TaxTMI 
TaxTMI 
International Financial Services Centres Authority (Insurance Intermediary) Regulations, 2021
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....nternational Financial Services Centre under the regulatory purview of The International Financial Services Centres Authority Act, 2019 (50 of 2019). 3. Definitions - (1) In these regulations, unless the context otherwise requires, the terms defined herein shall bear the meanings as assigned to them below and their cognate expressions shall be construed accordingly- (a) "Act" means the International Financial Services Centres Authority Act, 2019 (50 of 2019); (b) "Applicant" means (i) an intermediary or insurance intermediary registered with IRDAI; (ii) a foreign insurance intermediary registered with home country regulatory or supervisory authority; (iii) an Indian company incorporated under the Companies Act, 2013, or a firm or a co-operative society; or (iv) a body corporate incorporated under the laws of any country outside India. (c) "Authorised verifier" means a person employed by the insurance intermediary for insurance solicitation and procurement through telemarketing and distance marketing mode; (d) "Authority" means the International Financial Services Centres Authority established under sectio....
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.... (q) "Insurer" for the purposes of these Regulations means an entity incorporated under the law of any country and duly registered with its home country regulatory or supervisory authority for transacting insurance or reinsurance business or both; (r) "Intermediary or insurance intermediary" shall collectively refer to insurance broker, corporate agent, insurance surveyor and loss assessor, third party administrator and such other intermediary as may be specified by the Authority from time to time; (s) "IFSC insurance intermediary office" or "IIIO" means a financial institution referred to in clause (c) of sub-section (1) of section 3 of the Act that is registered with the Authority to carry on the activities of an intermediary or insurance intermediary as may be specified by the Authority; (t) "Insurance surveyor and loss assessor" means a person registered with the Authority under these regulations for providing services relating to losses under contracts of insurance; (u) "IRDAI" means the Insurance Regulatory and Development Authority of India established under Section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1....
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....ION OF INSURANCE INTERMEDIARY 4. Registration- (1) An application for the grant of certificate of registration to act as an insurance intermediary shall be made for any one of the following categories, namely: (a) Insurance distributor: (i) Composite Broker; (ii) Corporate Agent; (iii) Direct Broker; (iv) Reinsurance Broker; (b) Insurance claim service provider: (i) Surveyor and Loss Assessor; (ii) Third Party Administrator; Explanation: An applicant registered or licensed as an insurance intermediary in a jurisdiction outside India, to undertake any of the activity that can be performed by the Insurance Intermediaries referred in sub-regulation (1), by whatever name called, may also make an application for the grant of registration under such category. (2) An applicant registered as an intermediary or insurance intermediary with IRDAI and desirous of setting up branch office in an unincorporated form in an IFSC shall meet with the following requirements: (a) It holds a valid certificate of registration issued by IRDAI, which is not withdrawn, cancelled or suspended; (b) It has act....
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....bility Partnership Act, 2008(6 of 2009); or (iv) Any other legal form as may be specified by the Authority. (b) For registration as a Corporate Agent (i) A company incorporated under the Companies Act, 2013 (18 of 2013); (ii) A co-operative society registered under the Co-operative Societies Act, 1912 (2 of 1912) or under any other law for the time being in force in any State relating to co-operative societies or under the Multi-State co-operatives societies Act, 1984 (51 of 1984); (iii) A limited liability partnership formed under the Limited Liability Partnership Act, 2008(6 of 2009); (iv) A banking company as defined in clause (4A) of Section 2 of the Insurance Act; (v) A banking unit set up in IFSC; (vi) A regional rural bank established under Section 3 of Regional Rural banks Act, 1976 (21 of 1976); (vii) A micro lending finance organization covered under the co-operatives society Act, 1912 or a Non-banking financial company registered with RBI; or (viii) Any other legal form as may be specified by the Authority. (c) For registration as a Third Party Administrator: (i) A....
