{"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 v26.4 (Yoast SEO v26.4) - 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The Regulation seeks to inculcate the process of registration and operations of insurance intermediaries in an International Financial Services Centre under the regulatory purview of The International Financial Services Centres\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":256595,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/11\/01\/ifsca-issues-international-financial-services-centres-authority-operations-of-international-financial-services-centres-insurance-offices-guidelines-2021\/","url_meta":{"origin":259615,"position":1},"title":"IFSCA issues International Financial Services Centres Authority (Operations of International Financial Services Centres Insurance Offices) Guidelines, 2021","author":"Prachi Bhardwaj","date":"November 1, 2021","format":false,"excerpt":"The International Financial Services Centres Authority (IFSCA) has released International Financial Services Centres Authority (Operations of International Financial Services Centres Insurance Offices) Guidelines, 2021 on October 27, 2021. \u00a0 Key highlights: Objective: These guidelines aim to put in place a framework to address operational issues for the International Financial Services\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":258027,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/12\/02\/ifsca-invites-comments-on-proposed-ifsca-insurance-web-aggregator-regulations-2021\/","url_meta":{"origin":259615,"position":2},"title":"IFSCA invites comments on proposed IFSCA (Insurance Web Aggregator) Regulations, 2021","author":"Bhumika Indulia","date":"December 2, 2021","format":false,"excerpt":"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\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":256167,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/10\/27\/ifsca-capital-market-intermediaries-regulations-2021\/","url_meta":{"origin":259615,"position":3},"title":"IFSCA (Capital Market Intermediaries) Regulations, 2021","author":"Prachi Bhardwaj","date":"October 27, 2021","format":false,"excerpt":"The International Financial Services Centres Authority has notified the IFSCA (Capital Market Intermediaries) Regulations, 2021 vide notification dated October 18, 2021. \u00a0 Key highlights: Purpose: The Regulations provide for regulatory requirements in respect of registration, obligations and responsibilities, inspection and enforcement of various types of capital market intermediaries such as\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":281791,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/01\/17\/international-financial-services-centres-authority-notified-international-financial-services-centres-authority-appointed-actuary-regulations-2022-legal-research-legal-update-news\/","url_meta":{"origin":259615,"position":4},"title":"IFSCA notifies IFSCA (Appointed Actuary) Regulations, 2022","author":"Editor","date":"January 17, 2023","format":false,"excerpt":"On 12-1-2023, the International Financial Services Centres Authority notified International Financial Services Centres Authority (Appointed Actuary) Regulations, 2022. The regulations lay down regulatory framework for the persons who are engaged by the Insurance Officers(\u2018IOs') to perform the roles and discharge the functions as Appointed Actuary (\u2018AA'). Applicability: International Financial Services\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"IFSCA","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/01\/MicrosoftTeams-image-100.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":256051,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/10\/25\/international-financial-services-centres-authority-registration-of-insurance-business-regulations-2021\/","url_meta":{"origin":259615,"position":5},"title":"IFSCA (Registration of Insurance Business) Regulations, 2021","author":"Bhumika Indulia","date":"October 25, 2021","format":false,"excerpt":"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. \u00a0 Objective: The objective is to put in place the process of registration and operations of insurer and Reinsurer in an International Financial Services Centre\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/259615","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/8808"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=259615"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/259615\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/248110"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=259615"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=259615"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=259615"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}