The International Financial Services Centres Authority (IFSCA) on October 17, 2024, issued the International Financial Services Centres Authority (Registration of Insurance Business) (Amendment) Regulations, 2024 to further amend the International Financial Services Centres Authority (Registration of Insurance Business) Regulations, 2021.
The following amendments have been stated:
• In sub-regulation (2) of regulation 4 words ‘as specified at FIRST SCHEDULE of these Regulations and in the manner’ shall be omitted.
• In sub-regulation (1) of regulation 7 words ‘the relevant FORM as specified at FOURTH SCHEDULE of these Regulations to the applicant’ shall be omitted and replaced with “such FORM as may be specified by the Authority”
• The following proviso may be inserted as the second proviso of regulation 10 –
"Provided further that at the time of making the application, the applicant shall opt for category as specified in clause (A) of sub-regulation (2) of Regulation 5 of the Insurance Regulatory and Development Authority of India (Re-insurance) Regulations, 2018, under which it intends to participate in reinsurance business emanating from the DTA "
• FORM-A, FORM-B, FORM-C and FORM-D in FIRST SCHEDULE of these regulations shall be omitted.
• FORM A and FORM B in FOURTH SCHEDULE of these regulations shall be omitted.
They shall come into force from October 17, 2024.
[File No. IFSCA/GN/2024/010]
