The International Financial Services Centres Authority on 18th October 2021 has published the International Financial Services Centres Authority (Registration of Insurance Business) Regulations, 2021 which aim to put in place the process of registration and operations of insurer and Reinsurer in an International Financial Services Centre under regulatory purview of The International Financial Services Centres Authority Act, 2019.
An Indian insurer or re-insurer desirous of setting up a place of business in an unincorporated form in an IFSC, shall be duly registered with IRDAI for undertaking the business of insurance or re-insurance in India and has been granted a No Objection Certificate by the IRDAI to set up place of business in an IFSC.
An Applicant including Lloyd’s seeking registration as an IIO may make an application in the relevant FORM as specified in the FIRST SCHDULE of these Regulations and after considering the application the Authority, if satisfied may grant certificate of registration in the relevant FORM as specified at FOURTH SCHEDULE of these Regulations, to the Applicant subject to the conditions as specified under these Regulations or such other additional conditions as it may deem fit.
An IIO (International Financial Service Centre Insurance Office) registered with the Authority may carry any of the following class of businesses as may be permitted by the Authority subject to such conditions as may be specified:-
(a) Life Insurance Business;
(b) General Insurance Business;
(c) Health Insurance Business; or
(d) Re-insurance Business.
Provided that the IIO registered as a place of business of Indian Insurer or Branch Office of Foreign Insurer or Re-insurer shall be permitted to transact such class of business which is permitted to the Applicant by its home country regulatory or supervisory authority.
An IIO shall conduct its business in any freely convertible foreign currencies other than INR, with such persons, whether resident in India or otherwise, as may be permitted by the Authority.
