IFSCA invites comments on proposed IFSCA (Insurance Web Aggregator) Regulations, 2021

International Financial Services Centres Authority (IFSCA) has invited comments on the proposed IFSCA (Insurance Web Aggregator) Regulations, 2021.

It is proposed that regulatory framework for registration and operations of Insurance Web Aggregators may be put in place enabling registration of Insurance Web Aggregators in the IFSC, focusing on development of retail insurance business from the IFSC.

The proposed IFSCA (Insurance Web Aggregator) Regulations, 2021, interalia, specify:

  • Who can setup IFSC Insurance Web Aggregator Intermediary Office (IIIO) in IFSC:
    (a) A company or LLP incorporated in India; or

    (b) a body corporate incorporated under the law of any country outside India.

  • Conditions of registration including requirement of Minimum capital, Networth and Professional Indemnity policy.

The consultation paper along with the draft regulations are available HERE for comments on or before 20th December, 2021.

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