IFSCA (Insurance Intermediary) Regulations, 2021

Last updated: 22 October 2021

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The International Financial Services Centres Authority (IFSCA) has introduced the Insurance Intermediary Regulations, 2021. These regulations establish the framework for the registration and operation of insurance intermediaries within International Financial Services Centres. They are enacted under the powers granted by the IFSCA Act, 2019, and relevant sections of the Insurance Act, 1938.

INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY

NOTIFICATION

Gandhinagar, the 18th October, 2021

International Financial Services Centres Authority (Insurance Intermediary) Regulations, 2021

IFSCA/2021-22/GN/REG-017. - In exercise of the powers conferred by sub-section (1) of Section 28 read with Section 12 and 13 of the International Financial Services Centres Authority Act, 2019, Section 42D and 42E of the Insurance Act, 1938, the International Financial Services Centres Authority hereby makes the following regulations namely: –

CHAPTER I

PRELIMINARY

1. Short title and commencement

(1) These regulations may be called the International Financial Services Centres Authority (Insurance Intermediary) Regulations, 2021.

(2) They shall come into force from the date of their publication in the Official Gazette.

2. Objective:

These regulations aim to put in place the process of registration and operations of insurance intermediaries in an International Financial Services Centre under the regulatory purview of The International Financial Services Centres Authority Act, 2019 (50 of 2019).

3. Definitions -

(1) In these regulations, unless the context otherwise requires, the terms defined herein shall bear the meanings as assigned to them below and their cognate expressions shall be construed accordingly-

(a) “Act” means the International Financial Services Centres Authority Act, 2019 (50 of 2019);

(b) “Applicant” means

(i) an intermediary or insurance intermediary registered with IRDAI;

(ii) a foreign insurance intermediary registered with home country regulatory or supervisory authority;

(iii) an Indian company incorporated under the Companies Act, 2013, or a firm or a co-operative society; or

(iv) a body corporate incorporated under the laws of any country outside India.

(c) “Authorised verifier” means a person employed by the insurance intermediary for insurance solicitation and procurement through telemarketing and distance marketing mode;

Please refer to the attached file for full notification.

FAQ :

These are regulations established by the International Financial Services Centres Authority to govern the registration and operations of insurance intermediaries in International Financial Services Centres.

The regulations came into force from the date of their publication in the Official Gazette.

The objective is to set up the process for the registration and operations of insurance intermediaries in an International Financial Services Centre under the regulatory purview of the IFSCA Act, 2019.

An applicant can be an intermediary registered with IRDAI, a foreign insurance intermediary registered with their home country's authority, an Indian company, firm, or co-operative society, or a body corporate incorporated outside India.

An authorised verifier is a person employed by the insurance intermediary to conduct insurance solicitation and procurement using telemarketing and distance marketing methods.