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

Zenith Insurance Co, a foreign insurer, applies to IFSCA to register an IFSC Insurance Office. After scrutiny IFSCA finds the application deficient in some respects. Which course is consistent with the registration framework under the 2021 Regulations?

IFSCA may ask Zenith for further information or clarification and then decide to grant or refuse registration. Registration is not deemed on silence, a deficiency does not force instant refusal without any opportunity to respond, and IRDAI does not decide IFSC applications on IFSCA's behalf.

  1. AThe application is deemed approved if IFSCA is silent
  2. BIFSCA may seek further information or clarification from the applicant before deciding, and may grant or refuse registrationCorrect
  3. CIFSCA must refuse it immediately with no chance to respond
  4. DIRDAI decides the deficiency on IFSCA's behalf

Explanation

The registration process is application-based, with IFSCA empowered to call for additional information and then grant or reject. There is no deemed approval, and refusal is not automatic without opportunity to correct; IRDAI has no role in deciding this.

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