MINISTRY OF FINANCE
(Department of Financial Services)
NOTIFICATION
New Delhi, the 30th July, 2020

G.S.R. 479(E).— In exercise of the powers conferred by clause (c) of sub-section (2) of Section 24 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), the Central Government hereby makes the following rules to amend the Insurance Regulatory and Development Authority of India (Regulation of Insurance Business in Special Economic Zone) Rules, 2015, namely: —

1. Short title and commencement.— (1) These rules may be called the Insurance Regulatory and Development Authority of India (Regulation of Insurance Business in Special Economic Zone) (Amendment) Rules,2020.

(2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Insurance Regulatory and Development Authority of India (Regulation of Insurance Business in Special Economic Zone) Rules, 2015, after rule 3, the following rule shall be inserted, namely :—

“4. Provisions regarding regulation of Intermediaries or Insurance Intermediaries in Special Economic Zones. —For the purpose of regulating and promoting the insurance business in Special Economic Zones, the Authority may—

(a) permit an intermediary or insurance intermediary registered, with the Authority, under section 42D of the Insurance Act, 1938 (4 of 1938), or an intermediary or insurance intermediary from outside the country, to transact business as an intermediary or insurance intermediary in the Special Economic Zones subject to the following conditions, namely:-

(i) that, an intermediary or insurance intermediary shall set up its place of business in Special Economic Zones with the prior approval of the Authority;

(ii) that, such permission may include approval for acting as intermediary or insurance intermediary for soliciting / procuring / servicing of insurance business, as the case may be, from entities within the Special Economic Zones and outside India subject to the provisions of the Special Economic Zones Act,2005 (28 of 2005) and rules made there under;

(iii) that, acting as intermediary or insurance intermediary within the Special Economic Zones shall be in accordance with the guidelines of the Authority, referred to in sub-section (2) of section 18 of the Special Economic Zones Act,2005 (28 of 2005);

(b) direct the intermediaries or insurance intermediaries, acting in Special Economic Zones, to comply with its directions, and with the relevant laws and rules and regulations, to be issued by the Authority, from time to time”.

[F. No. 14017/32/2019-Ins. II]
LALIT KUMAR, Economic Adviser

Note :   The principal rules were published in the Gazette of India, Extraordinary, vide notification number G.S.R. 230(E), dated the 27th March, 2015.

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