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TNSURANcE REGULAToRY AND
lnlcrl
DEVELOPMENT AUTHORITY OF INDIA
Guidelines
lnsurance Regulatory and Development Authority of lndia
{Registration and Operations of lnternational Financial Service
Centre lnsurance Offices (llO)) Guidelines, 2017
G u idel i nes Refe rence N o I R DA/R l/G DU SEZl26g I 1 2 t20 1 7, d aled 21 - 1 2-20 1 7
Page 1 of 33INDEX
Sr. P a rticu la rs Annexure - Page No.
No. / Form No.
No.
CHAPTER_
I
Powers of Author to issue Guidelines 3
1
2 ob ective
J Short Title and Commencement
3-4
4 Definitions
4
5 licabili
CHAPTER- II
4-5
o R istration of llO
7 Classes or Subclasses of lnsurance Business for which llO may 5
be istered with the Autho
5-6
8 Ca ital Re u irement
9 lication Processin fees 6
t,
10 Annual Fee
11 EIi ibitit Criteria for R istration of llO 6 '7-7 0
12 lication for R istration of llO
.III
CHAPTER
13 Consideration for rant of Certificate of R istration of llO o '10
14 Grant of Certificate of R istration 10
Refusal for rant of Certificate of R istration 10-11
CHAPTER.IV
to lssue of a du licate Certificate of R istration 1
17 Volunta Surrender of Certificate of R istration 11
18 Revocation, Suspension, Cancellation of Certificate of 12-13
R istration
19 Effect of Revocation, SusPension, Cancellation, voluntary 13-14
surrender of Certificate of R istration
20 Maintenance of books of account, records, and confidentialitY of 14-15
information submission of annual re rt to Authori
CHAPTER _ V
21 o rational uidelines to all the llOs 15-17
22 Ivlis cellaneous Provisions for llOs 17 -18
18-19
Autho ower to ins ct
10
Re eal and Savi S
25 Power of the Authori to issue clarifications etc 19
FORMS / FORMATS
Annex-1 / 20-23
26 Application by an lndian lnsurer for Grant of Registration as llO' Form - A
Annex - 2 / 24
Certificate of Registration to lndian lnsurer as llO Form A1
Annex-3 / 25-30
28 Application by Foreign lnsurer's for Grant Of Registration as llO Form - B
Annex-4 / 31
?o Certificate of Registration to Foreign lnsurer as llO Form - Bl
Annex-5 / JZ
30 Application for issue of Duplicate Certificate of Registration Form - C
Annex-6 /
3'1 Duplicate Certificate of Registration Form - C1
Page 2 of 33CHAPTER -
I
1 ln exercise of the powers conferred by Rule 3 of the IRDAI (Regulation of
lnsurance Business in Special Economic Zone) Rules, 2015, read with Section
18(2) of the Special Economic Zones Act, 2005 and Section 14 of IRDA Act,
'1999 the Authority hereby makes the following Guidelines;
2 Objective:
These Guidelines aim to put in place the process of registration and operations of
insurers, reinsurers in IFSC Special Economic Zones in alignment with the
objectives of IFSC-SEZ.
3.
Short Title and Commencement:
i. These Guidelines may be called the "lnsurance Regulatory and Development
Authority of lndia {Registration and Operations of lnternational Financial
Service Centre lnsurance Offices (llO)) Guidelines, 2017'
.
ii. These Guidelines shall come into force from the date of notification.
4 Definitions:
ln these Guidelines, unless the context otheruise requires;
a. 'Act' means the lnsurance Act, 1938;
b. 'Applicant' means an lnsurer (lndian or foreign) or a Reinsurer (lndian or
Foreign) as the case may be.
c. 'Authority' means the lnsurance Regulatory and Development Authority of
lndia established under Section 3(1) of the lnsurance Regulatory and
Development Authority Act, 1999 (41 of 1999).
d. 'Certificate' means a Certificate of Registration (CoR) granted by the Authority.
e. Domestic Tariff Area (DTA) means the area as defined under Section 2 (i) of
the Special Economic Zones Act, 2005.
f. 'Foreign insurer or reinsurer' means a body corporate incorporated under the
law of any country outside lndia and duly registered with its home country
regulatory or supervisory Authority for transacting insurance or reinsurance
business.
g. 'lndian insurer' for the purpose of these guidelines means an ,,lnsurer,, as
defined under Section 2(9) (a) and (c) of the Act.
h. 'lnternational Financial Service Centre' (IFSC) means an lnternational
Financial Services Center which has been approved by the Central
Government under Section 18(1) of the Special Economic Zones Act, 2005.
