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....accordingly, - (a) 'Act' means the International Financial Services Centres Authority Act, 2019 (50 of 2019); (b) 'Applicant' means - (i) a body corporate incorporated outside India and authorised by foreign insurer(s) under a written contract to manage part of its direct insurance business including solicitation, underwriting risks and/or settling the cl....

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....means a 'Board' as defined under the Companies Act, 2013 (No. 18 of 2013) or a body discharging equivalent functions, by whatever name called; (f) 'Competent Authority' means: (i) Chairperson; or (ii) such Whole-Time Member or such Committee of the Whole-Time Members or Officer (s) of the Authority, as may be determined by the Chairperson. (g) &#....

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.... (k) 'International Financial Services Centre (IFSC)' shall have the same meaning as assigned to it under clause (g) of sub-section (1) of section 3 of the Act; (l) 'IFSC Banking Unit (IBU)' means a unit licensed by the Authority to undertake permissible activities under International Financial Services Centres Authority (Banking) Regulations, 2020; (m) &#3....

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....of a branch in the IFSC, the expression 'Principal Officer' shall be construed as 'Branch Head'. (q) 'Specified Foreign Currency' means the currencies specified in the First Schedule of the International Financial Services Centres Authority (Banking) Regulations, 2020, as amended from time to time; and (r) 'Underwriting' refers to the process of ac....