{"id":256051,"date":"2021-10-25T18:30:25","date_gmt":"2021-10-25T13:00:25","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=256051"},"modified":"2021-10-25T18:09:01","modified_gmt":"2021-10-25T12:39:01","slug":"international-financial-services-centres-authority-registration-of-insurance-business-regulations-2021","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/10\/25\/international-financial-services-centres-authority-registration-of-insurance-business-regulations-2021\/","title":{"rendered":"IFSCA (Registration of Insurance Business) Regulations, 2021"},"content":{"rendered":"<p style=\"text-align: justify;\">On October 18, 2021, the International Financial Services Centres Authority (IFSCA) has issued the International Financial Services Centres Authority (Registration of Insurance Business) Regulations, 2021.<\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: justify;\"><strong>Objective:<\/strong> The objective is to put in place the process of registration and operations of insurer and Reinsurer in an International Financial Services Centre under regulatory purview of The International Financial Services Centres Authority Act, 2019.<\/p>\n<p>&nbsp;<\/p>\n<h3 style=\"text-align: justify;\"><span style=\"color: #0000ff;\">Key Points:<\/span><\/h3>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"text-align: justify;\"><strong>Registration<\/strong>: No person shall commence the business of insurance or re-insurance in an IFSC without obtaining registration from the Authority in accordance with these Regulations.<\/li>\n<li style=\"text-align: justify;\">Eligibility Conditions for registration:<\/li>\n<\/ul>\n<ol>\n<li style=\"list-style-type: none;\">\n<ol>\n<li style=\"text-align: justify;\"><span id=\"page101R_mcid22\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">An Indian insurer or re<\/span><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><span dir=\"ltr\" role=\"presentation\">insurer, as the case may be, desirous of setting up a place of business in\u00a0 <\/span><span dir=\"ltr\" role=\"presentation\">an unincorporated form in an IFSC, shall meet the requirements mentioned in the Regulations. <\/span><\/span><\/li>\n<li style=\"text-align: justify;\"><span id=\"page101R_mcid41\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">A foreign insurer or foreign re<\/span><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><span dir=\"ltr\" role=\"presentation\">insurer or MGA or Lloy<\/span><span dir=\"ltr\" role=\"presentation\">d\u2019s, as the case may be, desirous of setting\u00a0 <\/span><span dir=\"ltr\" role=\"presentation\">up branch in an unincorporated form in an IFSC, shall meet the requirements as mentioned in the Regulations.<br \/>\n<\/span><\/span><\/li>\n<li style=\"text-align: justify;\"><span id=\"page103R_mcid6\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Branch Office<\/span> <span dir=\"ltr\" role=\"presentation\">of foreign insurer\u2019<\/span> <span dir=\"ltr\" role=\"presentation\">or <\/span><span dir=\"ltr\" role=\"presentation\">\u2018Lloyd\u2019s India\u2019<\/span> <span dir=\"ltr\" role=\"presentation\">registered by the IRDAI and desirous of setting <\/span><span dir=\"ltr\" role=\"presentation\">up an office in an unincorporated form in an IFSC, <span id=\"page101R_mcid41\" class=\"markedContent\">shall meet the requirements as mentioned in the Regulations. <\/span><br \/>\n<\/span><\/span><\/li>\n<li style=\"text-align: justify;\"><span id=\"page103R_mcid12\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">A public company or a wholly owned subsidiary of an insurer or a re<\/span><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><span dir=\"ltr\" role=\"presentation\">insurer, desir<\/span><span dir=\"ltr\" role=\"presentation\">ous of setting <\/span><span dir=\"ltr\" role=\"presentation\">up an IIO in an IFSC, shall be a company limited by shares, which is formed and registered <\/span><span dir=\"ltr\" role=\"presentation\">under the Companies Act, 2013;<\/span><\/span><\/li>\n<li style=\"text-align: justify;\"><span id=\"page103R_mcid13\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">An insurance co<\/span><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><span dir=\"ltr\" role=\"presentation\">operative society desirous of setting up an IIO in an IFSC shall be a co<\/span><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><span