Page 3 of 33,lnternational Financial service centre lnsurance office' (llo) means a
branch office (of an applicant) to transact direct insurance business or
reinsurance business as permitted by the Authority'
j.'NetOwnedFund'(NOF)shallconsistof(i)paidupequitycapital,(ii)free
reserves, (iii) Securiiies Premium Account, sum of which is reduced by (i)
Accumulated Losses, (ii) book value of intangible assets, which shall be
computed on the basis of last audited Balance Sheet and any capital raised
afterthe Balance Sheet date shall not be accounted for'
k. ,special Economic Zone' (sEZ) means a special economic zone as defined
under Section 2(za) of the Special Economic Zones Act' 2005'
t. All words and expressions used herein but not defined in these Guidelines, but
defined in the lnsurance Act, 1938 (4 of 1938) or lnsurance Regulatory and
DevelopmentAuthorityAct,lggg(41of1999)orSpecialEconomicZones.Act,
2005, shall have the meanings respectively assigned to them in those Acts,
Rules, Regulations issued under those Acts, as the case may be'
5 Applicability: These guidelines are applicable for,
a. The applicants who are willing to apply for registration of llO'
b. The lndian insurer or reinsurei registered as llO with the Authority under these
Guidelines to transact Direct lnsurance Business or Reinsurance Business or
both.
c. The foreign insurer or reinsurer registered as llo with the Authority under these
Guidelinel to transact Direct lnsurance Business or Reinsurance Business or
both.
_
CHAPTER II
6.
Registration of llO:
a. No person or entity shall commence or undertake insurance or reinsurance
business from an IFSC without obtaining prior registration as an llO from the
AuthoritY.
b.Thesoleobjectofthello,onbeingregisteredwiththeAuthority'shallbeto
exclusively carry on insurance or relnsurance business from an IFSC. An llo
shallnot.ngageitselfinanybusinessotherthanthosepermittedbythe
Authority.
in" ,ugi"t"red llo may be permitted to transact direct insurance business
". within tie IFSC, from other SEZs and from outside lndia
d.Thelloregisteredtotransactdirectinsurancebusiness,shallnotwritedirect
insurancebusinessfromtheDTAexceptinaccordancewithSection2CBofthe
Act.
Page 4 of 33e. ln case of reinsurance business, the llO;
i.
May accept reinsurance business from within the IFSC, from other SEZs
and from outside lndia.
ii. May accept reinsurance business from the insurers operating in the DTA
in accordance with the order of preference for cession, as per extant
Regulations notified by the Authority.
No llO shall be permitted to transact a class of business, which is not permitted to
applicant company by its home country regulatory or supervisory Authority.
7. Classes or Subclasses of lnsurance Business for which llO may be
reg istered with the Authority;
i.
Life lnsurance Business
ii. General lnsurance Business
iii. Health lnsurance Business
iv. Reinsurance Business
Provided that, the llO may be permitted to transact direct Life insurance business
or Direct General insurance business but not both or Reinsurance Business.
However, the llO may be allowed to transact health insurance business as
provided under extant Health lnsurance Regulations notified by the Authority.
8.
CapitalRequirement:
a. Assigned Capital
The applicant shall demonstrate a minimum assigned capital of lndian
Rupees Ten Crore (Rs. 10 Crore).
Provided that, in case the applicant is Foreign Direct lnsurer, then such
applicant Company shall possess paid-up equity capital as per provisions
of Sec. 6 (1) of the Act.
lt Such Assigned Capital, may be held in the form of Government Securities
issued by the Government of lndia or held as deposits with Scheduled
Banks in lndia and shall be maintained by the llO at all times during the
subsistence and validity of its registration under these guidelines.
b. Net Owned Fund (NOF):
The Applicant shall maintain net owned funds (NOF) as applicable to the
Branches of Foreign Reinsurers under Section 6 (2) of the lnsurance Act,
1938 or as may be prescribed by the Government of lndia.
