Managing General Agent operations in an IFSC require foreign insurer authorisation, claims undertaking, binding agreement, and regulatory compliance.

MGAs transacting insurance business from an IFSC for a foreign insurer or foreign re-insurer must establish an Indian company, undertake statutory and regulatory compliance, and operate under a certified binding agreement. The represented foreign entity must authorise the MGA to accept notices and legal process and undertake to meet claims arising from business underwritten by the MGA. MGAs may bind insurance, collect premiums, process refunds, issue cover documents, and handle claims where authorised, while prominently identifying the represented foreign insurer or foreign re-insurer.

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