TaxTMI 
TaxTMI 
Application by an Indian Insurer or Indian Re-Insurer for grant of certificate of registration as IIO
X X X X Extracts X X X X
X X X X Extracts X X X X
....ant's board in support of the commitment to set up an IIO. Annexure - 8 Name, Address and contact details of the person responsible for the affairs of the proposed IIO Provide a certified copy of the board resolution appointing the person responsible for affairs of IIO 9 Regulatory approvals Provide copies of regulatory approvals for opening of an office in SEZ for conducting insurance business in the SEZ. Annexure - 10 Annual Reports Annual reports for the past 3 years. Annexure - 11 Details of the Office proposed to be opened: a. Name of the office: b. office Address: c. Address for Communications (state the name of the Principal Officer, telephone numbers, fax numbers, mobile number, e-mail address and such other details: d. Principle Officer for IIO & Key Management Personnel and allocation of responsibilities.(Proposed): e. Organizational structure. Reporting relationships of the IIO to the insurer: f. Planned infrastructure at proposed office 12 Details of payment of fee 13 Solvency margin of the Indian insurer for three years preceding....
X X X X Extracts X X X X
X X X X Extracts X X X X
....cuss the viability of the operations. Any special issues or concerns should also be indicated Certification I, the undersigned, solemnly declare that the facts given in this application form on behalf of the Applicant company, are true and that the projections and estimations are based on reasonable assumptions. Place Date: Signature of the Authorised Person (with Designation and Seal) • English Translation: If any of the document which is not in English, a certified English translation is required. The English translation to be certified "true copy" by the insurance supervisory authority in country of the Applicant or an external legal counsel. FORM - B APPLICATION BY A FOREIGN INSURER OR FOREIGN RE-INSURER FOR GRANT OF CERTIFICATE OF REGISTRATION AS AN IIO S.No. Particulars Applicant's Response Remarks Section A : Company Profile 1 Name of the Applicant 2 Address of its registered office 3 Date of incorporation as a Insurer / Re-insurer: [DD/MM/YYYY] Certificate of incorporation/Deed of Covenant/Other valid proof 4 Registration No. (....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ipal Officer, telephone numbers, fax numbers, mobile number, e-mail address and such other details: (d) Principle Officer & Key Management Personnel and allocation of responsibilities.(Proposed): (e) Organizational structure. Reporting relationships of the IIO to the holding company (f) Planned infrastructure at the proposed office 15 Details of payment of fee 16 Amount of Assigned Capital and the form in which it is maintained. Please indicate the sources of funds to meet the "Assigned Capital" requirement. 17 Particulars of Previous Application: Has the Applicant ever applied for license in International Financial Services Centre to carry out insurance business? If so, give particulars. 18. Details of shareholders of foreign (re)insurer: [Please give full name, address, percentage of holding in the paid up capital of the insurer, Occupation, Qualifications and Experience, Number of shares held and Percentage of share capital in the company] Please attach separate sheets if necessary. Details of persons holding more than 1% of the issued capital of the Applicant and promoters are....
