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

Himalaya Re Ltd, a reinsurer headquartered abroad, wants to accept reinsurance business from Indian insurers through a presence in GIFT IFSC. Which approach fits the IFSCA framework for insurance business in the IFSC?

The entity should register with IFSCA as an IFSC Insurance Office and carry on reinsurance business from the IFSC. IFSCA is the single regulator for insurance in the IFSC, so licences from the ROC, a stock exchange or an unregistered liaison presence do not authorise reinsurance.

  1. ARegister with IFSCA as an IFSC Insurance Office (IIO) in the IFSC and carry on reinsurance business from thereCorrect
  2. BApply to the Registrar of Companies for a reinsurance licence and operate outside the IFSC
  3. COperate only through an unregistered liaison desk in GIFT City
  4. DSeek a licence from the stock exchange in the IFSC

Explanation

IFSCA regulates insurance and reinsurance in the IFSC. An entity that wants to write such business from the IFSC must register with IFSCA, for example as an IFSC Insurance Office. A ROC licence, a liaison desk or an exchange licence does not authorise reinsurance business.

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