Insurance business registration definitions establish eligible applicants, IFSC insurance offices, MGA arrangements, and net owned fund computation. Regulation 3 defines eligible applicants for IFSC insurance business registration, including Indian and foreign insurers, reinsurers, Lloyd's, specified ... Summary
International Financial Services Centres Authority Act, 2019
Insurance business registration definitions establish eligible applicants, IFSC insurance offices, MGA arrangements, and net owned fund computation.
Regulation 3 defines eligible applicants for IFSC insurance business registration, including Indian and foreign insurers, reinsurers, Lloyd's, specified companies, co-operative societies, foreign body corporates, and MGAs acting under binding agreements. It defines an IIO as a registered financial institution undertaking permissible activities and specifies that a binding agreement authorises an MGA to act for and enter insurance contracts on behalf of a foreign insurer or reinsurer. Net Owned Fund is based on the last audited balance sheet and excludes subsequently raised capital.
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