Insurance Regulatory and Development Authority of India (International Financial Service Centre Insurance Intermediaries Offices) Guidelines, 2019

Jan 16, 2019 | by Avantis RegTech Legal Research Team


The Insurance Regulatory and Development Authority of India (IRDAI) on January 16, 2019 has published Insurance Regulatory and Development Authority of India (International Financial Service Centre Insurance Intermediary Offices) Guidelines, 2019.

Objective of the Guidelines:

The aim of the Guidelines is to grant permission to “Intermediaries or Insurance Intermediaries” registered by the IRDAI to undertake operations in International Financial Service Centre (IFSC) as per the objectives of the IFSC.

Applicability:

a.       The guidelines are applicable for the applicants who wish to undertake operations as IFSC Insurance Intermediary Office (IIIO) and to IIIOs;

b.      No person or entity shall commence or undertake or render services as an insurance intermediary from an IFSC without obtaining prior permission from the IRDAI (Authority), to act as an IIIO.

c.       The applicant may apply for any one of the following categories of intermediary;

i)        Insurance Broker;

ii)       Corporate Agent;

iii)     Surveyor and Loss Assessor;

iv)     Third Party Administrator – Health Services;

v)      Any other category of intermediary recognized by the IRDAI from time to time.

Provided that, the applicant may seek authorization to act as an IIIO for such category of above mentioned intermediaries for which it has been registered with the IRDAI.

 

Eligibility norms:

The IRDAI may consider requests from those applicants to set-up IIIO that meet the following criteria:

i)        The applicants are eligible to set-up an IIIO provided, they hold a valid certificate of registration issued by the Authority and the same has not been suspended or canceled.

ii)       The applicant shall be eligible to apply for authorization in the category for which it has been granted certificate of registration by the Authority.

iii)     Any other requirement that may be stipulated by the Authority from time to time.

 

The IRDAI may take a decision on the number of intermediaries that may be permitted to set-up offices in IFSC in a year depending on the orderly growth of the insurance and reinsurance market, national interest, or other related aspects.

 

[Guidelines Reference No. IRDA/RI/GDL/MISC/012/01/2019]

 

URL: https://www.irdai.gov.in/ADMINCMS/cms/frmGuidelines_Layout.aspx?page=PageNo3713


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