International Financial Services Centres Authority (Maintenance of Insurance Records and Submission of Requisite Information for Investigation and Inspection) Regulations, 2022
On 12th January 2023, the International Financial Services Centres Authority (IFSCA) issued a Notification No. IFSCA/2022-23/GN/REG031, titled “International Financial Services Centres Authority (Maintenance of Insurance Records and Submission of Requisite Information for Investigation and Inspection) Regulations, 2022.”
The IFSCA Maintenance of Insurance Records and Submission of Requisite Information for Investigation and Inspection Regulations, 2022, specify the minimum information required to be maintained by Insurance Offices (IIOs) and International Financial Service Centre Insurance Intermediary Offices (IIIOs), for investigation and inspection under the Insurance Act, 1938.
It states the regulations regarding board approved policy for maintenance of records for an IIO along with the regulations about electronic retrieval form with necessary security features. Other provisions include subjects like checks and other verifications, power to specify procedures, power to remove difficulties and relax strict enforcement of the regulations, and repeals and saving for an IIO and an IIIO.