IFSCA publishes clarifications IFSCA (Management Control, Administrative Control and Market Conduct of Insurance Business) Regulations 2023 issued against public comments received. The consultation paper on seeking comments/views of public on the draft IFSCA (Management Control, Administrative Control and Market Conduct of Insurance Business) Regulations 2023 was issued by IFSCA on 21.02.2023.
Following clarifications are made:
- Re-insurance unincorporated IIO should be explicitly exempted from these regulations.
- The extant norms specified under the IFSCA’s draft regulations may be made applicable only to those Insurers who are incorporated in IFSC.
- For an IIO in an unincorporated form, the norms/ guidelines on capital structure, expenses of management, commission payment, advertisement and disclosures, protection of policyholders’ interest, etc. as specified by the home country regulator or supervisory authority of its parent entity shall be applicable.