INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY
NOTIFICATION
Gandhinagar, the 4th January, 2022
International Financial Services Centres Authority (Insurance Intermediary) (Amendment) Regulations, 2021
IFSCA/2021-22/GN/REG020 — In exercise of the powers conferred by sub-section (1) of Section 28 read with Section 12 and 13 of the International Financial Services Centres Authority Act, 2019, the International Financial Services Centres Authority hereby makes the following Regulations to amend the International Financial Services Centres Authority (Insurance Intermediary) Regulations, 2021 namely:-
1. Short title and commencement:-
(1) These Regulations may be called the International Financial Services Centres Authority (Insurance Intermediary) (Amendment) Regulations, 2021.
(2) They shall come into force from the date of their publication in the Official Gazette.
2. In the International Financial Services Centres Authority (Insurance Intermediary) Regulations, 2021 (hereinafter referred to as the ‘Principal Regulations’) sub-regulation (6) of regulation 13 shall be substituted by the following, namely –
(6) “The 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, a practicing Cost Accountant in India or any other person with appropriate qualification, as specified by the Authority, on half yearly basis.”
3. Sub regulation (3) of regulation 22 in the Principal Regulations shall be substituted by the following, namely –
(3) “An insurance intermediary shall, along with the audited accounts, furnish a certificate by a practicing Chartered Accountant in India, a practicing Company Secretary in India, a practicing Cost Accountant in India or any other person with appropriate qualification, as specified by the Authority, confirming compliance with these regulations.”
4. Serial No. 12, column (2) of FORM- B of SCHEDULE – VI in the Principal Regulations shall be substituted by the following, namely –
“Certificate from CA/CS/CMA, etc.:
Provide a certificate from a practicing Chartered Accountant in India, a practicing Company Secretary in India, a practicing Cost Accountant in India or any other person with appropriate qualification, as specified by the Authority, confirming that all applicable regulatory requirements have been complied with by the Applicant.”
INJETI SRINIVAS, Chairperson
[ADVT.-III/4/Exty./559/2021-22]
Note: The International Financial Services Centres Authority (Insurance Intermediary) Regulations, 2021 were published in the Gazette of India Extraordinary vide notification No. IFSCA/2021-22/GN/REG-017 on 20th October, 2021.
