{"id":258027,"date":"2021-12-02T15:00:02","date_gmt":"2021-12-02T09:30:02","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=258027"},"modified":"2021-12-02T14:47:39","modified_gmt":"2021-12-02T09:17:39","slug":"ifsca-invites-comments-on-proposed-ifsca-insurance-web-aggregator-regulations-2021","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/12\/02\/ifsca-invites-comments-on-proposed-ifsca-insurance-web-aggregator-regulations-2021\/","title":{"rendered":"IFSCA invites comments on proposed IFSCA (Insurance Web Aggregator) Regulations, 2021"},"content":{"rendered":"<p style=\"text-align: justify;\">International Financial Services Centres Authority (IFSCA) has invited comments on the proposed IFSCA (Insurance Web Aggregator) Regulations, 2021.<\/p>\n<p style=\"text-align: justify;\"><span id=\"page3R_mcid16\" class=\"markedContent\">It <span dir=\"ltr\" role=\"presentation\">is proposed that <\/span><span dir=\"ltr\" role=\"presentation\">regulatory framework for registration a<\/span><span dir=\"ltr\" role=\"presentation\">nd <\/span><span dir=\"ltr\" role=\"presentation\">operations of Insurance Web <\/span> <span dir=\"ltr\" role=\"presentation\">Aggregators<\/span> <span dir=\"ltr\" role=\"presentation\">may be put in place enabling registration of <\/span><span dir=\"ltr\" role=\"presentation\">Insurance Web <\/span> <span dir=\"ltr\" role=\"presentation\">Aggregators<\/span> <span dir=\"ltr\" role=\"presentation\">in the IFSC<\/span><span dir=\"ltr\" role=\"presentation\">,<\/span> <span dir=\"ltr\" role=\"presentation\">focusing on <\/span> <span dir=\"ltr\" role=\"presentation\">development of retai<\/span><span dir=\"ltr\" role=\"presentation\">l<\/span> <span dir=\"ltr\" role=\"presentation\">insurance <\/span><span dir=\"ltr\" role=\"presentation\">business from the IFSC.<br \/>\n<\/span><\/span><\/p>\n<p style=\"text-align: justify;\"><span id=\"page3R_mcid18\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">The proposed IFSCA (<\/span><span dir=\"ltr\" role=\"presentation\">Insurance <\/span><span dir=\"ltr\" role=\"presentation\">Web Aggregator<\/span><span dir=\"ltr\" role=\"presentation\">) Regulations,<\/span> <span dir=\"ltr\" role=\"presentation\">2021, <\/span><span dir=\"ltr\" role=\"presentation\">inter<\/span><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><span dir=\"ltr\" role=\"presentation\">alia,<\/span> <span dir=\"ltr\" role=\"presentation\">specify: <\/span> <\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"text-align: justify;\"><span id=\"page3R_mcid19\" class=\"markedContent\"><\/span><span id=\"page3R_mcid20\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Who can set<\/span><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><span dir=\"ltr\" role=\"presentation\">up IFSC Insurance <\/span> <span dir=\"ltr\" role=\"presentation\">Web Aggregator <\/span> <span dir=\"ltr\" role=\"presentation\">Intermediary Office (IIIO) in <\/span><span dir=\"ltr\" role=\"presentation\">IFSC<\/span><span dir=\"ltr\" role=\"presentation\">: <\/span> <\/span><span id=\"page3R_mcid21\" class=\"markedContent\"><\/span><span id=\"page3R_mcid22\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">(a)<\/span> <span dir=\"ltr\" role=\"presentation\">A company or <\/span><span dir=\"ltr\" role=\"presentation\">LLP <\/span><span dir=\"ltr\" role=\"presentation\">incorporated in India; or <\/span> <\/span><span id=\"page3R_mcid23\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">(b)<\/span> <span dir=\"ltr\" role=\"presentation\">a body corporate incorporated under the law of any country outside India.<\/span> <\/span><span id=\"page3R_mcid24\" class=\"markedContent\"><br role=\"presentation\" \/><\/span><span id=\"page3R_mcid25\" class=\"markedContent\"><\/span><\/li>\n<li style=\"text-align: justify;\"><span id=\"page3R_mcid25\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Conditions of registration including requirement of Minimum capital, Net<\/span><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><span dir=\"ltr\" role=\"presentation\">worth <\/span><span dir=\"ltr\" role=\"presentation\">and Professional Indemnity policy. <\/span> <\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\">\n<p style=\"text-align: justify;\">The consultation paper along with the draft regulations are available <a href=\"https:\/\/ifsca.gov.in\/PublicConsultation?MId=4sazkd1DRBo=\">HERE<\/a> for comments on or before 20<sup>th<\/sup> December, 2021.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>International Financial Services Centres Authority (IFSCA) has invited comments on the proposed IFSCA (Insurance Web Aggregator) Regulations, 2021. It is proposed that <\/p>\n","protected":false},"author":8808,"featured_media":248110,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,15],"tags":[],"class_list":["post-258027","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-rules_regulations"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>IFSCA invites comments on proposed IFSCA (Insurance Web Aggregator) Regulations, 2021 | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2021\/12\/02\/ifsca-invites-comments-on-proposed-ifsca-insurance-web-aggregator-regulations-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IFSCA invites comments on proposed IFSCA (Insurance Web Aggregator) Regulations, 2021\" \/>\n<meta property=\"og:description\" content=\"International Financial Services Centres Authority (IFSCA) has invited comments on the proposed IFSCA (Insurance Web Aggregator) Regulations, 2021. 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