TaxTMI 
TaxTMI 
An IIO shall follow following basic regulatory requirements or such other requirements...
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....ce Act, 1938; (ii) an Applicant may demonstrate compliance with NOF requirement in any freely convertible foreign currency; and (iii) The NOF shall be maintained by the Applicant at all times during the subsistence and validity of certificate. Provided that where the Applicant is an MGA, the relevant Foreign Insurer or Foreign Re-insurer shall comply with the NOF requirements; Provided further that where the Applicant is other than public company, the NOF shall be as specified by the Authority. (2) Assigned Capital: An Indian Insurer desirous of setting up place of business, a Foreign Insurer, a Foreign Re-insurer or MGA or Lloyd's desirous of setting up branch office in an IFSC shall maintain a minimum assigned c....
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....e country, country of its incorporation or domicile; (b) The assets backing such solvency margin shall be invested as per the requirements of its home country regulatory or supervisory authority; (c) The assets backing such solvency margin shall remain unencumbered at all times during the subsistence and validity of certificate; and (d) The IIO shall furnish a quarterly certificate issued by the Appointed Actuary of the Applicant, to the effect that assets, liabilities and solvency margin on behalf of IIO are being maintained at Head Office of the Applicant. Provided further that where the Applicant is an MGA, the relevant Foreign Insurer or Foreign Re-insurer shall comply with the Solvency Margin require....
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....o shall be responsible for the day to day administration of the IIO as well as for its regulatory compliances - (i) An Applicant, other than Lloyd's, for its IIO shall appoint - (a) Principal Officer; (b) An Officer in-charge of underwriting of risk having relevant experience; and (c) An officer in-charge of finance and accounts having relevant experience. (ii) An Applicant of Lloyd's IFSC shall appoint - (a) Principal Officer, and (b) An officer in-charge of finance and accounts having relevant experience. Provided that an officer in-charge of finance and accounts of Lloyd's IFSC shall also be responsible for finance and accounts related matters of Service Companies of....
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.... in such form and manner as may be specified by the Authority; (11) An IIO shall comply with the Know Your Customer (KYC) and Anti-Money Laundering (AML) guidelines as may be issued by the Authority from time to time. (12) Reporting requirements: (i) Every IIO shall furnish information relating to its operations to the Authority, in such manner, interval and in such FORM, as may be specified by the Authority; (ii) Every financial reporting by a IIO to the Authority shall be in USD, unless otherwise specified by the Authority. (13) Operational Requirements: (i) An IIO shall pay such fee and charges, as may be specified by the Authority; (ii) An IIO may be permitted to have an INR account out of th....