International Financial Services Centres Authority (IFSCA) on 1st December 2021 has notified the Draft IFSCA (Insurance Web Aggregator) Regulations, 2021 which aims to put in place process of registration and operations of Insurance Web Aggregator in an International Financial Services Centre under the regulatory purview of the International Financial Services Centres Authority Act, 2019.
The proposed IFSCA (Insurance Web Aggregator) Regulations, 2021, inter-alia, specify:
(1) Who can set-up IFSC Insurance Web Aggregator Intermediary Office (IIIO) in IFSC:
(a)A company or LLP incorporated in India; or
(b) A body corporate incorporated under the law of any country outside India.
(2) Conditions of registration including requirement of Minimum capital, Net-worth and Professional Indemnity policy
IFSCA has published the draft regulations on its website at https://ifsca.gov.in/PublicConsultation. General public and stakeholders are requested to forward their comments / suggestions through e-mail to Mr. Bhaskar Khadakbhavi at bhaskar.khadakbhavi@ifsca.gov.in with a copy to Mr. Rishi Kale at rishi.kale@ifsca.gov.in by 20thDecember, 2021.