Provided that, maintaining of NOF requirement is not applicable for
Foreign Direct lnsurer.
Such NOF shall be maintained by the applicant at all times during the
subsistence and validity of its registration.
Page 5 of 33Provided that, the requirements of such assigned capital and NOF, as the
case may be, are applicable for foreign insurers, reinsurers who make an
application for registration of llO to the Authority.
Further provided that, the applicant shall inform the Authority about change
in shareirolding pattern or ownership of applicant Company, if any, within
thirty days of effecting such change.
9. Application Processing fees;
An applicant shall, along with the application, pay a non-refundable processing fee
of lndian Rupees 5O,0bO/- (lndian Rupees Fifty Thousand only) and applicable
taxes, if any, in favour of the Authority, by way of NEFT/RTGS payable at
Hydeiabad or through such other payment mode as may be stipulated by the
Authority from time to time.
10.
Annual Fee;
a. The llo shall pay annual fee of lndian Rupees one Lakh (Rs. 1 Lakh) and
applicable taxes,'if any, for every financial year to the Authority before 31"t day
of January of the preceding financial year'
Explanation: For the Financial year 2018-2019 the annual fees shall be paid by
31st January 2018.
b. lf the llo fails to deposit the annual fee before the date specified in clause 10
(a),theAuthoritymayacceptthepaymentofannualfeealongwithlatefeeof
ien percent of the annual fee, if paid before the end of financial year in which
the annual fee was required to be paid'
c. where the llo has failed to pay the annual fee before the end of the financial
yearthen,itscertificateofregistrationshallbeliabletobecancel|ed.
d. Manner of payment of Annual Fees: The Annual Fee, Late fee and applicable
taxes, if any, inrll be remitted in favour of the Authority, by way of NEFT/RTGS
p"V"Uf" a['Hyderabad or through such other payment mode as may be
stipulated by the Authority from time to time'
11. Eligibility Criteria for Registration of llO;
a. lndian lnsurer or lndian Reinsurer:
TheChairpersonoftheAuthoritymayconsiderrequestsforregistrationfroman
lndian insurer or lndian reinsurei to selup llO on being satisfied that:
i.Theapplicantisanlndianinsurerorlndianreinsurerregisteredwiththe
AuthoritY;
ii. The applicant has been in continuous operation during the preceding 5 years
from the year in which the application is made; and
Page 6 of 33iii. The applicant has satisfactory track record in respect of regulatory
compliance.
b. Foreign lnsurer or Foreign Reinsurer;
The Chairperson of the Authority may consider requests for registration from a
foreign insurer or foreign reinsurer to set-up llO on being satisfied that:
The applicant is registered or licensed for transacting insurance or
i.
reinsurance business in the country of incorporation,
ii. The applicant has been duly authorized by the regulatory or supervisory
authority of its home country to set up an llO in lndia;
iii. The applicant has been in continuous operation during the preceding 5 years
from the year in which the application is made;
iv. The applicant is complying with the provisions of Assigned Capital, Paid-Up
Equity Capital and NOF as mentioned in Clause Nos. B of these guidelines.
v. The applicant has satisfactory track record in respect of regulatory or
supervisory compliance in its country of incorporation and also in any other
country in which it is functioning.
vi. The applicant shall be registered or certified in a National Regulatory
Environment and with whom the Government of lndia has signed Double
Taxation Avoidance Agreement.
vii.
The applicant shall have a solvency margin as stipulated by its home
country regulatory or supervisory Authority.
viii. The applicant shall have a minimum credit rating which is having at
least good financial security characteristics from any of the internationally
renowned credit rating agencres for the last three years.
c. The applicant shall not be eligible to make an application if its;
Application for registration as llO has been rejected by the Authority at any
i.
time during the preceding two financial years as on the date of requisition for
registration application; or
ii. The Certificate of Registration as llO, has been cancelled or withdrawn by
the Authority in the preceding two financial years as on the date of
application for registration as llO.
12.
