Capital requirement for foreign reinsurers in IFSCs: registration conditioned on prescribed net owned funds, applied retrospectively. The amendment requires foreign companies carrying on re-insurance business through branches in an International Financial Services Centre to have net owned funds of not less than rupees one thousand crore as a condition for registration; the requirement is applied retrospectively from 1 April 2019.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Capital requirement for foreign reinsurers in IFSCs: registration conditioned on prescribed net owned funds, applied retrospectively.
The amendment requires foreign companies carrying on re-insurance business through branches in an International Financial Services Centre to have net owned funds of not less than rupees one thousand crore as a condition for registration; the requirement is applied retrospectively from 1 April 2019.
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