IFSCA Registration of Insurance Business Regulations 2021 (Amendment)

IFSCA Registration of Insurance Business Regulations 2021 (Amendment)

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

The International Financial Services Centres Authority (IFSCA) has released an updated document of “International Financial Services Centres Authority (Registration of Insurance Business) Regulations, 2021” as amended up to 4th January 2021. 

These regulations incorporated the amendment proposed by the IFSCA Registration of Insurance Business Regulations 2021 with respect to forms B and C of the regulations. The key difference lies in the list of professionals who can issue the compliance certificate. Prior to amendment, the list only included Chartered Accountants (CAs) and Company Secretaries (CSs), now it has expanded to include Cost Accountants and any other person with appropriate qualifications as specified by the Authority. 

Therefore, the regulations now broaden the scope of who can certify compliance beyond just CAs and CSs to include Cost Accountants and potentially other qualified individuals as determined by the regulatory authority.