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 :
- 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.
- 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.