IFSCA ON 21.02.2023 has issued a Consultation Paper on Proposed IFSCA (Management Control, Administrative Control and Market conduct of Insurance Business) Regulations, 2023. These regulations aim to put in place the regulatory framework related to Management Control, Administrative Controls and Market Conduct of insurance business carried out by IIO or IIIO.
Every IIO shall ensure that it shall prevent any entity, from exercising control over it, directly or indirectly, by acquiring significant ownership or interest in the IIO, through portfolio transfers and altered shareholding pattern.
