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Direct insurance business rules for an MGA define cross-border operations, DTA solicitation limits, and foreign-currency compliance. An MGA may undertake direct insurance business in the IFSC, outside India, or both, but cannot solicit business from the Domestic Tariff Area except as permitted under the Insurance Act, 1938. The MGA must conduct business in accordance with the regulations and the conditions of its certificate of registration, operate in specified foreign currencies, and may open an INR account for administrative and statutory expenses and other purposes allowed under applicable law.
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Provisions expressly mentioned in the judgment/order text.
Direct insurance business rules for an MGA define cross-border operations, DTA solicitation limits, and foreign-currency compliance.
An MGA may undertake direct insurance business in the IFSC, outside India, or both, but cannot solicit business from the Domestic Tariff Area except as permitted under the Insurance Act, 1938. The MGA must conduct business in accordance with the regulations and the conditions of its certificate of registration, operate in specified foreign currencies, and may open an INR account for administrative and statutory expenses and other purposes allowed under applicable law.
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