Draft IFSCA (Re-insurance) Regulations, 2023


IFSCA has proposed to notify regulations regarding re-insurance activities in IFSC by adopting international best practices. The draft IFSCA (Re-insurance) Regulations, 2023 inter-alia provide for detailed framework for oversight and control of inward and outward arrangement of re-insurance by the International Financial Service Centre Insurance Offices (IIOs), wherein a part of the risks assumed by an IIO is ceded to another IIO or the re- insurer.

The proposed IFSCA (Re-insurance) Regulations, 2023 inter alia provide for :

  1. Every IIO shall develop and document its Re-insurance Strategy and Re- insurance Programme (RSRP) which shall form an integral part of the IIO’s overall underwriting strategy and risk management philosophy.
  2. The RSRP shall be approved by the Board at least thirty days prior to commencement of accounting year.

IFSCA has invited comments/suggestions from the general public and stakeholders on the draft regulations on or before 11th March, 2023.

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