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

Rohan Brokers Pvt Ltd wants to place insurance and reinsurance business from GIFT IFSC on behalf of clients, without itself underwriting any risk. Which registration route under the IFSCA (Registration of Insurance Business) Regulations, 2021 fits this activity?

Rohan Brokers must register as an insurance intermediary or intermediary office with IFSCA. The Regulations regulate placement and servicing of insurance business as well as risk acceptance, so not underwriting risk does not exempt it, and an insurance office registration is meant for risk-bearing insurers.

  1. ARegistration as an IFSC Insurance Office
  2. BRegistration as an insurance intermediary or intermediary officeCorrect
  3. CNo registration is needed because it bears no risk
  4. DRegistration as a stock broker only

Explanation

The Regulations cover both insurers and insurance intermediaries (such as brokers and corporate agents). Placing business is regulated activity even without bearing risk, so registration is needed; an insurance office is for risk-bearing entities.

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