Home India International Financial Services Centres Authority In exercise of the powers conferred by sub section 1 of Sect...
Date: 27-Oct-2023 Category: Extra Ordinary State: Union Government Country: India

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

Issued by International Financial Services Centres Authority · Not Applicable

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Executive Summary & Key Takeaways

What it means

  • The gazette notification pertains to the International Financial Services Centres Authority (Investment by International Financial Services Centre Insurance Office) (Amendment) Regulations, 2023. It amends the 2022 regulations concerning investment by International Financial Services Centre Insurance Offices.

Key Changes

  • Regulation 5(7)(b) is amended by removing the words 'on Foreign Portfolio Investment'.
  • Regulation 5(7)(b) is further amended by replacing 'and' with 'or' after 'Reserve Bank of India'.
  • A new sub-regulation (9) is added to Regulation 5, stating that Regulations 10, 11, 12, and 13 will not apply to an IIO investing its retained premium in DTA, if the investment complies with IRDAI (Re-insurance) Regulation, 2018, regulation 5(2)(a)(b). The mode and manner of such investments shall be in accordance with these regulations.
  • Regulation 20 is amended by replacing the words 'Repeals and Savings:' with 'Non-applicability of certain regulations and savings:'.

Impact Analysis

Impact on International Financial Services Centre Insurance Offices (IIOs)

  • IIOs should review their investment policies to take advantage of the relaxed regulations and ensure compliance with the updated rules.

Impact on International Financial Services Centres Authority (IFSCA)

  • IFSCA should communicate these changes to all relevant stakeholders.

Impact on Insurance Regulatory and Development Authority of India (IRDAI)

  • IRDAI should be aware of the exemptions provided to IIOs investing in DTA as per IRDAI regulations.

Suggested Action Items

  • Monitor future communications from IFSCA and IRDAI regarding these amendments.

