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

Nila Assurance Ltd, an insurer incorporated in India, wants to set up an IFSC Insurance Office (IIO) in GIFT IFSC to write insurance business. Which authority's registration is required under the IFSCA (Registration of Insurance Business) Regulations, 2021 before it commences this business from the IFSC?

The insurer must obtain registration from the International Financial Services Centres Authority. The IFSCA (Registration of Insurance Business) Regulations, 2021 make IFSCA the registering regulator for insurance business in the IFSC, so IRDAI registration for the domestic business does not substitute for it.

  1. AInsurance Regulatory and Development Authority of India only
  2. BInternational Financial Services Centres AuthorityCorrect
  3. CReserve Bank of India
  4. DSecurities and Exchange Board of India

Explanation

The 2021 Regulations are framed by IFSCA, and insurance business in the IFSC is carried on only by entities registered with IFSCA. IRDAI is not the registering authority for IFSC insurance offices, so option A is wrong even though the parent may be IRDAI-regulated.

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