Schedule VI requires insurance intermediaries seeking fresh or renewed registration to submit a complete application, prescribed fee, organisational and ownership disclosures, business plans, financial information, infrastructure details, personnel particulars and supporting records. Applicants must disclose disputes and economic offences, maintain an arm's-length financial relationship between intermediary activities, avoid inducement rebates, service run-off business when required, and submit eligibility and accuracy declarations. Fresh applications also require constitutional records, board authorisation, training compliance undertakings, infrastructure evidence and projected financial statements. Branch IIIO applicants must additionally demonstrate home-country compliance, branch strategy, internal controls and operational viability.

Insurance intermediary registration is evidenced by a certificate issued to a named entity for its specified intermediary category, with a registration number and defined validity period. The certificate is granted under the International Financial Services Centres Authority Act, 2019 and the Insurance Act, 1938, and remains subject to those enactments and the IFSCA (Insurance Intermediary) Regulations, 2021. Renewal requires a separate certificate identifying the entity, category, registration number, issue date and renewed validity period, subject to the same legal framework.

Insurance brokers must maintain yearly professional indemnity cover throughout registration for negligence, fraud-related liability, document loss, and employee dishonesty. Cover applies to all claims made during the insurance period irrespective of when the causative event occurred and cannot require prior payment by the broker. Indemnity limits are remuneration-linked and category-specific, while uninsured excess is capped by capital employed. Brokers must secure insurer certification, report cancellations, claims, and potential claims promptly, and notify the Authority when an insurer proposes to decline indemnity.

Insurance brokers must clarify their capacity and the services offered, obtain client mandates where required, perform KYC-related documentation, and recommend insurance suited to the prospective client's needs. They must not use agents or canvassers, make misleading or spurious calls, favour particular insurers, make unfair criticisms, or engage in money laundering. Brokers must explain premium arrangements, loss procedures, policy terms, exclusions, warranties, cancellation rights, insurer participation, and changes to cover; ensure that clients understand the duty of full and continuing disclosure; and provide prompt written confirmation and policy documentation.

Insurance brokers must provide client-focused broking services, maintain records, and may charge for risk-management services only for commercial risks under written client authority without receiving duplicate remuneration. Co-broking requires written client consent, defined responsibilities, agreed remuneration sharing and insurer disclosure; direct co-broking is prohibited for individual and retail insurance. Corporate agents must maintain policyholder-focused distribution arrangements and service policies. Surveyors must independently assess and report losses. Third party administrators may administer health claims and related services but cannot solicit insurance business, while hospital discounts must reach policyholders or claimants.

Minimum capital and net-worth thresholds apply to insurance intermediaries operating other than as branches in an IFSC. Direct insurance brokers require specified capital and net worth. Reinsurance and composite brokers must maintain prescribed capital and net worth equal to 60% of minimum capital. Corporate agents and third-party administrators have separate capital and net-worth thresholds, while surveyors and loss assessors have none. Branch-registered intermediaries have lower minimum capital requirements, with no separate net-worth requirements in this Part.

Repeal and saving provisions replace the specified IRDAI guidelines upon notification of the International Financial Services Centres Authority (Insurance Intermediary) Regulations, 2021 in the Official Gazette. Prior actions under those guidelines remain valid and are deemed to have been taken under corresponding regulatory provisions. An IIIO already operating in an IFSC must comply with additional requirements within six months of notification or any extended period specified by the Authority.

Surrender of Certificate permits an applicant to close its IIIO and surrender its certificate only after obtaining prior approval from the Authority. Closure and certificate surrender therefore remain subject to regulatory oversight.

Default by an Insurance Intermediary International Office may attract disciplinary action where the Authority considers that its operations breach applicable statutory, regulatory, circular, or guideline requirements, or are not in the interests of International Financial Services Centres. Suspension or cancellation of the certificate may be imposed only after the IIIO is given an opportunity to make submissions. Other appropriate action may also be taken under the Act.

Inspection, investigation and information powers permit the Authority to examine the affairs of an insurance intermediary and require information from an IIIO or an applicant relating to activities carried on as an IIIO.

Regulation 28 empowers the Authority to prescribe norms, procedures, processes and methods, and to grant relaxations through guidelines or circulars in accordance with the Act. The power supports implementation of the insurance intermediary regulatory framework and matters incidental to it, while facilitating and regulating insurance and reinsurance financial services in an IFSC.

An IIIO may enter into agreements with insurers for online sale of insurance products by linking to insurers' web portals or establishing an insurance self-network platform. Digital-mode insurance solicitation remains subject to conditions specified by the Authority. Sales involving online or offline lead generation and telemarketing completion must follow the specified procedure.

Amalgamation, merger, acquisition and transfer of business by insurance intermediaries require compliance with the regulatory framework and, for an IIIO, prior approval of the Authority. A limited exception applies to a branch office in an IFSC where the transferred business was not transacted by the IIIO. Transfers of all or part of an IIIO's business require approval, and a transferor cannot conduct the transferred business beyond six months. Approval is also required where transfer results in voluntary surrender of registration.

Insurance intermediaries require prior approval for changes to key management personnel, directors, partners or members, name, and corporate or registered office. Resignations of directors, partners or members must be intimated. Insurance Brokers and Corporate Agents must update information on Broker Qualified Persons or Specified Persons and claims under Professional Indemnity Policies. Information, data and documents may also be required in the specified manner and at specified intervals.

Insurance intermediaries must file periodical returns in the manner specified by the Authority, establishing an ongoing regulatory reporting obligation.

Outsourcing by insurance intermediaries is permitted for activities specified by the Authority under Regulation 23 of the International Financial Services Centres Authority (Insurance Intermediary) Regulations, 2021.

Insurance intermediary business is subject to a 50 percent single-client remuneration ceiling in each financial year. A client includes an associate, subsidiary or group concern under the same management, and the Authority's determination of common management is final. Compliance certification must accompany audited accounts and may be issued by a practising Chartered Accountant, practising Company Secretary, practising Cost Accountant, or another appropriately qualified person specified by the Authority.

Insurance intermediaries must prepare annual balance sheets, accrual-basis profit and loss accounts, direct-method cash or fund-flow statements, and additional statements specified by the Authority. Audited financial statements, auditor reports, observations and explanations must be submitted within the prescribed period, while audit deficiencies must be rectified and reported. Books and records must be maintained at the IFSC office, retained for the applicable period, and available for inspection. Financial statements must provide insurer-wise income details and disclose payments from group companies, associates and related parties, while audited accounts and balance sheets must disclose all related-party transactions.

Segregation of premium governs funds handled by registered reinsurance brokers and composite brokers under reinsurance contracts. Where permitted by mutual agreement or international market practice, a broker may collect premium for remittance to a reinsurer or receive claims from a reinsurer for onward payment to an insurer. Such collected money must be handled in the manner specified by the Authority.

Insurance intermediaries must maintain a proper internal audit system and internal controls and systems adequate to the size, nature and complexity of their business. The audit and control framework must correspond with the intermediary's operational scale, business characteristics and complexity.