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....uct of the IIIO and other qualified personnel with necessary qualification and experience as may be specified by the Authority. (vi) Whether the Principal Officer/ Branch Head/ Director(s)/ Promoter(s)/ Partner(s)/Designated Partners/members/ Key Management Personnel/ controlling shareholders are fit and proper person in the manner as specified by the Authority; (vii) Whether the promoters/ investors/ partners/designated partners/members/controlling shareholders of the applicant are of sound financial position to make investment in the applicant; (viii) Whether the issue of certificate to the applicant will be in the interest of policyholders. (4) The Authority may specify such additional eligibility conditions for a particular class of Applicants as it may deem fit. (5) The Authority may also require an applicant to furnish any additional information and/or clarification and/or documents, as it may deem necessary for the purpose of processing of the application. (6) The applicant shall forthwith bring to the notice of the Authority, on its own, such further information/or clarification, which might have a bearing on consideration of their applic....
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....policy and such other requirements as may be deemed necessary by Authority for issuance of Certificate. (2) The Authority on being satisfied with the compliance under sub-regulation (1) and also the compliance required to be fulfilled under the provisions of the Act, Rules, regulations, circulars and guidelines may issue a Certificate in the form specified in SCHEDULE-V of these Regulations stating thereof category for which registration is granted. (3) The certificate granted under sub-regulation (2) shall be valid for a period of three (3) years from the date of its issuance unless it is revoked or cancelled by the Authority; (4) If, after considering the application, the Authority is of the opinion that registration cannot be granted, it shall communicate the deficiencies to the applicant giving it thirty (30) days' time to rectify them. (5) If the applicant fails to rectify such deficiencies to the satisfaction of the Authority within the specified time, the Authority may refuse to grant registration and shall communicate the same to the applicant, giving reasons for such refusal. Provided that no such refusal shall be made by the Authority without giving the applic....
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....d also that a renewal application received after sixty (60) days from the date on which the registration ceases to remain in force will be considered only after a lapse of twelve (12) months from the date of submission of the late application. However, during the interregnum, the certificate of the IIIO shall cease to exist and it shall not solicit any new business, except servicing the existing policies till the expiry of the contract. (2) The provisions of Regulations 6 and 7 as applicable to the grant of registration shall also apply to an application for renewal of registration of an IIIO. (3) An IIIO whose certificate is expired and is pending for renewal, shall not engage in any fresh insurance business except for servicing the existing policyholders till the renewal of registration. (4) The Branch Head / Principal officer and/or Broker Qualified Persons or a Specified Person of an IIIO before seeking a renewal of certificate shall have completed the requisite training as may be specified by the Authority. (5) During processing of the application for renewal of certificate, the Authority may call for additional information /documents from the IIIO and it shall be ....
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....General obligations of an IIIO - (1) The IIIO shall have the word 'Insurance Broker' / 'Insurance Brokers' / 'Insurance Broking' / 'Third Party Administrator' / 'Surveyor or Loss Assessor' in their name to reflect their line of activity and to enable the public to differentiate the insurance intermediary registered with the Authority from other non-registered insurance related entities. Provided that the above requirement shall not be applicable for foreign insurance intermediary who is desirous of setting up its branch office in the IFSC. Foreign insurance intermediary may continue its name as approved by its home country regulatory or supervisory Authority. (2) Every IIIO shall display: (i) certificate issued by the Authority at a prominent place in its office; (ii) its name registered with the Authority, address of the Registered and Corporate Office, registration number, granted by the Authority the category for which it is registered, validity period of the registration, in all its correspondences with all stakeholders. (3) An IIIO shall not use any other name in its correspondence/ literature/ letter heads without the prior approval of the Author....
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....by the authority. Explanation: For the purposes of these regulations, "net worth" shall have the same meaning as assigned to it in the Companies Act, 2013. (6) The IIIO shall submit to the Authority a paid-up capital and net-worth certificate duly certified by its statutory auditor or Chartered Accountant or Practicing Company Secretary, on half yearly basis. 14. Professional indemnity insurance - Every IIIO shall purchase and maintain at all times a professional indemnity insurance cover as specified in SCHEDULE-V of these Regulations throughout the validity of its Registration. Provided that the Authority, in appropriate cases, may allow a newly registered IIIO to purchase such a policy within twelve (12) months from the date of grant of certificate. Provided further the applicant who has established an IIIO in a branch form shall comply with the professional indemnity policy requirements at its head office and shall have endorsement on such policy to the effect that liabilities if any, arising out of operations at the IFSC branch office are also covered in such policy. CHAPTER IV OPERATIONS AND MANAGEMENT 15. Ownership and Control of Shares The chan....
