This notification, S.O. 4644(E), issued by the Ministry of Finance, Department of Financial Services, clarifies a previous notification (S.O. 870(E)) dated March 27, 2015, regarding Section 2CA of the Insurance Act, 1938. The clarification states that an Indian reinsurer operating within a Special Economic Zone (SEZ), as defined by the Special Economic Zones Act, 2005, is permitted to underwrite direct insurance business of any class from their office located in any SEZ, including an International Financial Services Centre (IFSC). This notification is dated December 27, 2019, and signed by Saurabh Mishra, Joint Secretary. The original notification (S.O. 870(E)) was published in the Gazette of India, Extraordinary, on March 27, 2015. The file number for this notification is F. No. 14017/32/2019-Ins.II.
Key Entities Referenced
Insurance Act, 1938: A law providing the framework for insurance regulation in India. Section 2CA is relevant to the powers conferred to the Central Government.
Central Government: The executive authority of India, which issued the notification under the powers conferred by the Insurance Act, 1938.
Notification dated 27th March, 2015: A previous notification related to insurance business, which the current notification aims to clarify.
Special Economic Zone: Specifically refers to a designated area within a country that has different economic regulations than other areas in the same country.
Special Economic Zones Act, 2005: An act defining and governing Special Economic Zones in India. Clause za of Section 2 provides a definition of Special Economic Zone.
International Financial Services Centre: A jurisdiction that provides financial services to non-residents and residents in foreign currency. It is included within the definition of Special Economic Zone.
Ministry of Finance: The government ministry responsible for financial matters, under which the Department of Financial Services operates.
Department of Financial Services: A department within the Ministry of Finance responsible for various aspects of financial services.
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6664 GI/2019 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)]
MINISTRY OF FINANCE
(Department of Financial Services)
NOTIFICATION
New Delhi, the 27th December, 2019
S.O. 4644(E).—In exercise of the powers conferred by Section 2CA of the Insurance Act, 1938 (4 of
1938), the Central Government issued Notification dated the 27th March, 2015 published in the Gazette of
India, Extraordinary Part (ii), Section 3, sub-section (ii), dated the 27th March, 2015. To explicitly explain the
provisions of the aforesaid Notification dated 27.03.2015, it is hereby clarified as under:
that the Notification dated 27.03.2015 permits an Indian re-insurer, carrying on the business of
insurance in any Special Economic Zone, as defined in clause (za) of Section 2 of the Special
Economic Zones Act, 2005 (28 of 2005), to underwrite direct insurance business (any class) from
their office located in any Special Economic Zone, including International Financial Services Centre
(IFSC).
[F. No. 14017/32/2019-Ins.II]
SAURABH MISHRA, Jt. Secy.
Note : The principle notification was published in the Gazette of India, Extraordinary vide notification
number S.O. 870(E), dated the 27th March, 2015.
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.