Insurer capital requirement: foreign reinsurers operating from IFSCs must meet enhanced registration capital before operating. A new subsection requires that no insurer, being a foreign company engaged in re insurance business through a branch established in an International Financial Services Centre under the Special Economic Zones Act, shall be registered unless it has net owned funds of not less than rupees one thousand crore, establishing a pre registration capital eligibility condition for such foreign reinsurers under the Insurance Act, 1938.
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.
Insurer capital requirement: foreign reinsurers operating from IFSCs must meet enhanced registration capital before operating.
A new subsection requires that no insurer, being a foreign company engaged in re insurance business through a branch established in an International Financial Services Centre under the Special Economic Zones Act, shall be registered unless it has net owned funds of not less than rupees one thousand crore, establishing a pre registration capital eligibility condition for such foreign reinsurers under the Insurance Act, 1938.
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