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

Under the IFSCA Act, 2019, which feature best describes how the Act interacts with other Indian laws for financial services in an IFSC, such as the Insurance Act, 1938?

The Central Government may notify that specified provisions of laws like the Insurance Act apply to IFSCs with exceptions, modifications or adaptations, or do not apply at all. The Act does not repeal the Insurance Act nationally, nor does it leave it unchanged for IFSCs.

  1. AThe Insurance Act applies fully without any modification in IFSCs
  2. BThe Central Government may notify that specified provisions of such Acts apply with exceptions, modifications or adaptations in IFSCs, or do not applyCorrect
  3. CIFSCA has no power over any statute other than its own Act
  4. DThe Insurance Act is repealed for all of India upon IFSCA's creation

Explanation

The Act enables the Central Government to notify exceptions, modifications and adaptations to specified enactments for IFSCs. So the Insurance Act is neither applied unchanged nor repealed; options saying so are incorrect.

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