Managing general agency operations in IFSCs require foreign insurer backing, binding authority, compliance, and transparent representative status.

Managing General Agents transacting insurance business in an IFSC must establish an Indian company, maintain prescribed paid-up capital, and provide regulatory and operational assistance to the represented foreign insurer or foreign re-insurer. Business may be conducted only where the foreign principal authorises acceptance of legal process and undertakes responsibility for claims. A binding agreement must define underwriting and claims authority, business operations, staffing, financial information, professional indemnity, classes of business and compliance arrangements. MGAs must identify themselves as representatives rather than insurers.

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