The International Financial Services Centres Authority (IFSCA) has released International Financial Services Centres Authority (Operations of International Financial Services Centres Insurance Offices) Guidelines, 2021 on October 27, 2021.
Key highlights:
Objective: These guidelines aim to put in place a framework to address operational issues for the International Financial Services Centres Insurance Office (IIO) in the International Financial Services Centre (IFSC).
Applicability: The guidelines shall be applicable to the applicant of the IIO and / or the IIOs registered under the IFSCA (Registration of Insurance Business) Regulations, 2021.
Key points under the guidelines are with respect to the following:
- Transacting of Life Insurance & Health Insurance by the IIO
- Manner of receipt of insurance premium
- Settlement of Claims
- Intermediary or Insurance Intermediary
- Reinsurance and Retrocession Requirements
- Maintenance of Books of Accounts, Records and Documents
- Fee Structure
- Corporate Governance
- Protection of Policyholders Interest
- Outsourcing Arrangements
- Insurance Products
- Fit and Proper Criteria
- Reporting Requirements and formats for IIOs
Access the International Financial Services Centres Authority (Operations of International Financial Services Centres Insurance Offices) Guidelines, 2021, HERE
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