural and vice versa;
b. Words importing a gender include any gender;
c. A reference to a Clause is to a clause of these Terms and Conditions;
d. All words and expressions used and not defined in these Terms and Conditions but defined in the Act, the Insurance Regulatory and Development Authority Act, 1999 or any of the regulations made thereunder shall have the meaning respectively assigned to them in those Acts or Regulations.
The POSP shall be at least 18 years of age.
3. QUALIFICATIONS OF THE POSPThe POSP shall be at least 10th pass or any other qualification that IRDAI may prescribe from time to time.
4. TRAINING AND APPOINTMENT(a) The POSP shall attend an in-house training session for a minimum of 15 (fifteen) hours as
may be conducted by the Company in accordance with the specifications laid down under the IRDAI Guidelines on Point of Sales Person – Life and Non-Life.(b) Post completion of the in-house training session, the POSP person shall be required to undertake and pass the exam conducted by the Company.
(c) Upon successful completion and passing of the exam, the POSP person shall receive a certificate from the Company in the format as prescribed under the IRDAI Guidelines on Point of Sales Person – Life & Non-Life insurer.
(a) The POSP undertakes to adhere to the Code of Sales and Business Conduct for POSPs, as annexed in ‘Annexure 1’ hereto, and such other directions of the Company.
(b) The POSP agrees to provide copies of the following documents, within such timeframe as the Company may prescribe: -
i. Income Tax Permanent Account Number (PAN) Card
ii. Aadhar Card
iii. Recent passport size photograph
iv. Qualification/ Academic documents as the Company may prescribe
ii. GST Registration Certificate, (If applicable)
vi. Such other documents as the Company may prescribe, from time to time.
(c) The POSP undertakes to comply with: -
i. All Applicable Laws,
ii. Code of Conduct prescribed by IRDAI or under any other applicable Law as amended from time to time,
(d) The POSP undertakes to only use the Company approved marketing/sales materials.
(e) The POSP undertakes to not institute or participate in any legal proceedings on behalf of the
Company in connection with any matter relating to the business of the Company, without the
prior written consent of the Company.
(f) The POSP shall not obtain / seek / provide / give undue favours or gifts from / to any employee
of the Company any co-advisor or any person, customer or policyholder of the Company in
connection with any matter or dealing concerning with the Company.
(g) The POSP undertakes to inform the Company of any circumstances or information within
his/her knowledge which are relevant to the acceptance of the Company or rejection of the
proposal of a potential or existing policyholder.
(h) Any financial penalty levied by the IRDAI based on the violations and non-compliance by the POSP of the applicable laws and regulations shall be borne by the POSP and not the Company. Similarly, in case of any suspension, cancellation or withdrawal of license of the Company because of any breaches/non-compliance on account of POSP, the POSP shall indemnify the Company for consequential losses specifically arising from violation of IRDAI Guidelines, IRDAI Insurance (Brokers) Regulations, 2018 and guidelines related to POSP’s for Insurers (Life & Non-Life) as updated from time to time.
(i) The POSP will not use any records pertaining to a policyholder contracted by him/ her pursuant to these Terms and Conditions in any manner that is inconsistent with the use of those records as authorized by the person to whom the records relate.
(a) The Company shall conduct an in-house training session, on best effort basis, of the POSP for a minimum of 15 (fifteen) hours or as interpreted by IRDAI from time to time as per the model syllabus specifically provided under the IRDAI Guidelines on Point of Sales Person – Life, Non-Life and Health which may include features of various POS products designed by the Company from time to time and may be modified and developed according to the business needs of the Company.
(b) The Company shall issue a certificate to the POSP in the format as specified under the IRDAI Guidelines on Point of Sales Person – Life, Non-Life and Health only upon the POSP successfully clearing the exam it conducts.
(c) The Company shall maintain records of all information obtained through the POSP, the details of the policies sold out, of such information thus obtained and other functions/activities performed by POSP as a part of his engagement/appointment with the Company. The Parties understand that the Company shall furnish such records or information in relation to these Terms and Conditions as and when required by the Authority.
