The International Financial Services Centres Authority vide its notification dated 4th January 2022 has published the International Financial Services Centres Authority (Insurance Intermediary) (Amendment) Regulations, 2021 to further amend the International Financial Services Centres Authority (Insurance Intermediary) Regulations, 2021.
The Amendment is brought under regulation 13 which deals with capital/net-worth requirement for insurance intermediary in which sub-clause 6 has been subsisted as follows:
The IFSC insurance intermediary office (IIIO) shall submit to the Authority a paid-up capital and net-worth certificate issued by its statutory auditor, a practicing Chartered Accountant in India, a practicing Company Secretary in India, a practicing Cost Accountant in India or any other person with appropriate qualification, as specified by the Authority, on half yearly basis.
As per regulation 22(3) An insurance intermediary shall, along with the audited accounts, furnish a certificate by a practicing Chartered Accountant in India, a practicing Company Secretary in India, a practicing Cost Accountant in India or any other person with appropriate qualification, as specified by the Authority, confirming compliance with these regulations.
Further FORM-B of SCHEDULE –VI which deals the application seeking fresh/renewal of registration by an insurance intermediary for establishing IIIO in the form of branch in which serial no 12 has been substituted as follows:
“Certificate from CA/CS/CMA, etc.:
Provide a certificate from a practicing Chartered Accountant in India, a practicing Company Secretary in India, a practicing Cost Accountant in India or any other person with appropriate qualification, as specified by the Authority, confirming that all applicable regulatory requirements have been complied with by the Applicant.
