Provisions applicable for MGA and relevant Foreign Insurer or Foreign Re-insurer

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.... MGA in an IFSC: An MGA registered under Companies Act, 2013, desirous to transact insurance business in an IFSC, shall set up a company with the following norms: (1) The MGA may establish a private or a public company registered with Registrar of Companies in India, with a minimum paid up capital of INR five lakh; (2) The main objects of Memorandum of Association and Article of ....

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....b) the foreign insurer or foreign re-insurer authorises MGA acting on behalf of it for the purposes of these Regulations to accept service of notices and legal processes in respect of or connected to the carrying on of insurance business in an IFSC, including any notice or direction of the Authority to such the foreign insurer or foreign re-insurer; and (c) such the foreign insurer or for....

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....to principal staff operating in the MGA, (d) financial information, (e) professional indemnity details, (f) classes of business to be underwritten by the MGA, (g) the approach the MGA will take to ensure compliance with registration requirements (h) other requirements as may specified by relevant foreign insurer or foreign re-insurer. (4) The M....

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....ance, endorsements and other such documents evidencing cover as may be agreed in writing by the foreign insurer or foreign Re-insurer; (b) collect and process premiums and return premiums on behalf of the foreign insurer or foreign Re-insurer; (c) handle claims and/or settle claims, if authorised; (d) shall use prominently the name of the foreign insurer or foreign Re-in....