(d) The Company shall upload the details of the POSP with the Insurance Information Bureau (IIB) by online mode or as stipulated by IRDAI from time to time and thereafter shall maintain proper record of training and examination for a minimum of 5 (five) years from the end of financial year in which these examinations are conducted and shall make available such records for the purpose of inspection by the respective government authority.
(e) The Company shall provide brochures and proposal forms as required by POSP for business solicitation.
(f) The Company shall respond, in a reasonable and timely manner, to inquiries and questions raised by POSP.
(g) The Company shall maintain reasonable accounting, administrative, and statistical records in accordance with prudent standards of insurance record keeping, including premium, effective date, and benefit details of the insured participant covered under the policies.
The POSP undertakes to submit to the Company within the period of time specified by the Company and made known to the POSP by the Company in writing from time to time, all applications and initial premiums, where required, for products solicited by him/ her and in any case within the time specified by Section 64VB (4) of the Insurance Act, 1938 or any other statutory provisions applicable thereto. The POSP shall remit to the Company monies collected in trust immediately and without any deduction whatsoever. The POSP shall have no right to issue any receipt save and except receipts issued by the Company for this purpose.
(a) These Terms and Conditions shall come into force on and from the Effective Date.
(b) These Terms and Conditions shall remain in force unless discontinued earlier by any of the parties hereto, subject to the certificate granted by the Company to the POSP being valid.
(a) The Company shall pay to the POSP, remuneration at such rate as may be mutually agreed between the two parties from time to time, subject to deduction of applicable taxes thereon as per law for the time being in force.
(b) Remuneration will ordinarily be paid to the POSP within thirty (30) working days or completion of FLC period (in case of Life Insurance policies) whichever is later or as desired by Company from time to time of the issuance of insurance policies solicited by the POSP,
subject to such conditions specified below
A. If any remuneration is paid against:
i. the premium paid by customer but remuneration not realized by the Company;
ii. policies that have been cancelled due to any reason whatsoever;
iii. the premium received but refunded in full/part to the customer(s);
Then the remuneration so paid shall be reversed and due recovery shall be made from the POSP.
The Company may recover such outstanding amount(s) from any amount dues payable to the POSP or raise recovery request if there are outstanding payable to the POSP.
B. Subject to the Statutory Provisions governing the payment of remuneration to insurance POSPs, the Company may from time to time, by reasonable notice to the POSP, revise, alter or amend, whether by enhancement or reduction or in any other manner, the remuneration < rates; Notwithstanding this, the POSP shall ascertain the remuneration rates applicable at any given point of time and the Company and POSP shall promptly reconcile any loss that may have accrued based on the communication or availability of information relating to any changes in the rates of remuneration to the POSP as intimated by the Company.
C. The POSP undertakes to repay to the Company within 30 (thirty) days from the date of communication, any indebtedness (any remuneration wrongly or in excess of what is due to it) to the Company and that arises in connection with these Terms and Conditions, either before or after its discontinuance, and more particularly any remuneration to be repaid by the POSP to the Company as a result of a charge-back or remuneration reversal. In the event of the non-receipt by the Company of the same, the Company shall have a right to lien to recover the same from any sums due and payable to the POSP, with interest @ 18% p.a., if the same is not received within the period of 30 days. The POSP grants to the Company the right to set off any indebtedness or liability, now or hereafter existing under these Terms and Conditions, of the Company to the POSP against any indebtedness or liability now or hereafter due from the POSP under these Terms and Conditions.
(a) POSP represents and warrants to the Company that:
i. He has the necessary qualification, power, authority and the legal right to execute these Terms and Conditions and conduct the business/provide unprejudiced services to the Company in respect of all or any of the functions described in these Terms and Conditions.
ii. POSP represents and warrants that he/she has never been convicted of any crime involving moral turpitude and is not disqualified as per section 42D(5) of the Act.
iii. POSP confirms that he/she is not associated with or has been simultaneously engaged by any other insurance intermediary or any other insurance company for the same line of business.
iv. He shall not during his/her term of these Term as POSP of the company engage himself/herself with any other insurance intermediary or with any other insurance company for the same line of business.
