IFSCA (Registration of Insurance Business) Regulations, 2021

Last updated: 30 October 2021

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The International Financial Services Centres Authority (Registration of Insurance Business) Regulations, 2021 have been established to govern the registration and operational processes for insurers and re-insurers within International Financial Services Centres. 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 Regulat

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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' includes an insurer registered with IRDAI, a foreign insurer or re-insurer, a Society of Lloyd's, a branch office of a foreign insurer, certain public companies or subsidiaries, insurance co-operative societies, and eligible foreign incorporated bodies corporate.

These regulations are made under the International Financial Services Centres Authority Act, 2019.

The regulations cover a range of entities including domestic insurers, foreign insurers and re-insurers, Lloyd's entities, and specific corporate structures formed under Indian or foreign law.