Key Entities Referenced

International Financial Services Centres Authority (IFSCA): The regulatory body responsible for developing and regulating financial services in International Financial Services Centres (IFSCs) in India. International Financial Services Centre Insurance Office (IIO): Insurance offices operating within the International Financial Services Centres. IRDAI (Re-insurance) Regulation, 2018: Regulations issued by the Insurance Regulatory and Development Authority of India (IRDAI) governing reinsurance activities. International Financial Services Centres Authority Act, 2019: The Act of Parliament that established the International Financial Services Centres Authority. Domestic Tariff Area (DTA): The area within India that is not classified as a Special Economic Zone (SEZ).
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रजजस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-जी.जे.-अ.-27102023-249760 xxxGIDHxxx CG-GJ-E-27102023-249760 xxxGIDExxx असाधारण EXTRAORDINARY भाग III—खण् ड 4 PART III—Section 4 प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 732] नई कदल्ली, िुक्रिार, अक्त बू र 27, 2023/कार्ततक 5, 1945 No. 732] NEW DELHI, FRIDAY, OCTOBER 27, 2023/KARTIKA 5, 1945 अतं रराष्ट्रीय जित्तीय सेिा केंद्र प्राजधकरण अजधसचू ना गांधीनगर, 25 अक् तूबर, 2023 अतं राष्ट्रीय जित्तीय सिे ा केंद्र प्राजधकरण (अतं राष्ट्रीय जित्तीय सिे ा केंद्र बीमा कायाला य द्वारा जनििे ) (सिं ोधन) जिजनयम, 2023 स.ं आईएफएससीए/2023-24/जीएन/आरईजी042.—अंतराष्ट्रीय जित्तीय सेिा केंद्र प्राजधकरण अजधजनयम, 2019 की धारा 12 और 13 के साथ पठित धारा 28 की उप-धारा (1) द्वारा प्रदत्त िजियों का प्रयोग करते हुए, अंतराष्ट्रीय जित्तीय सेिा केंद्र प्राजधकरण अंतराष्ट्रीय जित्तीय सेिा केंद्र प्राजधकरण (अतं राष्ट्रीय जित्तीय सेिा केंद्र बीमा कायाालय द्वारा जनिेि) जिजनयम, 2022 म ें संिोधन करने के जलए जनम्नजलजखत जिजनयम बनाता ह:ै- 1. संजिप्त िीर्का और प्रारंभ:- (1) इन जिजनयमों को अतं राष्ट्रीय जित्तीय सेिा केंद्र प्राजधकरण (अंतराष्ट्रीय जित्तीय सेिा केंद्र बीमा कायाालय द्वारा जनिेि) (संिोधन) जिजनयम, 2023 कहा जाएगा; (2) िे िासकीय राजपत्र म ें उनके प्रकािन की तारीख स ेलाग ू होंगे। 2. जिजनयम 5 के उप-जिजनयम (7) के खंड (ख) म,ें "जिदेिी पोर्ाफोजलयो जनिेि पर" िब्दों का जिलोप ककया जाएगा। 3. जिजनयम 5 के उप-जिजनयम (7) के खंड (ख) म,ें "भारतीय ठरजिा बैंक" के बाद, "और" िब्द को "या" िब्द स े प्रजतस्ट्थाजपत ककया जाएगा। 6835 GI/2023 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] 4. जिजनयम 5 म,ें उप-जिजनयम (8) के बाद जनम्नजलजखत अंत:स्ट्थाजपत ककया जाएगा, अथाात ्- “(9) इन जिजनयमों के जिजनयम 10, 11, 12 और 13 में जनजहत कोई भी बात डीर्ीए म ें प्रजतधाठरत प्रीजमयम का जनिेि करन े िाल े आईआईओ पर लाग ू नहीं होगी, यकद जनििे आईआरडीएआई (पुनबीमा) जिजनयमन, 2018 के जिजनयमन 5 के उप-जिजनयम (2) के खंड (क) के उप-खंड (ख) के अधीन जनर्ददष्ट ितों का पालन करने के जलए ककया जाता ह।ै स्ट्पष्टीकरण - ऐसे जनिेि का तरीका और जिजध इन जिजनयमों के अनुसार होगी;'' 5. जिजनयम 20 म,ें िब्द "जनरसन और व्यािृजत्त" को "कुछ जनयमों और व्यािृजत्तयों की अप्रयोज्यता:" िब्दों स े प्रजतस्ट्थाजपत ककया जाएगा। के. राजारामन, अध्यि [जिज्ञापन III/4/असा./514/2023-24] नोर्: अतं राष्ट्रीय जित्तीय सेिा केंद्र प्राजधकरण (अंतराष्ट्रीय जित्तीय सेिा केंद्र बीमा कायाालय द्वारा जनिेि) जिजनयम, 2022 को 13 जनिरी, 2023 को अजधसूचना संख्या ईएफएससीए//2022-23/जीएनआरईजी030 के माध्यम से भारत के असाधारण राजपत्र म ेंप्रकाजित ककया गया। INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY NOTIFICATION Gandhinagar, the 25th October, 2023 International Financial Services Centres Authority (Investment by International Financial Services Centre Insurance Office) (Amendment) Regulations, 2023 No. IFSCA/2023-24/GN/REG042.—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 (Investment by International Financial Services Centre Insurance Office) Regulations, 2022 namely:- 1. Short title and commencement:- (1) These Regulations may be called the International Financial Services Centres Authority (Investment by International Financial Services Centre Insurance Office) (Amendment) Regulations, 2023; (2) They shall come into force from the date of their publication in the Official Gazette. 2. In the clause (b) of sub-regulation (7) of regulation 5, the words “on Foreign Portfolio Investment,” shall be omitted. 3. In the clause (b) of sub-regulation (7) of regulation 5, after “Reserve Bank of India”, the word “and” shall be substituted with the word “or”. 4. In the regulation 5, after sub-regulation (8) the following shall be inserted, namely - “(9) Nothing contained in Regulations 10, 11, 12 and 13 of these regulations shall be applicable to an IIO investing its retained premium in DTA, if the investment is done to comply with the condition specified under sub-clause (b) of clause (A) of sub-regulation (2) of regulation 5 of the IRDAI (Re-insurance) Regulation, 2018. Explanation – The mode and manner for such investments shall be in accordance with these regulations;” 5. In regulation 20, the words “Repeals and Savings:” shall be substituted with words “Non-applicability of certain regulations and savings:” K. RAJARAMAN, Chairperson [ADVT.-III/4/Exty./514/2023-24] Note : The International Financial Services Centres Authority (Investment by International Financial Services Centre Insurance Office) Regulations, 2022 were published in the Gazette of India Extraordinary vide notification No. IFSCA/2022-23/GN/REG030 on 13th January, 2023. 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.

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