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

Under the IFSCA (Registration of Insurance Business) Regulations, 2021, which of the following entities can be registered as an IFSC Insurance Intermediary Office (IIIO) in GIFT IFSC?

Insurance intermediaries such as brokers and corporate agents, along with other specified intermediary types, can register with IFSCA as IFSC Insurance Intermediary Offices. The Regulations create this category specifically for intermediary services in the IFSC, unlike banks or representative offices.

  1. AAn insurance broker, corporate agent or surveyor/loss assessor type intermediary offering services in the IFSCCorrect
  2. BOnly a bank holding a banking licence
  3. COnly a foreign reinsurer's representative office
  4. DAny individual without a defined entity form

Explanation

The Regulations provide for registration of insurance intermediaries such as brokers, corporate agents and other specified intermediaries as IIIOs. Banks and representative offices are not the defined category, and the Regulations contemplate entities, not any individual without structure.

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