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....l statements on its business as may be specified by the Authority. Explanation: For the purposes of this regulation, the financial year: (i) for a branch established in an IFSC- shall refer to the financial year followed by its home country's regulatory or supervisory authority; (ii) for an entity incorporated in IFSC- shall refer to a period of twelve (12) months commencing from 1st April and ending on the 31st March. (2) The IIIO which is established in the branch form shall prepare and maintain the financial statements in accordance with the accounting standards as applicable for its applicant, as specified by their home country regulatory or supervisory authority. (3) Every insurance intermediary shall submit to the Authority, a copy of the audited financial statements referred to in sub-regulation (1) along-with the auditor's report thereon within thirty (30) days of holding of the annual general meeting or before 30th September every year, whichever is earlier, along with the remarks or observations of the auditor, if any, on the conduct of the business, state of accounts, etc., and a suitable explanation on auditor's observations/remarks from....
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.... regulation. 23. Outsourcing of activities by insurance intermediary - An insurance intermediary can outsource the activities as may be specified by the Authority. 24. Filing of Returns - The insurance intermediary shall file the periodical returns as may be specified by the Authority. 25. Disclosures to the Authority - (1) An insurance intermediary shall take prior approval of the Authority for the following; (i) Change of Principal Officer/ Branch Head; (ii) Change of Director(s)/Partner(s)/member (s) Provided that the Authority shall be informed in the event of resignation of any director / partner/member. (iii) Change of its name; or (iv) Change of its corporate/registered office. (2) An insurance intermediary shall furnish to the Authority the following information as and when there is a change/addition to the information furnished previously to the Authority: (i) List of Broker Qualified Persons or Specified Persons; or (ii) Claims under the Professional Indemnity Policy. Explanation: The above requirements are applicable for insurance intermediary registered as Insurance Broker and C....
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....ese regulations and matter incidental thereto, or in order to facilitate and regulate financial services related to insurance and reinsurance business activities in an IFSC, the Authority may specify norms, procedures, processes, manners or provide relaxations, by way of guidelines or circulars in accordance with the provisions of the Act. 29. Inspection, Investigation, and Information - The Authority shall have the power to inspect or investigate the affairs of the insurance intermediary including calling for any information from the IIIO or the applicant, so far as it relates to its activities as an IIIO. 30. Action in case of Default - (1) If pursuant to an inspection or investigation or otherwise, the Authority is of the opinion that the operations of an IIIO are not being conducted in accordance with the provisions of the Act, rules or regulations or circulars and guidelines issued thereunder or its activities are not in the interests of the International Financial Services Centres, the Authority may take appropriate disciplinary action against it including but not limited to suspension or cancellation of certificate after giving an opportunity to the IIIO, of maki....
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....ate insurance cover and terms; (iii) Maintain a database of available insurance and reinsurance markets; (iv) Act promptly on instructions from a client and provide it with written acknowledgements and progress reports; (v) Negotiate with an insurer/reinsurer on client's behalf; (vi) Maintain proper records of claims; (vii) Maintain a register of its broking staff; (2) Risk Management Services - (i) An insurance broker may charge the client fee for the services rendered by it to the client for risk management services or other similar services; (ii) The insurance broker can undertake this activity only for commercial risks based on the written confirmation from client for those fees; (iii) The Insurance broker cannot receive both the remuneration and reward and fees for the same risk management services; (iv) The insurance broker shall obtain a written mandate from the client to offer risk management services and shall keep a record of risk management services offered to the client which will include details such as name of the client, place of risk, nature and type of risk management services....
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....thority, the registered broker in IFSC shall only use insurance co-brokers who agree to comply with the requirements of these regulations and shall be responsible to secure compliance with these regulations or other guidelines to the extent applicable, by the other co-brokers. (b) The insurer will be guided by the instructions of the client with regard to payment of remuneration to each co-broker for their share. (c) Co-broking is not permitted for individual and retail lines of insurance business. (vi) Reinsurance Co-broking - (a) Each of the co-brokers on a reinsurance placement shall also be responsible to ensure that these regulations are complied with by them and also by other insurance brokers engaged by them. (b) Where a reinsurance placement is co-broked with other reinsurance brokers not registered with the Authority, the registered broker shall only use reinsurance cobrokers who agree to comply with the requirements of these regulations and shall be responsible to secure compliance with these regulations or other guidelines to the extent applicable, by the other co-brokers. (c) The insurer will be guided by the instruc....