v. He shall comply with all applicable regulatory and other legal requirements applicable to the services given under these Terms and Conditions.
vi. POSP will diligently and to the best of its ability ensure that the facts set forth by any prospective applicant in any application it solicits are true and correct.
i. Post enrolment of POSP with the company and as long as POSP is active with Company, the POSP shall not enrol with any other intermediary or insurance company in same line of business.
ii. It has obtained all the necessary approvals, permits and authorizations internally or otherwise, as may be required to enter into these Terms and Conditions and engage in the business as envisaged under these Terms and Conditions.
iii. It has fulfilled all the criteria provided under the applicable regulations made by the Authority including but not limited to the IRDAI Guidelines on Point of Sales Person for Life Insurers, Non- Life Insurers, Insurance Regulatory and Development Authority (Insurance Brokers) Regulations, 2018 and amendments thereof to act as POSP.
iv. It shall comply with all applicable regulatory and other legal requirements applicable to its obligations under these Terms and Conditions.
The Company reserves the right to reject any and all applications for its Policies submitted by POSP if they are not found to be of the order of merit required by the customer or the Company or the Insurance Company.
a. POSP confirms and undertakes that he will not violate privacy covenants and in case of any breach of privacy, the POSP shall be solely responsible for losses arising out of the same.
b. POSP shall not share any information of the clients and the Company with others without permission of the concerned client and the Company.
c. The POSP covenants that, upon discontinuance of these Terms and Conditions, as requested by the Company, the POSP shall immediately (i) return all information shared by the Company pursuant to these Terms and Conditions, including copies thereof; and/or (ii) destroy such information to the satisfaction of the Company and certify such destruction in a form and manner acceptable to the Company.
A. The POSP arrangement will discontinue automatically upon the occurrence of any of the following events, and upon such occurrence the Parties shall be obligated to make only those payments the right to which accrued as on the date of such discontinuation:
(a) Conviction relating to a crime under applicable law of India or any court of law.
(b) Misappropriation of, or failure to remit, any funds due or payable to or in favour of the Company from POSP;
(c) Determination by the Company that POSP is not in compliance with insurer’s/ Company’s underwriting guidelines or the terms of these Terms and Conditions and POSP has failed to correct the issue within 10 days of the Company providing written notice of same;
(d) In the event of fraud or material breach of any of the conditions or provisions of these Terms and Conditions on the part of either Party, the other party may discontinue arrangement immediately upon written notice;
(e) Furnish wrong information or conceals the information or fails to disclose the material facts of the policy to the policy holder;
(f) Fails to resolve complaints, unless the circumstances are beyond his control, emanating from the business procured by him and persons he deals with;
(g) Indulges in inducement in cash or kind with client or any other insurance intermediary/agent/insurer;
(h) Fails to carry out his obligations as prescribed in these Terms and Conditions and in the provisions of the Act/regulations/circulars or guidelines by IRDAI from time to time;
(i) Acts in a manner prejudicial to the interest of the Company or the client; Acts in a manner that amounts to diverting funds of his Group/Affiliates or associates rather than engaging in the activity of soliciting and servicing insurance business;
(j) Is found guilty of fraud or is charged with any criminal act;
(k) Indulges in any other misconducts
B. This POS arrangement shall automatically discontinue if the POSP acquires a license as or becomes related to, an insurance company for same line of business, insurance agent, insurance intermediary, corporate agent, a micro-insurance agent, TPA, Surveyor, referral partner, or loss assessor etc as stated in IRDAI POSP regulation issued from time to time.
Upon contravention by the POSP, the POSP shall be liable to indemnify, defend and hold harmless the Company to the extent of such losses or damages as may be incurred by the Company.
All intellectual property rights (in the nature of trademark or copyright or any other right) in the brand name, product names, logos, designs, colour schemes, names, marks, designs, drawings, colour, artistic work / manner etc. (hereafter collectively referred as "Marks") shall vest exclusively and at all times with the Company and the POSP agrees and undertakes not to set up an adverse claim at any time either during the currency of these Terms and Conditions or at any time thereafter. The POSP also agrees and undertakes that it shall not allow the usage of Marks by any other third party. Further, to the best of its knowledge, the POSP shall be liable to bring to the notice of the Company all instances of a breach committed by any third-party against the rights of the Company under this Clause.
