Regulatory relaxation framework permits written applications for enforcement relief, with prescribed fee, processing timeline, and reasoned disposal. The Competent Authority may relax the strict enforcement of any provision of the regulations in the interest of developing the insurance ecosystem in the International Financial Services Centre, provided reasons are recorded in writing. An application for relaxation must state the details and grounds, be accompanied by the prescribed non-refundable fee, and be processed within sixty days of receipt or of clarifications sought. The application must be disposed of by recording written reasons for acceptance or refusal of the relaxation sought.
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.
Regulatory relaxation framework permits written applications for enforcement relief, with prescribed fee, processing timeline, and reasoned disposal.
The Competent Authority may relax the strict enforcement of any provision of the regulations in the interest of developing the insurance ecosystem in the International Financial Services Centre, provided reasons are recorded in writing. An application for relaxation must state the details and grounds, be accompanied by the prescribed non-refundable fee, and be processed within sixty days of receipt or of clarifications sought. The application must be disposed of by recording written reasons for acceptance or refusal of the relaxation sought.
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