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....PORATE AGENTS (1) A corporate agent shall, for the purposes of soliciting, procuring and servicing of insurance business, have arrangements with a maximum of 3 general insurers, 3 life insurers and 3 health insurers. (i) Arrangements with insurers for distribution of products: (a) Registered corporate agents shall enter into arrangements with insurers for distribution of their products which shall be disclosed to the Authority within fifteen (15) days of entering into such arrangements; (b) While entering into such arrangements, no corporate agent shall promise nor will be compelled by the insurer to distribute its products, and no arrangements shall be made against the interests of policyholders; (c) Arrangements shall have provisions to include duties and responsibilities of corporate agents towards the policyholders, duties and responsibilities of insurers and corporate agents, terms and conditions for termination of arrangement; (d) In case a corporate agent or insurer wishes to terminate arrangement with any insurer or a corporate agent, they may do so after informing the insurer or corporate agent, respectively, and the Authorit....
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....mstances of the loss in question including extent of loss, nature of ownership and insurable interest; (v) conducting spot and final surveys, as and when necessary and comment upon franchise, excess/under insurance and any other related matter; (vi) estimating, measuring and determining the quantum and description of the subject-matter under loss; (vii) advising the insurer and the insured about loss minimisation, loss control, security and safety measures, wherever appropriate, to avoid further losses; (viii) commenting on the admissibility of the loss as also observance of warranty conditions under the policy contract; (ix) surveying and assessing the loss on behalf of insurer or insured; (x) assessing liability under the contract of insurance; (xi) pointing out discrepancy, if any, in the policy wordings; (xii) satisfying queries of the insured/insurer and of persons connected thereto in respect of the claim/loss; (xiii) recommending applicability of depreciation, percentage and quantum of depreciation; (xiv) giving reasons for repudiation of claim, in case the claim is not covered by polic....
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.... (iii) facilitating carrying out of pre-insurance medical examinations in connection with underwriting of health insurance policies; Provided that a TPA can extend this service for life insurance policies also (iv) servicing of non-insurance healthcare schemes; (v) While performing the services as indicated above, a TPA shall not procure or solicit insurance business directly or indirectly; or (vi) any other services as may be specified by the Authority. (2) A TPA can provide health services to more than one insurer and an insurer may engage more than one TPA for providing health services to its policyholders or claimants. (3) A TPA may enter into an agreement for providing the defined health services with an insurer and hospitals, in respect of health insurance policies covering hospitalization benefits. (4) The insurers and the TPAs shall ensure that discounts received or agreed to be received from the hospitals towards health services are passed on to the policyholder or claimant. SCHEDULE -III (Refer Regulation 18) CODE OF CONDUCT PART-A: INSURANCE BROKER (1) Every insurance broker shall follow recognised standards ....
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....ers in which it is knowledgeable and seek or recommend other specialist for advice when necessary; (vi) not make inaccurate or unfair criticisms of any insurer; (vii) explain why a policy or policies are proposed and provide comparisons in terms of price, cover or service where there is a choice of products; (viii) state the period of cover for which the quotation remains valid if the proposed cover is not effected immediately; (ix) explain when and how the premium is payable and how such premium is to be collected, where another party is financing all or part of the premium, full details shall be given to the client including any obligations that the client may owe to that party; (x) explain the procedures to be followed in the event of a loss; (xi) not indulge in any sort of money laundering activities; (xii) ensure that the insurance broker does not indulge in sourcing of business by themselves or through call centers by way of misleading calls or spurious calls. (4) Conduct in relation to furnishing of information - Every insurance broker shall: (i) ensure that the consequences of non-disclosure and inaccuracies ....
