Insurance Business Registration Definitions establish applicant categories, IFSC insurance office status, MGA authority, and net owned fund computation. Eligible applicants for insurance business registration in an International Financial Services Centre include Indian insurers, foreign insurers or ... Summary
International Financial Services Centres Authority Act, 2019
Insurance Business Registration Definitions establish applicant categories, IFSC insurance office status, MGA authority, and net owned fund computation.
Eligible applicants for insurance business registration in an International Financial Services Centre include Indian insurers, foreign insurers or reinsurers, Lloyd's, specified India-registered entities, qualifying companies and co-operative societies, eligible foreign body corporates, and Managing General Agents operating under valid binding agreements. A binding agreement authorises an MGA to act for a foreign insurer or reinsurer and enter insurance contracts on its behalf. An International Financial Services Centre Insurance Office is a registered financial institution undertaking permissible insurance activities.
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