Insurance intermediary amalgamations and business transfers require prior approval, with limited branch-office exceptions and post-transfer operating restrictions.

Amalgamation, merger, acquisition and transfer of business by insurance intermediaries require compliance with the regulatory framework and, for an IIIO, prior approval of the Authority. A limited exception applies to a branch office in an IFSC where the transferred business was not transacted by the IIIO. Transfers of all or part of an IIIO's business require approval, and a transferor cannot conduct the transferred business beyond six months. Approval is also required where transfer results in voluntary surrender of registration.

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