International Financial Services Centres Authority (Management Control, Administrative Control and Market Conduct of Insurance Business) Regulations, 2023
International Financial Services Centres Authority (Management Control, Administrative Control and Market Conduct of Insurance Business) Regulations, 2023
Regulation 23 - Non-applicability of certain regulations and savings
International Financial Services Centres Authority (Management Control, Administrative Control and Market Conduct of Insurance Business) Regulations, 2023 Chapter V MISCELLANEOUS
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Regulatory non-applicability in International Financial Services Centres disapplies specified insurance rules, preserves prior actions, and mandates transitional compliance. From commencement, specified insurance regulatory instruments, together with circulars and guidelines issued under them, cease to apply in International ... Summary
Regulatory non-applicability in International Financial Services Centres disapplies specified insurance rules, preserves prior actions, and mandates transitional compliance.
From commencement, specified insurance regulatory instruments, together with circulars and guidelines issued under them, cease to apply in International Financial Services Centres. The non-applicability covers insurance business matters including capital, policyholder protection, outsourcing, disclosures, expenses, and commission. Prior actions under the displaced framework are preserved through deeming under corresponding provisions. Existing IIOs and IIIOs must meet additional requirements within three months, subject to an extended period specified by the Authority.
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