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

Arjun, a compliance officer at an IFSC reinsurer, is asked which regulator's regulations primarily govern the registration and ongoing compliance of the reinsurer's IFSC operations. What is the correct answer?

IFSCA governs registration and ongoing compliance of an IFSC reinsurer through its IFSC insurance regulations. It is the unified regulator for financial services in the IFSC, so IRDAI, SEBI or RBI are not the primary authority for these operations.

  1. AIRDAI alone under the Insurance Act, 1938 without any IFSCA role
  2. BSEBI under its intermediaries regulations
  3. CIFSCA, through its IFSC insurance regulationsCorrect
  4. DRBI under the Banking Regulation Act

Explanation

IFSCA is the unified regulator for financial products and services in the IFSC and has framed its own regulations for insurance business there. IRDAI, SEBI and RBI do not primarily govern IFSC insurance registration.

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