X X X X Extracts X X X X
X X X X Extracts X X X X
....s section should describe the approach used for underwriting of proposals, etc. Please also state the nature of support to be provided in underwriting and in training of underwriters and upgradation of skills of the local persons by the head office. Annexure - 26 Retention Limits and Reinsurance The nature of re-insurance arrangements should be described fully, giving the following details: • The basis of reinsurance. • Terms of reinsurance. • Manner of re-insurance support from head office • Retention limits - in India • Retrocession within India • Retention limits - outside India Annexure - 27 Internal Controls The company will need to establish a set of procedures and norms for various activities. The manner in which these will be monitored should be described. Annexure - 28 Expenses of Administration The proposed expenses as a per cent of premium. Annexure - 29 Financial Projections A description of the model used for financial projections should be provided, based on assumptions, for a period of 5 years, for each ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....or MGA and the Foreign Insurer or Foreign Re-insurer) Annexure - Copy of the registration certificate 7 Current lines of insurance business Lines of Insurance or Re-insurance Business or both Countries of operation (separate for MGA and the Foreign Insurer or Foreign Re-insurer) 8 Amount Of Authorized capital, Subscribed capital and Issued Capital & Face value of shares and their numbers of the relevant Foreign Insurer/s or Foreign Re-insurer/s or both. (separate for MGA and the Foreign Insurer or Foreign Re-insurer) 9 Name, Address and contact details of - 1) Authorized person to make the application; and 2) the person responsible for the affairs of proposed IIO Provide a certified copy of board resolution in support of both. (separate for MGA and the Foreign Insurer or Foreign Re-insurer) 10 Net Owned Funds of the relevant Foreign Insurer or Foreign Re-insurer, at close of immediately preceding financial year (Amount to be specified as Rs. In crore. Currency conversion shall be as per rate prevailing at the time of application) 11 Credit rating for the last 3 ye....
X X X X Extracts X X X X
X X X X Extracts X X X X
....Capital and the form in which it is maintained. Please indicate the sources of funds to meet the "Assigned Capital" requirement. 19 Particulars of Previous Application: Has the applicant ever applied for license in International Financial Services Centre to carry out insurance business? If so, give particulars. 20. Details of shareholders ( Separate for MGA and the Foreign Insurer or Foreign Re-insurer) as applicable [Please give full name, address, percentage of holding in the paid up capital of the insurer, Occupation, Qualifications and Experience, Number of shares held and Percentage of share capital in the company] Please attach separate sheets if necessary. Details of persons holding more than 1% of the issued capital of the applicant and promoters are to be given in separate statements. Full Name [first, middle, surname]/Name of the Corporate Date of Birth/ Date of incorporation Address with Telephone Nos., Fax Nos., E-mail Qualifications* Experience* Present occupation* No. of equity (voting rights) shares and percentage of total holding Remarks (1) (2) (3) (4) (5) (6) (7) (8....
X X X X Extracts X X X X
X X X X Extracts X X X X
....head office. Annexure - 28 28 Retention Limits and Re-insurance (as applicable) The nature of re-insurance arrangements should be described fully, giving the following details: Annexure - • The basis of re-insurance. • Terms of re-insurance. • Manner of re-insurance support from head office • Retention limits - in IFSC • Retrocession within IFSC • Retention limits - outside IFSC 29 Internal Controls The company will need to establish a set of procedures and norms for various activities. The manner in which these will be monitored should be described. Annexure - 30 Expenses of Administration The proposed expenses as a per cent of premium. Annexure - 31 Financial Projections A description of the model used for financial projections should be provided, based on assumptions, for a period of 5 years, for each year from the start. Please provide details against each of the items listed in the next cell. (Amount should be in USD) (a) Amount of business. (b) Size Of Support and administrativ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....s 7 Amount of Paid up Capital & Number of equity shares: 8 Classification of Shares: 9 Voting Rights of each class of Shareholders: 10 Details of shareholders 11 Name, Address and contact details of the person responsible for the affairs of the proposed IIO Provide a certified copy of the board resolution appointing the person responsible for affairs of IIO 12) Promoters: [Please give full name, address, percentage of holding in the paid up capital of the insurer, Occupation, Qualifications and Experience, Number of shares held and Percentage of share capital in the company] Please attach separate sheets if necessary. Details of persons holding more than 1% of the paid up capital of the applicant and promoters are to be given in separate statements. Full Name [first, middle, surname] Date of Birth Address with Telephone Nos., Fax Nos., Email Qualification Experience Present occupation No. of equity (voting rights) shares and percentage of total holding Remarks (1) (2) (3) (4) (5) (6) (7) ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....n col.(5), leaving the columns 4 and 6 blank; particulars indicating the countries of operation, nature of business enclosing statements of accounts of the company or body corporate for the last 5 years are to be given. If there are more than one investor, the information may kindly be furnished in such a manner as to indicate clearly the inter-relationship, if any, of parties. If an investor is a nominee of another, details of the principal Investor in the above areas are to be given. Adequate care may be taken to furnish full and complete information truthfully. Any misrepresentation found later will lead to disqualification of the applicant, its promoters and others connected thereto. If the total required Capital has not yet been issued, please provide information on the expected subscription to shares and whether the potential shareholders have given any commitment or assurance to subscribe to the capital. In case an Indian investor is having shareholding in any other insurers, separate detail of the same need to be provided. 14 Applicant: This section should set out the background information. Following information should be included: &....