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.... to renewal of policies - Every insurance broker shall: (i) ensure that its client is aware of the expiry date of the insurance even if it chooses not to offer further cover to the client; (ii) ensure that renewal notices contain a warning about the duty of disclosure including the necessity to advise changes affecting the policy, which have occurred since the policy inception or the last renewal date; (iii) ensure that renewal notices contain a requirement for keeping a record (including copies of letters) of all information supplied to the insurer for the purpose of renewal of the contract; (iv) ensure that the client receives the insurer's renewal notice well in time before the expiry date. (7) Conduct in relation to claim by client- Every insurance broker shall : - (i) explain to its clients their obligation to notify claims promptly and to disclose all material facts and advise subsequent developments as soon as possible; (ii) request the client to make true, fair and complete disclosure where it believes that the client has not done so. If further disclosure is not forthcoming it shall consider declining to act furt....
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....the payment of any monies owed to it, make available to any new insurance broker instructed by the client all documentation to which the client is entitled and which is necessary for the new insurance broker to act on behalf of the client; (ix) Assist the client in obtaining / receiving electronic insurance policies. (10) Conduct in matters relating receipt of remuneration - Every insurance broker shall:- if requested by a client, disclose the amount of remuneration and reward and the basis of such remuneration and reward it receives as a result of effecting insurance for that client and whether there is any relation between him and the insurer. (11) Conduct in relation to matters relating to training - Every insurance broker shall: (i) ensure that its staff, particularly broker qualified persons, are aware of and adhere to the standards expected of them by this code; (ii) ensure that staff, particularly broker qualified persons, are competent, suitable and have been given adequate training; (iii) ensure that there is a system in place to monitor the quality of advice given by broker qualified persons engaged by it; (iv) e....
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....te Resolution. (b) The reinsurance broker/composite broker shall adhere to the following additional code of conduct- I. General (applicable to all contracts of reinsurance) (a) The insurance broker shall not enter the reinsurance markets either to develop terms for reinsurance cover or to place reinsurance on any risk without the specific written authorization of the insurer insuring the risk or insurer/reinsurer who has been asked to quote terms for the risk. (b) The broker shall not block reinsurance capacity in anticipation of securing an order to place reinsurance. (c) The insurance broker shall provide to the insurer/reinsurer, a true and complete copy of the reinsurance placement slip to be used, before entering the market. The insurance broker shall incorporate any modifications or corrections proposed by the insurer/reinsurer in the placement slip. (d) The insurance broker shall put up to the insurer/reinsurer, all the terms (including the reinsurance commission and brokerage allowed) obtained by it from various reinsurers and indicate the share the lead reinsurer is willing to write at those terms and the expectation of....
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....r/reinsurer of the new reinsurer brought on the cover. II. Placement of Proportional Treaty or Non-proportional Treaty (i) The insurance broker invited to place a proportional treaty shall prepare the treaty offer slip and supporting information with the cooperation of the insurer and secure the insurer's concurrence to the slip and information before entering the market. (ii) Where a reinsurance treaty is placed at different terms with different reinsurers, the fact that such is the practice shall be made known to all the reinsurers suitably. (iii) Where a reinsurer accepts a share in a treaty subject to any condition, the conditions shall be made known to the ceding insurer and its agreement obtained before binding the placement. (iv) The insurance broker shall advise the progress of placement of the treaty from time to time. Immediately after completion of placement, the insurance broker shall issue a cover note setting out the treaty terms and conditions and list of reinsurers with their shares. Where a treaty is over-placed, the insurance broker shall sign down the shares in consultation with the insurer in a manner consistent with ....
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.... the time of placing the reinsurance business. (ii) Reinsurance broker shall ensure that, while placing reinsurance business of a foreign insurer with any other foreign insurer/reinsurer, they comply with the applicable Laws of those jurisdictions. V. Responding to Catastrophes and Disasters The insurance broker shall respond to catastrophes and disasters, such as floods, earthquakes, cyclones, severe storms and hail which result in a large number of claims, in a timely, professional and practical way and in a compassionate manner. VI. Conduct in relation to explanation of Reinsurance contract - Every Reinsurance or Composite broker shall: (i) provide the list of Reinsurer(s) participating under the Reinsurance contract and advise any subsequent changes thereafter; (ii) explain all the essential provisions of the cover afforded by the policy recommended by him so that, as far as possible, the prospective insurer understands what is being purchased; (iii) quote terms exactly as provided by Reinsurer; (iv) draw attention to any warranty imposed under the policy, major or unusual restrictions, exclusions under the....
