1. Is it mandatory to stamp a Tripartite Agreement? <\/strong><\/p>\n\n\n\nYes. To be legally enforceable in India, the agreement must be executed on non-judicial stamp paper. The stamp duty value varies based on the state where the agreement is signed (e.g., Maharashtra vs. Delhi).<\/p>\n\n\n\n
2. What is the standard validity period for these agreements?<\/strong> <\/p>\n\n\n\nMost agreements are set for 3 to 5 years, with a renewal clause. However, they must stay aligned with the insurer\u2019s license validity and any mid-term changes in IRDAI\u2019s “Expenses of Management” (EoM) regulations.<\/p>\n\n\n\n
3. Can a tech provider serve two competing insurers in the same agreement?<\/strong> <\/p>\n\n\n\nGenerally, no. While a provider can work with multiple insurers, each relationship typically requires a separate tripartite agreement to prevent data commingling and ensure distinct liability frameworks for each insurer\u2019s products.<\/p>\n\n\n\n
4. Who is liable if a digital payment fails during the journey?<\/strong> <\/p>\n\n\n\nThe agreement must specify a “Settlement Cycle.” Usually, the technology provider is responsible for the technical failure, but the insurer remains responsible to the policyholder for providing a refund or policy credit within IRDAI-mandated timelines.<\/p>\n\n\n\n
5. Does the IRDAI need to approve the agreement before it is signed?<\/strong> <\/p>\n\n\n\nNot usually for “approval,” but it must be “filed.” For TPAs and certain corporate arrangements, the executed agreement must be submitted to the IRDAI within 15 days of signing as part of the regulatory record.<\/p>\n\n