Application for Registration of llO;
a. An applicant desirous of obtaining a Certificate of Registration as llO from the
Authority shall submit an application as specified by the Authority.
lndian lnsurer or lndian Reinsurer shall submit an application rn Form - A and
Foreign lnsurer or Reinsurer shall submit an application in Form - B, seeking
registration as llO.
b
Every application for registration of llO by the applicant shall be accompanied
by,
Page 7 of 33A certificate of approval from the appropriate authority as prescribed in the
Special Economic Zones Act, 2005 for conducting insurance business in the
IFSC.
A certified copy of the Certificate of lncorporation, Memorandum of
Association and Articles of Association of the applicant or a corresponding
document which details the manner of formation of Company and conduct of
its business;
Certified copies of the published annual report of applicant for the last five
years preceding the year of filing of application for registration of llO.
Certified copy of approval from the board of directors of the applicant
through a resolution, in support of the commitment to set up such llO.
the name, address, occupation and contact details of the Directors, Chief
Executive Officer of the applicant and the person proposed to be in-charge
of the operations in proposed llO.
A copy of the registration certificate issued by the Authority (in case of
lndian insurers or lndian reinsurers).
vI Business Projections of the llO for the next 5 years;
ln addition to the above, applicant from a Foreign Country shall submit
the following;
viii A copy of the Certificate of Registration issued by its home country
Regulatory or Supervisory Authority to transact insurance or reinsurance
business, as the case may be.
ix. A statement indicating infusion of the assigned capital of lndian Rupees
Ten Crore (Rs. 10 Crore) or more.
x.
A copy of the certificate from its home country regulatory or supervisory
Authority that, the applicant has necessary permission to open an llO in
SEZ, lndia.
xi. A note on the regulatory architecture of the country where the applicant is
incorporated and licensed along with its reporting and compliance structure;
xii. a certificate from a practising chartered accountant or a practising company
secretary certifying that all the requirements relating to processing fees,
assigned capital, NOF and other requirements have been complied with by
the applicant.
Nothing in sub-clause 12 (b) above, shall prevent the Authority from seeking
further or additional information as may be needed for processing of the
application for registration of llO.
Provided that, in case, if any of the required documents to be filed with the
Authority along with application for registration of llO is in a language other than
English, then true and correct translation of all such documents in English
language duly certified shall be enclosed along with the certified copies of
original documents.
Further Provided that, such translated documents pertaining to Audited and
other Financial reports shall have monetary values in lndian Rupees only.
while furnishing such financial documents with the Authority, the applicant sh_all
ensure that, true and correct currency conversion rate is made applicable for
Page 8 of 33the period for which such audited and other financial report is submitted with
the Authority.
Explanation: Translated documents pertaining to Audited Financial Reports
shall be certified by Practicing Chartered Accountant. All other translated
documents as mentioned are to be certified by Practicing Company Secretary.
c. The Authority may require an applicant to furnish relevant documents or any
further information or data or clarifications or may direct the applicant to comply
with additional requirements within such time, as may be given, for the purpose
of consideration of the application. Non-submission of such requirements within
the given time, may lead to rejection of the application for registration as llO.
d. Subsequent to submission of the application, the applicant shall not carry out
any change in the structure, composition and other aspects such as Assigned
Capital. of the applicant Company which may have a bearing on decision for
grant of llO registration, without prior approval of the Authority.
e. The applicant shall bring to the notice of the Authority, on its own and forthwith,
any such further information, which might have a bearing on the consideration
of their application in terms of these guidelines.
Provided that, where the registration has already been granted before receipt
of such information on changes incorporated, the Authority reserves the right to
review the registration already granted.
CHAPTER - III
13.
Consideration for grant of Certificate of Registration of llO;
a. The Chairperson of the Authority shall take into account, all matters relating to
carrying on the business of insurance or reinsurance as the case may be, by
the applicant.
b. lnter alia, the Chairperson of the Authority shall also consider the following
matters for grant of certificate of registration as llO, namely -
i. The record of performance of lnsurance or Re-insurance business carried on
by the applicant;
ir. The record of performance of the directors and Key Managerial persons in
the management of the applicant,
iii. The proposed infrastructure of the llo such as adequate office space,
lr
equipment, infrastructure and trained manpower to effectivery carry out
the insurance business from IFSC;
iv. The organisation structure consisting of Key Managerial persons of the
applicant Company and also of proposed llO;
v. The proposed llO shall be capable of underwriting risks of specified
rnsurance or reinsurance business and setfltng claims
vi. The commitment to appoint in the proposed llO, sufficienfly skilled staff to
underwrite the classes of insurance or reinsurance business and settlement
of claims
Page 9 of 33v any other requirements that the Authority may consider necessary for
grant of Certificate of Registration.
