The International Financial Services Centres Authority (IFSCA) on May 01, 2023, issued the International Financial Services Centres Authority (Management Control, Administrative Control and Market Conduct of insurance business) Regulations, 2023.
This shall be enforced on May 01, 2023
OBJECTIVE:
These regulations aim to put in place the regulatory framework related to Management Control, Administrative Control and Market Conduct of insurance business carried out by an IIO or IIIO
APPLICABILITY:
These regulations shall be applicable to all International Financial Services Centres Insurance Offices (IIOs), and also to the International Insurance Intermediary Offices (IIIOs), to the extent specified.
PROVISIONS:
• The Change in Shareholding Pattern and Management Control has been stated
• The Internal Administrative Controls such as Expenses of Management, Payment of the commission, Places of business, etc. have been stated
• The Market Conduct such as the Acquisition of Surrender and Paid-up Values of Life Insurance Policies, Minimum Limits for Annuities, and Other Benefits, etc. have been stated.
[Notification No. IFSCA/2022-23/GN/REG035]
