{"id":259615,"date":"2022-01-06T15:30:35","date_gmt":"2022-01-06T10:00:35","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=259615"},"modified":"2022-01-06T15:02:07","modified_gmt":"2022-01-06T09:32:07","slug":"ifsca-insurance-intermediary-amendment-regulations-2021","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2022\/01\/06\/ifsca-insurance-intermediary-amendment-regulations-2021\/","title":{"rendered":"IFSCA (Insurance Intermediary) (Amendment) Regulations, 2021"},"content":{"rendered":"<p>On January 04, 2022, the International Financial Services Centres Authority (IFSCA) has issued the International Financial Services Centres Authority (Insurance Intermediary) (Amendment) Regulations, 2021 to further amend the International Financial Services Centres Authority (Insurance Intermediary) Regulations, 2021.<\/p>\n<p>This came into force on January 4, 2022.<\/p>\n<p><strong>\u00a0<\/strong><\/p>\n<h4><span style=\"color: #000080;\">Key points:<\/span><\/h4>\n<p>\u2022 In Regulation 13 (6) which provides \u201cCapital \/ Net-worth Requirement, the following shall be substituted:<\/p>\n<blockquote>\n<p style=\"text-align: justify;\">\u201cThe IIIO shall submit to the Authority a paid-up capital and net-worth certificate issued by its statutory auditor, a practicing Chartered Accountant in India, a practicing Company Secretary in India, <strong>a practicing Cost Accountant in India<\/strong> or any other person with appropriate qualification, as specified by the Authority, on half yearly basis.\u201d<\/p>\n<\/blockquote>\n<p>\u2022 In Regulation 22(3) which specify \u201cCeiling on business from single client, the following shall be\u00a0 substituted:<\/p>\n<blockquote>\n<p style=\"text-align: justify;\">\u201cAn insurance intermediary shall, along with the audited accounts, furnish a certificate by a practicing Chartered Accountant in India, a practicing Company Secretary in India, <strong>a practicing Cost Accountant in India<\/strong> or any other person with appropriate qualification, as specified by the Authority, confirming compliance with these regulations.\u201d<\/p>\n<\/blockquote>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On January 04, 2022, the International Financial Services Centres Authority (IFSCA) has issued the International Financial Services Centres Authority (Insurance Intermediary) (Amendment) <\/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-259615","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 v27.4 (Yoast SEO v27.4) - 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