IFSC insurance operations require member registration, service-company intermediation, policyholder security recourse, and ongoing compliance controls. Members of Lloyd's may transact insurance business from Lloyd's IFSC only through registered Service Companies, with those companies authorised to accept ... Summary
Referred In :
International Financial Services Centres Authority (Registration of Insurance Business) Regulations, 2021
IFSC insurance operations require member registration, service-company intermediation, policyholder security recourse, and ongoing compliance controls.
Members of Lloyd's may transact insurance business from Lloyd's IFSC only through registered Service Companies, with those companies authorised to accept notices and legal processes. Policyholders must have recourse to the Chain of Security on terms comparable to relevant London general business policies. Service Companies must be registered, identify represented syndicates, meet incorporation and capital requirements, undertake statutory and regulatory compliance, operate under delegated underwriting authority, disclose that they act for syndicates rather than as insurers, and may face cancellation for specified non-compliance or misconduct.
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