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....a particular insurer to migrate from one insurer to another; (i) refrain from dissuading or discouraging policyholder from approaching specific hospital of his / her choice or persuade or encourage the policy holder to approach any specific Hospitals which are in their Network, other than offering advice and guidance when specifically sought for; (j) have effective grievance management systems in place and ensure timely resolution of grievances; (k) ensure to resolve the grievances or disputes with hospitals or network providers expeditiously and ensure that the policyholder is not adversely affected due to such disputes; (l) refrain from trading on information and records of its business; (m) maintain the confidentiality of the data collected by it and not share the same; (n) refrain from issuing advertisements of its business or the services carried out by it on behalf of a particular insurer, without prior written approval of the insurer: Provided that a TPA can issue advertisement about the activities or the services carried out by it, for publicity or promoting public awareness. Provided further that, as p....
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....d herein shall be notified suitably to all the policyholders within seven (7) days of such change; (aa) disclose the list of network hospitals with whom it has valid agreement to policy holders, prospects and general public. Further, any change in details referred herein shall be notified suitably to all the policyholders within seven (7) days of such change. (bb) have systems in place for assisting the policyholder or claimant during hospitalization with respect to concerned health insurance policy terms and conditions and services for cashless facility; (cc) abide by the timelines for rendering health services and shall make public disclosures on their websites or disseminate information through call centers; (dd) clearly explain cashless service procedures at hospitals and also on their website and through call centers; (ee) communicate promptly to the claimant under intimation to the insurer concerned about any delay which is unavoidable or owing to the customer or hospital; (ff) have systems in place to identify, monitor, control and deal with fraud including hospital abuse, by various agencies including healthcare provider....
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....nly as Surveyor and Loss Assessor in insurance business and not undertake any business advisory or consultancy service or work which could give rise to conflict of interest; (l) not perform any outsourced activity other than those permitted by the Authority; (m) acknowledge receipt of all monies received in connection with fee or remuneration received for carrying out survey work; (n) disclose to all parties concerned his appointment, where the acceptance or continuance of such an engagement may materially prejudice, or could be seen to materially affect the interests of any interested party. As soon as a conflict of interest is foreseen, every Surveyor and Loss Assessor shall notify all interested parties immediately and seek instructions for his continuance; (o) not disclose any information, pertaining to a client or employer or policy holder acquired in the course of his professional work, to any third party, except, where consent has been obtained from the interested party, or where there is a legal right or duty enjoined upon him to disclose; (p) neither use nor appear to use, any confidential information acquired or received by him....
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....ive due publicity to the fact that the corporate agent dose not underwrite the risk or act as an insurer; (h) enter into agreements with the insurers in which the duties and responsibilities of both are defined. 3. Pre-sale Code of Conduct Every corporate agent or Principal officer or a specified person shall also follow the code of conduct specified below: (1) Every corporate agent/ principal officer/specified person shall,- (i) identify himself and disclose his registration/certificate to the prospect on demand; (ii) disseminate the requisite information-on in respect of insurance products offered for sale by the insurers with whom they have arrangement and into account the needs of the prospect while recommending a specific insurance Plan; (iii) disclose the scale of commission in respect of the insurance product offered for sale, if asked by the prospect; (iv) indicate the premium to be charged by the insurer for the insurance product offered for sale; (v) explain to the prospect the nature of information required in the Proposal form by the insurer, and also the importance of disclosure of material information in t....
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....bring in business; (n) provide insurance consultancy or claims consultancy or any other insurance related services except soliciting and servicing of insurance products as per the certificate of registration; (o) Engage, encourage, enter into a contract with or have any sort of arrangement with any person other than a specified person, to refer, solicit, generate lead, advise, introduce, find or provide contact details of prospective policyholders in furtherance of the distribution of the insurance product; (p) Pay or allow the payment of any fee, commission, incentive by any other name whatsoever for the purpose of sales, introduction, lead generation, referring or finding to any person or entity. 4. Post-Sale Code of Conduct (1) Every Corporate Agent shall- (a) advise every individual policyholder to effect nomination or assignment or change of address or exercise of options, as the case may be, and offer necessary assistance in this behalf, whenever necessary; (b) with a view to conserve the insurance business already procured through him, make every attempt to ensure remittance of the premiums by the policyholders within ....
