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

Orion Brokers applies for registration as an IFSC Insurance Intermediary Office. Which statement best reflects the regulatory position on the application under the 2021 Regulations?

The application goes to IFSCA in the prescribed form along with the fee, and IFSCA may grant registration subject to conditions. IFSCA, not IRDAI or the Registrar of Companies, is the registering authority for insurance intermediaries operating in the IFSC.

  1. AApplication is made to IRDAI, which then informs IFSCA
  2. BApplication is made to IFSCA in the prescribed form with the fee, and IFSCA may grant registration subject to conditionsCorrect
  3. CNo application is needed for brokers
  4. DApplication is made to the Registrar of Companies, who grants registration

Explanation

IFSCA is the registering authority for entities carrying on insurance business or intermediation in the IFSC. The applicant files the prescribed application with the fee, and IFSCA may grant registration with conditions. IRDAI and the RoC are not the registering authorities for this purpose.

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