Both parties recognize, accept and agree that all tangible and intangible information obtained or disclosed to each other and/or its personnel/representatives, including all details, documents, data, records, reports, systems, papers, notices, statements, business information and practices and trade secrets (all of which are collectively referred to as “Confidential Information”) shall be treated as confidential and both Parties agree and undertake that the same will be kept secret and will not be disclosed, save as provided below, in whole or in part to any person/s and/or used and/or be allowed to be used for any purpose other than as may be necessary for the due performance of obligations hereunder, except with written authorization from other Party.
a. POSP agrees and undertakes that, he shall hold all Confidential Information in confidence and in particular shall:
i. Not use or permit or enable any person to use any of the Confidential Information in any manner.
ii. Not disclose or divulge any Confidential Information to any person return all and any Confidential Information which may be in his possession/ custody within three years of discontinuation/ expiry of these Terms and Conditions.
b. The obligation of confidentiality as above shall not apply to any information which is:
i. In the public domain through no fault of the receiving party;
ii. Rightfully received from a third party without any obligation of confidentiality;
iii. Rightfully known to the receiving party without any limitation on use or disclosure prior to
its receipt from the disclosing party;
iv. Independently developed by the receiving party;
v. Generally made available to third parties without any restriction on disclosure;
vi. Communicated in response to a valid order by a court or other governmental body, as otherwise required by law, or as necessary to establish the rights of either party under these Terms and Conditions.
Obligations under this Clause shall continue to apply even after the discontinuation or expiry of these Terms and Conditions. Further, the POSP shall continue to be bound by this Clause till the later of (i) expiry of the policies issued under these Terms and Conditions; or (ii) the disposal of any legal cases pertaining to any dispute arises during the policy period under such policy. In case of any breach of this provision, POSP undertakes to indemnify for losses caused due to such breach.
POSP shall not allow or offer to allow or cause to be allowed, directly or indirectly, as an inducement or incentive any rebate to any client or prospective client to take out or renew or continue any insurance policy, except as may be allowed under the law.
Any contraventions of Section 41 of the Act by POSP shall entitle the Company, without prejudice to other rights and remedies, to forthwith discontinue these Terms and Conditions, notwithstanding anything to the contrary in these Terms and Conditions.
POSP agrees to indemnify and keep indemnified and hold harmless at all times, Company, its directors and officers and its representative from and against any and all losses, claims, actions,/p> proceedings, damages (including reasonable legal and lawyer’s fees) which may be incurred by the Company on account of (a) negligence or misconduct on the part of the POSP; (b) due to breach of any terms and conditions of these Terms and Conditions; (c) for breach of any intellectual property rights of the Company, or of any third party which commences an action or makes a claim against the Company and such breach is attributable to the acts of omission/ commission by Insurance Company; (d) any loss caused to the Company due to breach of Confidentiality by the POSP.
a. The provisions of these Terms and Conditions shall be governed by, and construed in accordance with the laws of India.
b. Any dispute, controversy or claims arising out of or relating to these Terms and Conditions or the breach, discontinuation or invalidity thereof, shall be settled by arbitration in accordance with the provisions of the Arbitration and Conciliation Act, 1996. Following provisions shall be adhered to for any such arbitral proceedings:
i. The arbitral tribunal shall be composed of a sole arbitrator. Such tribunal shall be constituted as per the provisions of the Arbitration and Conciliation Act, 1996.
ii. The seat and venue of arbitration shall be in Mumbai, India.
iii. The arbitral proceedings shall be conducted in the English language and any award or awards shall be binding on both parties. The procedural law of the arbitration shall be Indian law.
iv. The rights and obligations of the Parties under, or pursuant to, these Terms and condition, shall be governed by and be subject to the courts of Mumbai, India only.
