Insurance intermediary operations define territorial permissions, authorised business classes, policy servicing limits, legal compliance, and foreign-currency financial transactions. Scope of operations for IIIOs distinguishes permitted insurance activities by registration category and location. Direct insurance brokers may operate ... Summary
Insurance intermediary operations define territorial permissions, authorised business classes, policy servicing limits, legal compliance, and foreign-currency financial transactions.
Scope of operations for IIIOs distinguishes permitted insurance activities by registration category and location. Direct insurance brokers may operate from the IFSC, other Indian SEZs and outside India, subject to limits on soliciting business from the Domestic Tariff Area. Composite and reinsurance brokers may also operate in the Domestic Tariff Area. IIIOs may transact only authorised classes of business. Registered TPAs, surveyors and loss assessors have restricted policy-servicing functions, with a specified overseas-treatment exception. All IIIOs must comply with applicable laws and conduct financial transactions in freely convertible foreign currency other than Indian Rupee.
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