Financial Information Providers(FIP) in insurance sector shall enter into a contractual framework with the Account Aggregators(AA), and the same shall distinctly specify the following:
- Rights and obligations of each party.
- Modalities of Dispute Resolution mechanism.
There shall be adequate safeguards built in IT systems of FIPs in the insurance sector to ensure that it is protected against unauthorized access, alteration, destruction, disclosure or dissemination of records and data. The Financial Information Providers (FIPs) in insurance sector must disclose prominently on their websites the names of the Account Aggregators through which the information is shared.
IRDAI has mandated these through circular dated 14th November 2022 send to all Life, General and Health Insurers and Insurance Repositories