International Financial Services Centres Authority Registration of Insurance Business Amendment Regulations 2024

REGD. No. D. L.-33004/99 The Gazette of India CG-GJ-E-21102024-258097 EXTRAORDINARY PART III—Section 4 PUBLISHED BY AUTHORITY No. 824] NEW DELHI, THURSDAY, OCTOBER 17, 2024/ASVINA 25, 1946 INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY NOTIFICATION Gandhinagar, the 14th October 2024 International Financial Services Centres Authority (Registration of Insurance Business) (Amendment) Regulations, 2024 F. No. IFSCA/GN/2024/010.—In exercise of the powers conferred by sub-section (1) of Section 28 read with Section 12 and 13 of the International Financial Services Centres Authority Act, 2019, the International Financial Services Centres Authority hereby makes the following Regulations to amend the International Financial Services Centres Authority (Registration of Insurance Business) Regulations, 2021 namely:- 1. Short title and commencement: - (1) These Regulations may be called the International Financial Services Centres Authority (Registration of Insurance Business) (Amendment) Regulations, 2024; (2) They shall come into force from the date of their publication in the Official Gazette. 2. In sub-regulation (2) of regulation 4 words 'as specified at FIRST SCHEDULE of these Regulations and in the manner' shall be omitted. 3. In sub-regulation (1) of regulation 7 words 'the relevant FORM as specified at FOURTH SCHEDULE of these Regulations to the applicant' shall be omitted and replaced with "such FORM as may be specified by the Authority" 4. The following proviso may be inserted as the second proviso of regulation 10 – "Provided further that at the time of making the application, the applicant shall opt for category as specified in clause (A) of sub-regulation (2) of Regulation 5 of the Insurance Regulatory and Development Authority of India (Re-insurance) Regulations, 2018, under which it intends to participate in reinsurance business emanating from the DTA " 5. FORM-A, FORM-B, FORM-C and FORM-D in FIRST SCHEDULE of these regulations shall be omitted. 6. FORM A and FORM B in FOURTH SCHEDULE of these regulations shall be omitted. K. RAJARAMAN, Chairperson [ADVT.-III/4/Exty./593/2024-25] Note: The International Financial Services Centres Authority (Registration of Insurance Business) Regulations, 2021 were published in the Gazette of India Extraordinary vide notification No. IFSCA/2021-22/GN/REG016 on 18th October, 2021 and first amendment to these regulations were published in the Gazette of India Extraordinary vide notification No. IFSCA/2021- 22/GN/REG019 on 05th January 2022. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054. GORAKHA NATH YADAVA Digitally signed by GORAKHA Date: 2024.10.21 16:31:19 +0530