The International Financial Services Centres Authority has issued International Financial Services Centres Authority (Registration of Insurance Business) Regulations, 2021 amended up to 17-Oct-2024. These Regulations aim to put in place the process of registration and operations of insurer and Re-insurer in an International Financial Services Centre under regulatory purview of The International Financial Services Centres Authority Act, 2019.
An Indian insurer or re-insurer, as the case may be, desirous of setting up a place of business in an unincorporated form in an IFSC, shall meet with the following requirements –
- The Applicant is duly registered with IRDAI for undertaking the business of insurance or re-insurance in India;
- The Applicant has been granted a No Objection Certificate by the IRDAI to set up place of business in an IFSC.
- The Board of the Applicant shall submit reporting structure of the officials
- The Applicant has satisfactory track record in respect of regulatory and supervisory compliance;
- The Board of the Applicant undertakes to meet all liabilities arising out of IIOs insurance or re-insurance business, as the case may be;
- The Board of the Applicant undertakes to comply with the assigned capital, solvency and other requirements as may be specified by the Authority from time to time.
