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INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY

NOTIFICATION

Gandhinagar, the 4th January, 2022

International Financial Services Centres Authority (Registration of Insurance Business) (Amendment) Regulations, 2021

IFSCA/2021-22/GN/REG019.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 (Registration of Insurance Business) Regulations, 2021 namely:-

1. Short title and commencement: –

(1) These Regulations may be called the International Financial Services Centres Authority (Registration of Insurance Business) (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 (Registration of Insurance Business) Regulations, 2021 (hereinafter referred to as the Principal Regulations) Serial number 12, column (2) of FORM – B of the FIRST SCHEDULE shall be substituted by the following, namely –

“Certificate from CA/CS/CMA, etc.:

IFSCA (Registration of Insurance Business) (Amendment) Regulations, 2021

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, certifying that all the requirements of the Act read with IFSCA (Registration of Insurance Business) Regulations, 2021 and notifications issued under section 2CA of the Act have been complied with by the Applicant.”

3. Serial number 14, column (2) of FORM-C of FIRST SCHEDULE 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, certifying that all the requirements of the Act read with IFSCA (Registration of Insurance Business) Regulations, 2021 and notifications issued under section 2CA of the Act have been complied with by the Applicant.”

INJETI SRINIVAS, Chairperson

[ADVT.-III/4/Exty./558/2021-22]

Note: The International Financial Services Centres Authority (Registration of Insurance Business) Regulations, 2021 were published in the Gazette of India Extraordinary vide notification No. IFSCA/2021-22/GN/REG016 on 20th October, 2021.

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