International Financial Services Centres Authority (Registration of Insurance Business) Regulations, 2021

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 –

1. The Applicant is duly registered with IRDAI for undertaking the business of insurance or re-insurance in India;
2. The Applicant has been granted a No Objection Certificate by the IRDAI to set up place of business in an IFSC.
3. The Board of the Applicant shall submit reporting structure of the officials
4. The Applicant has satisfactory track record in respect of regulatory and supervisory compliance;
5. The Board of the Applicant undertakes to meet all liabilities arising out of IIOs insurance or re-insurance business, as the case may be;
6. 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.