IFSCA (Maintenance of Insurance Records and Submission of Requisite Information for Investigation and Inspection) Draft Regulations, 2022.

LegalitySimplified

The International Financial Services Centres Authority on 23rd November 2022, notified the IFSCA (Maintenance of Insurance Records and Submission of Requisite Information for Investigation and Inspection) Draft Regulations, 2022. General public and stakeholders are requested to forward their comments / suggestions through e-mail to Insurance Dept. at insurancedept@ifsca.gov.in with copy to Mr. Bhaskar Khadakbhavi at bhaskar.khadakbhavi@ifsca.gov.in and Rishi Kale at rishi.kale@ifsca.gov.in on or before 15th December, 2022.

The objective of these regulations is to specify minimum information that is required to be maintained by the International Financial Services Centres Insurance Offices (IIO) and International Financial Service Centre Insurance Intermediary Offices (IIIO), for the purposes of investigation and inspection, under section 33 of the Insurance Act, 1938.

Every IIO and IIIO shall maintain and submit, as and when demanded, all records, information, data, documents, books or registers required to be maintained by them under the extant provisions of the Insurance Act, 1938, any other applicable law or the rules, regulations, guidelines, circulars or directions issued thereunder.

The information, data and documents maintained by the IIO and IIIO shall be reconciled with the audited financials, wherever relevant, and as per the requirements specified under other applicable laws and regulations. The records may be maintained either in physical form or electronic form and access shall be given to the persons authorised by the Authority.

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