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CS Professional · IFSCA - Regulations, Listing and Compliances · Insurance and Reinsurance

A promoter group proposes to set up an insurance business in GIFT IFSC. Which of the following is a form of presence through which an insurer or reinsurer can be registered by IFSCA?

An insurer or reinsurer can be registered by IFSCA as an IFSC Insurance Office, which may take the form of a branch or a company incorporated in the IFSC. A liaison office or an agents' partnership does not qualify.

  1. AOnly a company incorporated under the Companies Act with no branches
  2. BOnly a foreign insurer's liaison office
  3. CA branch of an insurer or an IFSC-incorporated company, registered as an IFSC Insurance OfficeCorrect
  4. DA partnership firm of individual agents

Explanation

Under IFSCA's framework, an IFSC Insurance Office may be a branch of an Indian or foreign insurer or reinsurer, or a company incorporated in the IFSC, registered with IFSCA. Liaison offices and partnership firms are not the registered forms, and branches are permitted, so option 1 is wrong.

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