ln addition to the above the following may be considered in the matter of
applicants from foreign cou ntries:
viii. documentary proof of having lndian Rupees ten crore or more as
assigned capital;
ix. an affidavit by the person authorised by the Board of Directors or the
executive committee of Management, of the applicant, as the case maybe,
certifying that the requirements of the assigned capital have been satisfied.
x. an affidavit by the applicant certifying the Net Owned Fund of the company.
xi. certificate from a practising Chartered Accountant or a practising Company
Secretary certifying that all the requirements relating to processing fees,
assigned capital, NOF and other requirements of the Act have been
complied with by the applicant.
c. The application is complete in all respects and is accompanied by all required
documents.
d. The applicant is a bonafide applicant for registration;
e. The financial condition and the general character of management of the
applicant are sound; and
f. The applicant is eligible, and in its opinion, is likely to meet effectively its
obligations as specified under the Act as well as the Special Economic Zones
Act, 2005;
14. Grant of Certificate of Registration;
The Chairperson of the Authority, on being satisfied that the applicant fulfils the
requirements and conditions of these guidelines, may register the applicant as an
llO for the Class or Classes of lnsurance business or reinsurance business for
which the applicant is found suitable and grant him a Certificate of Registration in
specified Form No. ,q1 or Bl as the case may be.
Provided that the Authority may grant certificate of registration with such terms
and conditions as it may deem fit.
15. Refusal for grant of Certificate of Registration
a. The Chairperson of the Authority may refuse grant of Certificate of Registration
to an aPPlicant if it finds that:
the applicant has misrepresented the facts_ or failed to fulfil the requirements
i.
as siipulated in the Aci, IRDA Act, 1999, Special Economic Zones Act' 2005
and rules, regulations, guidelines under these Acts'
Page 10 of 33ii. the application is not complete in all respects or not conforming to the
instructions mentioned in the form for application or not complying with the
requirements of these guidelines or directions of the Authority.
Provided that before refusing grant of Certificate of Registration, the
Authority shall offer reasonable opportunity to the applicant of being heard or
to complete the application or conform to the instructions mentioned in the
form or comply with the requirements within thirty days of receipt of
communication from the Authority.
b. Any order of refusal to grant Certificate of Registration shall be communicated
to the applicant by the Authority in writing through a speaking order.
c. An applicant, against whom an order refusing to grant Certificate of Registration
has been passed by the Authority, shall not, for a period of two years from the
date of such refusal, submit a fresh application to the Authority for grant of
Certificate of Registration as an llO.
d. An applicant aggrieved by the decision of the Authority under these guidelines,
may file an appeal before Securities Appellate Tribunal (SAT) as per provisions
of Sec. I 10 of Act.
CHAPTER - IV
16.
lssue of a duplicate Certificate of Registration:
a. ln case a Certificate of Registration is lost or destroyed or mutilated, the llO
shall submit to the Authority an application for issue of duplicate Certificate of
Registration in in Form - C.
b. Such llO shall pay a processing fee of lndian Rupees five thousand and
applicable taxes, if any, to the Authority in the manner mentioned in Clause
No. 10 (d) of these Guidelines.
c. The Chairperson of the Authority, on being satisfied that the original
Certificate of Registration has been lost, destroyed or mutilated, shall issue a
duplicate Certificate of Registration in the Form C-1.
17.
Voluntary Surrender of Certificate of Registration:
a. An llO, who has been granted Certificate of Registration, may choose to
voluntarily surrender its Certificate of Registration by making an application to
the Authority stating the reasons for surrender and the application shall be
accompanied by such documents as may be specified by the Authority from
time to time.
b. On being satisfied with the reason for surrender, the Authority may pass an
order agreeing to the surrender of Certificate of Registration by'an llb
Page 11 of 3318.
