International Financial Services Centres Authority (Insurance Web Aggregator) Regulations, 2022
On 31st January 2022, the International Financial Services Centres Authority (IFSCA) issued a Notification No. IFSCA/2021-22/GN/REG021, titled “International Financial Services Centres Authority (Insurance Web Aggregator) Regulations, 2022”.
The IFSCA Insurance Web Aggregator Regulations 2022 are designed to specify the process of registration and operations of an Insurance Web Aggregator in an International Financial Services Centre under the regulatory purview of the IFSCA.
The regulations provide the registration process for Insurance Web Aggregates (IWAs) and elaborate on the process for renewing such registration. They also provide the corporate governance, operations, and management regulations for IWAs and clarify functions, remuneration, and the conduct of business for IWAs in an IFSC.
These regulations comprise sixteen schedules covering provisions for the applications and certificates for registration and renewal of registration IWAs. These schedules also cover provisions regarding the maintenance of professional indemnity insurance, disclosures to the authority, roles and responsibilities of the authorised verifier, and a diverse range of topics, emphasising the detailed and thorough nature of the provisions related to various aspects of business operations and conduct.
