International Financial Services Centres Authority (Re-Insurance) Regulations, 2023
On 11th April 2023, the International Financial Services Centres Authority (IFSCA) issued a Notification F. No. IFSCA/2022-23/GN/REG036, titled “International Financial Services Centre Authority (Re-insurance) Regulations, 2023”.
The IFSCA Re-insurance Regulations, 2023 are designed to enhance the ease of doing business and create a streamlined and transparent process for entities involved in the insurance sector, including brokers, corporate agents, and third-party administrators.
These regulations provide comprehensive guidelines on the application process for obtaining and renewing certificates of registration, ensuring compliance with the International Financial Services Centres Authority Act, 2019 and the Insurance Act, 1938. By fostering a well-regulated environment, the IFSCA aims to attract both domestic and international insurance intermediaries to operate within IFSCs, thus contributing to the growth and development of India’s financial services sector.