Revocation, Suspension, Cancellation of Certificate of Registration;
a. The Authority may by order, revoke, suspend or cancel the Certificate of
Registration granted to an llO or may initiate any other regulatory action if it is
satisfied that, an llO:
i. is functioning in a manner detrimental to the interests of the insured,
policyholder, ceding insurer or reinsurer, as the case may be.
ii. has experienced deterioration in financial conditions, because of which the
llO cannot function effectively;
iii. has furnished wrong or false information or undertaking or wilfully concealed
or failed to disclose material facts in the application for obtarning a Certificate
of Registration;
iv. or applicant Company is under liquidation or is adjudged as being insolvent.
v. has violated or failed to comply with these guidelines or any other provisions
of the lnsurance Act,193B, Insurance Regulatory and Development Authority
Act, '1999, SEZ Act, 2005 or any of the rules, regulations, guidelines or
circulars issued under these Acts.
vi. has failed to furnish information relating to its business as a llO or failed to
submit periodical returns as required by the Authority;
vii.
did not co-operate with any inspection, audit or enquiry conducted by
the Authority or caused by the Authority;
viii,
has failed to resolve the complaints of the policyholders, ceding insurer
or reinsurer or failed to give a satisfactory reply to the Authority in this
regard.
ix. or applicant Company has failed to maintain specified equity paid-up capital,
Assigned Capital or failed to infuse additional capital as advised by the
Authority or failed to meet the NOF requirements.
x. has failed to pay to the Authority the Annual fees, penalties imposed or the
reimbursement of expenses, if any, under these guidelines;
xi. has violated the conditions, if any, imposed at the time of issuance of
Certificate of Registration.
xii.
did not carry out its obligations or did not adhered with provisions as
mentioned in these guidelines.
xiii.
has a Principle Officer, who does not fulfil the applicable norms.
xiv.
has been set up only to divert or siphon off the funds within a group of
companies or their associates.
xv. indulges in manipulating the specified insurance or reinsurance
business, as the case may be;
xvi.
indulges in unfair trade practices;
xvii.
has failed, at any time, to comply with the provisions of Section 64VA
of the Act as to maintain the excess of the value of assets over the amount
of liabilities,
xviii. has transferred all or part of the business to any person or has
amalgamated with the business of any other insurer without the approval of
the Authority,
xix. makes default in complying with, or acts in contravention of, any
requirement of the Act or of any rule or any regulation or order made or any
direction issued there under,
Page 12 of 33xx.
carnes on any business other than specified insurance or reinsurance
business, as permitted by the Authority.
xxi. fails in complying with any direction issued or order made by the
Authority under the lnsurance Regulatory and Development Authority Act,
1999,
xxii.
fails in complying with, or acts in contravention of, any requirement of
the Companies Act, 2013, the Foreign Exchange Management Act, 1999,
the Prevention of Money Laundering Acl, 2002 or the Special Economic
Zones Act, 2005,
xxiii.
is convicted of an offence under any law for the time being in force,
b. Notwithstanding the above, where the Authority is of the opinion that the
operations of the llO are not in the interests of the Indian insurance market or
public interest, the Authority reserves the right to take appropriate steps
including the right to direct the applicant to close the llO after giving an
opportunity of being heard.
c. The Authority may revoke or cancel registration already made under these
Guidelines, if it is satisfied that, in case of an llO or its applicant Company i.e
such a foreign insurer or reinsurer has been debarred by law or practice by the
home country supervisor or regulator to carry on insurance or reinsurance
business.
d. Before taking action under Clause No. 1B (a) of these Guidelines, the Authority
shall grant a reasonable opportunity of being heard, to the llO.
e. However, the Authority may issue an order revoking or suspending the
Certificate of Registration without notice if the llO;
is found to be guilty of fraud or is convicted of a criminal offence;
commits such defaults which require immediate action in the opinion of
the Authority;
fl has not commenced business within specified time lines from the date of
Certificate of Registration, as mentioned in these gutdelines.
Provided that the Certificate of Registration so revoked or suspended shall not
be cancelled by the Authority unless an enqurry is conducted and the llO has
been given a reasonable opportunity of being heard.
f.