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....; (r) ensure that complaints are dealt with at a suitably senior level; (s) have in place a system for recording and monitoring complaints. SCHEDULE -IV (Refer Regulation 14) PROFESSIONAL INDEMNITY INSURANCE REQUIREMENTS PART-A: INSURANCE BROKER Maintenance of Professional Indemnity Insurance (1) The insurance cover must indemnify an insurance broker against - (i) any error or omission or negligence on their part or on the part of their employees and directors; (ii) any loss of money or other property for which the insurance broker is legally liable in consequence of any - fraudulent act or omission; (iii) any loss of documents and costs and expenses incurred in replacing or restoring such documents; (iv) dishonest or fraudulent acts or omissions by insurance brokers' employees or former employees. (2) The indemnity cover - (i) shall be on a yearly basis for the entire period of registration; (ii) shall not contain any terms to the effect that payments of claims depend upon the insurance broker having first met the liability; (iii) shall indemnify in respect of all claims made duri....
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....nsurer of all circumstances or occurrences that may give rise to a claim under the policy ; and (iv) advise the Authority as soon as an insurer has notified that it intends to decline indemnity in respect of a claim under the policy. PART-B: CORPORATE AGENT Maintenance of Professional Indemnity Insurance (1) Every corporate agent, where the revenues from its insurance intermediation activities is more than fifty per cent of its total revenue from all the activities, shall take out and maintain, at all times, a professional indemnity insurance cover throughout the validity of the period of the registration granted to it by the Authority. Provided that the Authority shall in suitable cases allow a newly registered corporate agent to produce such a policy within twelve (12) months from the date of issue of original registration. (2) The limit of indemnity shall be two times the total annual remuneration of the corporate agent derived from its insurance intermediation activities in a year subject to a minimum of USD 25,000 and a maximum of USD 13.5 million. (3) The insurance cover must indemnify a corporate agent against - (a) an error or omission or....
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....E -V (Refer Regulation 7(2) and 9(6)) CERTIFICATE OF REGISTRATION PART A: CERTIFICATE OF REGISTRATION INTERNATIONAL FINANCIAL SERVICE CENTRES AUTHORITY CERTIFICATE OF REGISTRATION Registration number: In exercise of the powers conferred by section 12 and 13 of IFSCA Act, 2019 read with sub-section (1) of section 42D of the Insurance Act, 1938 (4 of 1938), the Authority hereby grants a certificate of registration to (entity name) to act as (category of insurance intermediary). (2) This certificate of registration shall be valid from (dd/mm/yyyy) to (dd/mm/yyyy). (3) This certificate of registration is subject to the provisions of The International Financial Service Centres Authority Act, 2019, The Insurance Act, 1938, and IFSCA (Insurance Intermediary) Regulations, 2021. Place:__________ Date: __________ By Order For and on behalf of International Financial Service Centres Authority Act PART B: CERTIFICATE OF RENEWAL OF REGISTRATION INTERNATIONAL FINANCIAL SERVICE CENTRES AUTHORITY CERTIFICATE OF RENEWAL OF REGISTRATION Registration Number: The certificate of registration of __(name of entity)____________ category _(category o....
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.... (B) Address for Correspondence: ___________________________________________ _____________________________________________ Pin/Zip code: ____________________ Telephone No: ________________ E-mail: _________________ Fax No: ______________ C) Address of Branch Office: _____________________________________________ Details of the proposed/existing branch office(s) where applicant proposes to distribute insurance (Applicable only for Corporate Agent) Place Address Name of Specified person Educational qualification of specified person Exam pass cert. of Specified person D) Name and particulars of the Principal Officer/CAO/CEO Name Address & Contact Details Qualification Experience in Insurance Broking services and related areas Share in applicant firm /company Directorship in other companies DIN No. (If applicable) Aadhaar No/Passport no ....
