**Executive Summary**
This consultation paper by the International Financial Services Centres Authority (IFSCA) seeks public comment on proposed amendments to the IFSCA (Registration of Insurance Business) Regulations, 2021, specifically regarding the definition of Service Companies of Lloyd's IFSC. Stakeholders are requested to submit their comments by November 29, 2025. The proposed amendments aim to expand the scope of entities eligible to establish Lloyd's Service Companies.
**Key Points / Main Content**
* **Objective:** To gather public input on proposed amendments to the definition of Service Companies of Lloyd's IFSC, as defined in the IFSCA (Registration of Insurance Business) Regulations, 2021.
* **Background and Proposed Amendment:**
* IFSCA received a request from Lloyd's London to expand the definition of Service Companies of Lloyd's IFSC.
* The current definition only allows Managing Agents of Lloyd's or Indian Companies to establish Lloyd's Service Companies.
* The proposed amendment would allow Members of Lloyd's Syndicate, which may be a body corporate or Indian Person, to establish such companies.
* **Draft Amendment & Regulations:**
* The draft amendment is available on the IFSCA website.
* The proposed amendment replaces the existing definition of "Service Companies of Lloyd's IFSC" or "Service Companies" in the regulations.
* The amended definition specifies that Service Companies must be registered in the IFSC and promoted by:
* Managing Agents of Lloyd's.
* Group entities of Managing Agents or Members of Lloyd's as permitted by Lloyd's.
* Indian Companies that meet specified criteria.
* **Public Consultation Process:**
* General public and stakeholders are invited to submit comments and suggestions.
* Comments should be submitted via email to insurance-dept@ifsca.gov.in, with a copy to bhaskar.khadakbhavi@ifsca.gov.in and rishi.kale@ifsca.gov.in.
* The deadline for submission is November 29, 2025.
* Comments should be provided in MS Word or MS Excel format, using the provided format.
**Impact Analysis**
**Stakeholder: General Public and Stakeholders in the Insurance Sector**
* **Impact:** The proposed amendment to the definition of Service Companies of Lloyd's IFSC may impact the structure and operation of insurance businesses within the International Financial Services Centre.
* **Action Required:** Review the draft amendment on the IFSCA website and submit comments/suggestions to IFSCA by November 29, 2025, following the specified format and submission guidelines.
Key Entities Referenced
International Financial Services Centres Authority (Registration of Insurance Business) (Amendment) Regulations, 2025: The primary subject of the document, proposing amendments to regulations concerning the registration of insurance businesses within International Financial Services Centres.
International Financial Services Centres Authority Act, 2019: The act that empowers IFSCA to make the amendments.
International Financial Services Centres Authority (Registration of Insurance Business) Regulations, 2021: The existing regulations being amended by the proposed regulations.
International Financial Services Centres Authority (IFSCA): The regulator responsible for the development and regulation of financial services in International Financial Services Centres in India.
Lloyd's: Referring to Lloyd's of London, whose Service Companies' definitions in IFSC regulations are being amended.
CONSULTATION PAPER ON PROPOSED
IFSCA (Registration of Insurance Business) (Amendment) Regulations, 2025
Objective:
The objective of this consultation paper is to seek comments / views/ suggestions from
public on the proposed amendments to the definition of Service Companies of Lloyd’s IFSC
as provided in International Financial Services Centres Authority (Registration of Insurance
Business) Regulations, 2021 (hereinafter referred to as IIO Regulations).
Background:
1. The International Financial Services Centres Authority (IFSCA) is in receipt of
representation from Lloyd’s London about expanding the definition of Service
Companies of Lloyd’s IFSC as provided in IIO Regulations.
2. Upon examination of the request, it is noted that as per the extant definition only
Managing Agents of Lloyd’s or Indian Company can establish Lloyd’s Service
Company. Thus, expanding of said definition enabling establishment of Service
Company by Member of Lloyd’s Syndicate which may be a body corporate or Indian
Person is also to be considered.
3. In view of the aforesaid, draft amendment to the regulations is placed on the website of
the IFSCA at https://ifsca.gov.in/PublicConsultation. General public and stakeholders
are requested to forward their comments / suggestions through e-mail to Insurance Dept.
at insurance-dept@ifsca.gov.in with copy to Mr. Bhaskar Khadakbhavi at
bhaskar.khadakbhavi@ifsca.gov.in and Rishi Kale at rishi.kale@ifsca.gov.in by
29 November, 2025 in the attached format. It is further requested to provide comments
in MS Word or MS Excel format only.
*****
Page 1 of 3NOTIFICATION
Gandhinagar, the xx December, 2025
DRAFT - International Financial Services Centres Authority (Registration of Insurance
Business) (Amendment) Regulations, 2025
IFSCA/2025-26/GN/REGxxx — 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 amendment to the International Financial Services Centres Authority (Registration
of Insurance Business) Regulations, 2021 namely:-
1. Short title and commencement: -
(a) These Regulations may be called the International Financial Services Centres
Authority (Registration of Insurance Business) (Amendment) Regulations, 2025;
(b) They shall come into force from the date of their publication in the Official Gazette.
2. The definition of ‘Service Companies of Lloyd’s IFSC’ or ‘Service Companies’ as
specified at sub-clause (i) of clause 1 of SECOND SCHEDULE of these regulations shall
be substituted with the following -
“‘Service Companies of Lloyd’s IFSC’ or ‘Service Companies’ means Service
Companies registered in the IFSC and promoted by:
(a) Managing Agents of Lloyd’s;
(b) Such group entities of Managing Agents or Members of Lloyd’s as may be
permitted by Lloyd’s; or
(c) Indian Companies which meet the specified criteria”
K. Rajaraman, Chairperson
[ADVT.-III/4/Exty./xxx/2025-26]
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. Further, amendments to
these regulations were published in the Gazette of India Extraordinary vide notifications No.
IFSCA/2021-22/GN/REG019 on 05th January 2022 and No. IFSCA/GN/2024/010 dated 17th
October 2024.
Page 2 of 3Format for providing comments / suggestions
Proposed –
International Financial Services Centres Authority (Registration of Insurance
Business) (Amendment) Regulations, 2025
Inputs / Comments suggested by:
Page
Sub-Regu Comments / Suggestions
No. of
Reg. No. No. /Para / Suggested Rationale
Draft
No. modifications
Regu.
***** End *****
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