Repeal and saving provisions preserve prior insurance business actions while requiring existing IFSC insurance offices to meet additional requirements. Regulation 22 repeals the specified insurance business guideline governing International Financial Services Centres from publication of the Registration ... Summary
Repeal and saving provisions preserve prior insurance business actions while requiring existing IFSC insurance offices to meet additional requirements.
Regulation 22 repeals the specified insurance business guideline governing International Financial Services Centres from publication of the Registration of Insurance Business Regulations, 2021 in the Official Gazette. Actions taken under the repealed guideline are preserved and deemed to have been taken under corresponding provisions. An Insurance Office operating in an International Financial Services Centre before notification must meet any additional requirements within three months, subject to an extension permitted by the Authority.
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