Neither party shall be liable for delay or failure in performance of any of acts required by these Terms and Conditions when such delay or failure arise from circumstances beyond the control and without the gross negligence or wilful misconduct of the party respectively. Such causes may include, without limitation, acts of God, act of government in its sovereign or contractual capacity, acts of public enemy, acts of civil or military authority, war, low intensity conflicts, riots, civil strife, curfew, terrorism, blockages, sabotage, rationing, embargoes, epidemics, earthquake, fire, flood, quarantine restrictions, power shortages or failure, utility or communication failure or delays, labour disputes, strikes, supply shortages, equipment failure, or software malfunctions.
a. Amendments; No Waivers
i. Any provision of these Terms and Conditions may be amended or waived if, and only if such amendment or waiver is in writing and signed, in the case of an amendment by each Party or in the case of a waiver, by the Party against whom the waiver is to be effective.
ii. No failure or delay by any Party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by law.
b. Entirety; No Third-Party Rights
i. These Terms and Conditions constitutes the entire arrangement between the Parties with respect to the subject matter hereof. No representations, inducements, promises, understandings, conditions, indemnities or warranties not set forth herein have been made or relied upon by any Party hereto.
ii. Neither these Terms and Conditions nor any provision hereof is intended to confer upon any Person other than the Parties to these Terms and Conditions any rights or remedies hereunder.
c. Severability - The invalidity or unenforceability of any provisions of these Terms and Conditions in any jurisdiction shall not affect the validity, legality or enforceability of the remainder of these Terms and Conditions in such jurisdiction or the validity, legality or enforceability of these Terms and Conditions, including any such provision, in any other jurisdiction, it being intended that all rights and obligations of the Parties hereunder shall be enforceable to the fullest extent permitted by law.
d. Compliance with Laws - Each Party represents that it shall abide by and observe all applicable laws, rules, regulations.
e. Communication & Notices - Any notice or other communication given pursuant to these Terms and Conditions must be in writing and (a) delivered personally/hand, (b) sent by electronic medium/mail, (c) or sent by registered mail address as provided by the POSP and/or the registered office of the Company or email to support@oneinsure.com.
f. Counterparts - These Terms and Conditions may be executed in one or more counterparts, which shall each be considered an original, but all of which together shall constitute one and the same.
This Code of Conduct outlines the ethical and professional standards expected from all POSPs (Point of Sales Persons) engaged with the Company. It ensures that all sales and service activities are carried out in compliance with IRDAI regulations, maintaining transparency, integrity, and fairness towards customers.
1. The POSP shall act honestly, fairly, and in the best interests of customers and the insurer/intermediary they represent.
2. The POSP shall comply with all applicable laws, regulations, and circulars issued by IRDAI from time to time.
3. The POSP shall not mislead or make false statements about any insurance product.
4. The POSP shall ensure that every policy sold is suitable to the needs of the prospect, based on information collected.
5. The POSP shall not engage in any fraudulent, coercive, or unethical business practices.
3. Conduct towards Customers1. Maintain confidentiality of customer information at all times.
2. Provide complete and accurate information about products, including benefits, exclusions, and limitations.
3. Ensure that the customer fully understands the policy terms before purchase.
4. Avoid high-pressure or misleading sales tactics.
5. Provide post-sale service support, including assistance in policy servicing and claim processes, within authorized limits.
1. Adhere to all internal policies, procedures, and reporting requirements.
2. Submit all documents, KYC, and declarations truthfully and promptly.
3. Maintain proper records of every sale and customer interaction.
4. Cooperate with audits, inspections, and training as required by the Company or IRDAI.
5. Do not collect any premium in cash or directly from the customer unless authorized.
5. Confidentiality and Data Protection1. Protect personal and financial data of customers and refrain from unauthorized sharing.
2. Use data only for official business purposes and in accordance with company policy.
1. Disclose any potential conflict of interest to the Company.
2. Avoid selling policies solely for commission purposes where customer suitability is compromised.
3. Do not represent multiple insurers through different intermediaries unless specifically permitted.
1. Complete the prescribed IRDAI training hours and examination before acting as POSP.
2. Attend periodic refresher training sessions conducted by the insurer or intermediary.
3. Keep abreast of product features, regulatory updates, and market changes.