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....dress of the statutory auditors: 3. BUSINESS INFORMATION 3.1 Three years business plan document with projected volume of activities and income for which registration sought is to be specifically given. 3.2 Organization Chart separately showing functional responsibilities to be enclosed. 3.3 Particulars of Key Management Personnel (Not applicable for Corporate Agent) Name Address & contact details Qualification Experience in Insurance and ewlated areas Share in Applicant firm/company Directorship in other companies Key Management position Adhaar No or passport no (Ind) 3.4 Details of infrastructure like office space, equipment and manpower available with the applicant 3.5 Details of IT infrastructure like hardware, software, networking, disaster recovery, business continuity plans, cyber-security, data privacy, virus and hacking protection, security certification, etc available with the applicant 3.6 Details of experience in insurance and other r....
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....sp; (in USD in million) (Not applicable for Corporate Agent) Particulars FY prior to the preceding year of current year FY of Preceding year FY of Current year Amount Percentage Note: Please enclose three years audited annual accounts. Where unaudited reports are submitted, give reasons. If minimum capital requirement has been met after last audited annual accounts, audited statement of accounts for the period ending on a later date should also be submitted. 5. OTHER INFORMATION, IF ANY 5.1 Details of all settled and pending disputes against promoter/applicant/ shareholder: Nature of dispute Name of the party Pending/settled Date of settlement 5.2 Details, if any, of any economic offences by the applicant or any of the Partners/ Director....
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.... Director Director Name of the Applicant Name of the Applicant Place: Place: Date: Date: ___________________________________________________________________________ Particulars of Principal Officer/Branch Head/Directors/Partners/Promoters/ Key Management Personnel (This form shall be filed separately for each KMP) Personal details of Principal Officer/ Directors/ Partners/ Promoters/ Key Management Personnel Full Name Mention Mr. / Mrs. Address Date of Birth Phone No Nationality Cell No Position in the Organisation FAX No DIN No. (if applicable): Aadhaar No/passport No (if applicable): Current Position held from Email id Web Address Description of Duties / Responsibilities Qualifications Experience and Achievements Name of the Institute Country Qualifications Year of Study / Graduation Professional Qualification.  ....
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....pal Officer/Branch head/Directors/Partners/Specified person/Broker Qualified person/KMP as mentioned in this schedule along with the FIT and Proper criteria format as specified by Authority. g) Board resolution in support of filing of the application and person authorized to sign the application. h) Principal Officer to submit a declaration that the applicant (directors/partners, principal officer and key management personnel of the company) are not suffering from any of the disqualifications specified under section 42 D of the Insurance Act, 1938. i) List of broker qualified persons or specified person or CMO, as applicable who will be responsible for day to day activities along-with their qualifications in the form specified. j) Details of statutory auditors and Principal Bankers along with the Bank Account Number of applicant. k) Details of infrastructure including IT infrastructure along with supporting evidence thereof like ownership/ lease agreement papers with regard to office space/ equipment/ trained manpower, etc. for the registered office with photographs of premises and the future planning for opening branch offices at variou....
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....te/Reinsurance b. Corporate Agent c. Third Party Surveyor d. Surveyor and loss assessor 6 Amount of Authorised capital, Subscribed capital and Issued Capital & Face value of shares and their numbers/ Total contribution by partners/members and individual contribution by each partner/member 7 Name, Address and contact details of the person responsible for the affairs of the proposed IIIO and further correspondence Provide a certified copy of board resolution appointing the person responsible for affairs of IIIO 8 Name, designation, address and contact details (e-mail id) of officer for further correspondence 9 Net Worth duly certificated by a chartered accountant or its equivalent 10 Board Resolution Provide a copy of the resolution by the applicant's board in support of the commitment to set up an IIIO. Annexure - 11 Regulatory approvals in India a. Provide certificates of approval from the appropriate authority for opening of an office/conducting of business in the SEZ. b. Permanent Account n....
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.... *Columns 4 to 6 may be left blank for corporate shareholders. Section B: Regulatory Compliance in the home country 20 Name, Address and contact details of the Regulatory Authority in the country of domicile where the applicant is registered, if applicable 21 Certificate of Authorization Provide a certificate of authorization granted by the Regulatory or Supervisory Authority of the country of incorporation to set up an IIIO, if applicable. Annexure - 22 Professional Indemnity policy requirements in home country, if applicable 23 Minimum capital requirements prescribed by home country regulator 24 Capital maintained by the applicant for five years preceding the date of application Section C: IIIO Business Strategy 25 Geographic Spread: Give the addresses of the administrative office Annexure - 26 Mark....