International Financial Services Centres Authority (IFSCA) has issued amendments to the IFSCA (Registration of Insurance Business) Regulations, 2021. These amendments, effective from the date of their official publication, simplify the regulatory framework. Notable changes include the omission of specific forms mentioned in the First and Fourth Schedules, replacing them with forms that will now be specified by the authority. Additionally, an important update allows applicants to select a reinsurance business category as per the Insurance Regulatory and Development Authority of India (Re-insurance) Regulations, 2018, during the application process. These amendments aim to streamline the registration process for insurance businesses within the IFSCA, making it more efficient and aligned with the evolving regulatory landscape. This move reflects the authority’s commitment to improving the ease of doing business for insurance entities operating in the International Financial Services Centre.
INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY
NOTIFICATION
Gandhinagar, the 14th October 2024
International Financial Services Centres Authority (Registration of Insurance Business) (Amendment) Regulations, 2024
F. No. IFSCA/GN/2024/010.—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, 2024;
(2) They shall come into force from the date of their publication in the Official Gazette.
2. In sub-regulation (2) of regulation 4 words ‘as specified at FIRST SCHEDULE of these Regulations and in the manner’ shall be omitted.
3. In sub-regulation (1) of regulation 7 words ‘the relevant FORM as specified at FOURTH SCHEDULE of these Regulations to the applicant’ shall be omitted and replaced with “such FORM as may be specified by the Authority”
4. The following proviso may be inserted as the second proviso of regulation 10 –
“Provided further that at the time of making the application, the applicant shall opt for category as specified in clause (A) of sub-regulation (2) of Regulation 5 of the Insurance Regulatory and Development Authority of India (Re-insurance) Regulations, 2018, under which it intends to participate in reinsurance business emanating from the DTA “
5. FORM-A, FORM-B, FORM-C and FORM-D in FIRST SCHEDULE of these regulations shall be omitted.
6. FORM A and FORM B in FOURTH SCHEDULE of these regulations shall be omitted.
K. RAJARAMAN, Chairperson
[ADVT.-III/4/Exty./593/2024-25]
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 18th October, 2021 and first amendment to these regulations were published in the Gazette of India Extraordinary vide notification No. IFSCA/2021-22/GN/REG019 on 05th January 2022.
