Insurance intermediary capital requirements distinguish full IFSC registrations from branch registrations across intermediary categories and net-worth obligations. Minimum capital and net-worth thresholds apply to insurance intermediaries operating other than as branches in an IFSC. Direct insurance brokers require ... Summary
Referred In :
International Financial Services Centres Authority (Insurance Intermediary) Regulations, 2021
Insurance intermediary capital requirements distinguish full IFSC registrations from branch registrations across intermediary categories and net-worth obligations.
Minimum capital and net-worth thresholds apply to insurance intermediaries operating other than as branches in an IFSC. Direct insurance brokers require specified capital and net worth. Reinsurance and composite brokers must maintain prescribed capital and net worth equal to 60% of minimum capital. Corporate agents and third-party administrators have separate capital and net-worth thresholds, while surveyors and loss assessors have none. Branch-registered intermediaries have lower minimum capital requirements, with no separate net-worth requirements in this Part.
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