dir=\"ltr\" role=\"presentation\">operative society registered u<\/span><span dir=\"ltr\" role=\"presentation\">nder the Co<\/span><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><span dir=\"ltr\" role=\"presentation\">operative Societies Act, 1912 (2 of 1912), or under any <\/span><span dir=\"ltr\" role=\"presentation\">other law for the time being in force in any State relating to co<\/span><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><span dir=\"ltr\" role=\"presentation\">operative societies or under the <\/span><span dir=\"ltr\" role=\"presentation\">Multi<\/span><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><span dir=\"ltr\" role=\"presentation\">State Cooperative Societies Act, 1984.<\/span><\/span><\/li>\n<li style=\"text-align: justify;\"><span id=\"page103R_mcid14\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">A Body corporate incorporated u<\/span><span dir=\"ltr\" role=\"presentation\">nder the law of any country outside India, not being of the <\/span><span dir=\"ltr\" role=\"presentation\">nature of a private company, desirous of setting up its place of business in an IFSC <\/span><span dir=\"ltr\" role=\"presentation\"><span id=\"page101R_mcid41\" class=\"markedContent\">shall meet the requirements as mentioned in the Regulations. <\/span><\/span><\/span><\/li>\n<li style=\"text-align: justify;\"><span id=\"page103R_mcid17\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">The Authority, before granting registration may satisfy itself that the<\/span> <span dir=\"ltr\" role=\"presentation\">Applicant, its Promoters, <\/span><span dir=\"ltr\" role=\"presentation\">Principal <\/span><span dir=\"ltr\" role=\"presentation\">Officer, <\/span><span dir=\"ltr\" role=\"presentation\">Directors, <\/span><span dir=\"ltr\" role=\"presentation\">Partners, <\/span><span dir=\"ltr\" role=\"presentation\">Designated <\/span><span dir=\"ltr\" role=\"presentation\">Partners <\/span><span dir=\"ltr\" role=\"presentation\">or <\/span><span dir=\"ltr\" role=\"presentation\">any <\/span><span dir=\"ltr\" role=\"presentation\">other <\/span><span dir=\"ltr\" role=\"presentation\">Key <\/span><span dir=\"ltr\" role=\"presentation\">Managerial <\/span><span dir=\"ltr\" role=\"presentation\">Personnel (KMPs) are fit and proper persons; <\/span><\/span><\/li>\n<li style=\"text-align: justify;\"><span id=\"page103R_mcid18\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">The Applicant entity and its promoters, partners or controlling shareholders shall be from a <\/span><span dir=\"ltr\" role=\"presentation\">FATF <\/span><span dir=\"ltr\" role=\"presentation\">compliant jurisdiction and comply with international standards set by the Financial Action Task <\/span><span dir=\"ltr\" role=\"presentation\">Force to combat money laundering and terrorist financing.<\/span><\/span><\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"text-align: justify;\"><strong>Permissible Activities<\/strong>: An IIO registered with the Authority may carry any of the following class of businesses as may be permitted by the Authority subject to such conditions as may be specified:-<\/li>\n<\/ul>\n<p style=\"text-align: justify; padding-left: 80px;\">(a) Life Insurance Business<\/p>\n<p style=\"text-align: justify; padding-left: 80px;\">(b) General Insurance Business<\/p>\n<p style=\"text-align: justify; padding-left: 80px;\">(c) Health Insurance Business<\/p>\n<p style=\"text-align: justify; padding-left: 80px;\">(d) Re-insurance Business<\/p>\n<ul>\n<li style=\"text-align: justify;\">An IIO shall conduct its business in any freely convertible foreign currencies other than INR, with such persons, whether resident in India or otherwise, as may be permitted by the Authority.<\/li>\n<li style=\"text-align: justify;\">An IIO shall not engage itself in any business other than for which the registration has been granted by the Authority.<\/li>\n<li style=\"text-align: justify;\">An IIO registered to transact direct insurance business may be permitted to do so within the IFSC, from other SEZs and also from outside India<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>On October 18, 2021, the International Financial Services Centres Authority (IFSCA) has issued the International Financial Services Centres Authority (Registration of Insurance 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