X X X X Extracts X X X X
X X X X Extracts X X X X
....rks (1) (2) (3) (4) (5) (6) (7) (8) Mr./Ms. If the foreign investor is a company or a body corporate registered in India or in a foreign country, give the name of the company or body corporate in column (1), furnish the date of registration in column (2), mention the areas of operation of the company in col. (5), leaving the columns 4 and 6 blank. The particulars of persons nominated by such foreign investors in the above pro forma; and particulars indicating the countries of operation, nature of business enclosing statements of accounts of the company or body corporate for the last 5 years should also be provided. 16 The Applicant Company: This section should provide the key aspects of the Company. This will cover the following: ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....: i. Number: ii. Date and Place of Issue: iii. Date of expiry: iv. Issuing Authority 18(g) Name and Address of Bank 18(h) Details and Dates of Academic Qualification 18(i) Details and Dates of Professional Qualification 18(j) Experience (covering preceding 5 years) 18(k) (a) Details of previous employment (in the last 5 years) (b) If previous employer was regulated by a regulatory body, then: i. Name of the Previous Employer: ii. Nature of Employer's business: iii. Name of the Regulatory body supervising the Employer: iv. Last Designation (including duties & responsibilities. v. Date of Appointment: vi. Date of Resignation: 18(l) Details of other business interests of the Key Management Person during the preceding 5 years in the form of holding equity shares in excess of 2% or Directorships in any other entity 18(m) Relationship of KMP with the Insurer and related parties of insurer, if any: ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....insurer in India or in any foreign country or director of any other company in India or in any foreign country 18(u) Whether the Key Management Person is in the full time employment of the insurer? If not, then please give the full details of other employment/ engagement: 18(v) Whether the Key Management Person is on deputation / secondment from any other organization? If yes, (a) furnish the full particulars of the Parent Organization: (b) whether any remuneration etc., is paid by the Parent Organization, if so complete details of the remuneration: 18(w) Whether the Key Management Person is into the full time / part time employment of any group company / associated company or the promoting partner of the insurer? In the Remarks column, please mention whether any director or key management person is an agent, broker, intermediary, director or employee of any other insurance company (or Re-insurer) in India or in any foreign country or director of any other company in India or in any foreign country, 19) External Au....
X X X X Extracts X X X X
X X X X Extracts X X X X
....munications (state the name of the Principal Officer, telephone numbers, fax numbers, mobile number, e-mail address and such other details: j. Principle Officer for IIO & Key Management Personnel and allocation of responsibilities.(Proposed): k. Organizational structure. Reporting relationships of the IIO to the insurer: l. Planned infrastructure at proposed office 25 Details of payment of fee 26 Solvency margin of the Indian insurer for three years preceding the date of application Section B: IIO Business Strategy 27 Types of Insurance or Reinsurance arrangements to be offered, as the case may be The Applicant may give detail of the types of insurance or reinsurance arrangements that it will offer to the Indian and other markets. Annexure - 28 Underwriting This section should describe the approach used for underwriting of proposals, etc. Please also state the nature of support to be provided in underwriting and in training of underwriters and upgradation of skills of the local persons by the head office. Annexure - 29 Recruitment and Training Different are....