IFSCA (Registration of Insurance Business) Regulations, 2021

Last updated: 22 October 2021

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Quick Summary

The International Financial Services Centres Authority (Registration of Insurance Business) Regulations, 2021, have been established to outline the procedures for registering and operating insurers and re-insurers within an International Financial Services Centre. These regulations fall under the purview of the International Financial Services Centres Authority Act, 2019. They define various entities eligible to apply, including existing Indian insurers, foreign insurers, Lloyd's entities, and specific corporate structures.

INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY
NOTIFICATION
Gandhinagar, the 18th October, 2021
International Financial Services Centres Authority (Registration of Insurance Business) Regulations, 2021

F. No. IFSCA/2021-22/GN/REG016. - 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, 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 (Registration of Insurance Business) 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 insurer and Re- insurer in an International Financial Services Centre under 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-

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

(b) ‘Applicant’ means –

(i) an ‘insurer’ registered with the Insurance Regulatory and Development Authority of India under section 3 of the Insurance Act, 1938 (4 of 1938),

(ii) a Foreign Insurer or Foreign Re-insurer;

(iii) a Society of Lloyd’s on behalf of Members of Lloyd’s;

(iv) a ‘Branch Office of foreign insurer’ or ‘Lloyd’s India’ registered by the IRDAI;

(v) a public company or a wholly owned subsidiary of an insurer or a Re-insurer which is formed and registered under the Companies Act, 2013;

(vi) an insurance co-operative society registered under the Co-operative Societies Act, 1912 (2 of 1912) or under any other law for the time being in force in any State relating to cooperative societies or under the Multi-State Cooperative Societies Act, 1984 (51 of 1984);

(vii) a body corporate incorporated under the law of any country outside India not being of the nature of a private company; or

Please refer to the attached file for full notification.

FAQ :

These regulations aim to establish the process for the registration and operation of insurers and re-insurers within an International Financial Services Centre under the regulatory authority of the International Financial Services Centres Authority Act, 2019.

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

An 'Applicant' can be an insurer registered with IRDAI, a foreign insurer or re-insurer, a Society of Lloyd's, a branch office of a foreign insurer, a public company or subsidiary of an insurer/re-insurer, an insurance co-operative society, or a body corporate incorporated outside India (not a private company).

These regulations are made in exercise of powers conferred by the International Financial Services Centres Authority Act, 2019.

The regulations cover the registration of insurers and re-insurers, including Indian registered insurers, foreign entities, Lloyd's related entities, and specific corporate structures like public companies and co-operative societies.