Every order made by the Authority under Clause No. 18 of these guidelines
shall be in writing stating clearly the reasons for revocation, suspension or
cancellation of the certificate of Registration and shall be served on the llo.
19. Effect of Revocation, suspension, cancellation, voluntary surrender of
Certificate of Registration:
on and from the date of the order issued by the Authority, of revocation,
cancellation, suspension or voluntary surrender of the certificaie of registration,
the llo shall cease to transact new insurance/reinsu rance uusines"s unies"
mentioned otherwise in the order.
Page 13 of 33Provided that, the Authority may direct the llO to continue to service the existing
insurance or reinsurance contracts for such a period as may be specified in the
Order made by the Authority.
20. Maintenance of books of account, records, and confidentiality of
information, submission of annual report to Authority;
a. An llO shall maintain proper records, documents, evidence and books of all
transactions carried out by it in terms of these guidelines.
b. The llO shall submit financial returns including statement of accounts in the
matter as may be specified in the IRDA (Preparation of Financial Statements
and Auditor's Report of lnsurance Companies) Regulations, 2002.
c. All other records shall be maintained for such period as may be specified by
the Authority.
d. Such records, documents, evidence, books etc., and any information
contained therein shall be made available to the Authority or to such person
appointed by the Authority for investigation into or inspection of the functions
of the llO.
e. While maintaining the records in terms of these guidelines, the llO shall follow
strictly the professional confidentiality as required. However, this does not
prevent the llO from disclosing the relevant information relating to its business
to any Court of Law, Tribunal, the Government or the Authority in case any
investigation is carried out or is proposed to be carried out against the any
insurer or reinsurer or any other person or for any other reason.
f. The llO shall submit separate financial returns including statement of
accounts, in the manner as may be specified by the Authority.
An llO shall furnish the Authority an annual report and any other return of its
s
activities as may be specified by the Authority.
h. Every llO shall file periodical information to the Authority relating to its
business activities in such form(s) as may be specified by the Authority.
i. Every llo shall furnish declarations and undertakings in such form(s) and at
periodicity as may be specified by the Authority.
Provided that, in case if, any of the required documents to be filed with the
Authority are in other than English or Hindi language, then true and correct
translatibn of all the documents in English language duly certified by concerned
Authorized person is also to be enclosed'
FurtherProvidedthat,translateddocumentspertainingtoAudited-andoth.er
only
f r"n"i"l reports shall have monetary values in lndian Rupees While
Page 14 of 33furnishing such financial documents with the Authority, the applicant shall ensure
that, true and correct currency conversion rate is made applicable for the period
for which such audited and other financial report is submitted with the Authority.
Explanation: Translated documents pertaining to Audited and other Financial
Reports shall be certified by Practicing Chartered Accounting. All other
translated documents are to be certified by Director or designated CEO of
proposed llO.
CHAPTER - V
21.
Operational guidelines to all the IlOs
a. Commencement of Business Operations;
An llO shall commence business, for which it has been authorised, within
twelve months from the date of grant of Certificate of Registration by the
Authority.
Provided, however, that if the llO is not able to commence business within
the specified period of twelve months, it can, before the time limit expires, but
at least thirty days in advance, seek an extension of time in writing to
Chairperson of the Authority for commencing business operations.
The Chairperson of the Authority, on receipt of the request, shall examine it
and communicate the decision in writing.
No extension of time shall be granted by the Chairperson of the Authority
beyond eighteen months from the date of grant of certificate of registration
under these guidelines.
b. Every llO which has been granted Certificate of Registration shall display and
be identified in public domain by the name with which it is registered with the
Authority, IRDAI registration number, address of the llO and the applicant
Compa ny.
c. All the monetary transactions with respect to insurance or reinsurance
business made by an llo shall be in foreign currency and not in lndian
Rupees.
d Appointment of Principar officer, The appricant shail appoint a principar
Officer, who will be in charge of the llO. The appointmeni, reappointmeni,
removal and manageriar remuneration payabre to the principar officer shafl be
with the prior approval of the Authority.
Page 15 of 33e. Reinsurance and Retrocession
i.
The llO shall retrocede not more than 90% of its reinsurance business
The surplus available after such retrocession arrangements as mentioned
in Clause Nos. 21 (e) (i) of these guidelines shall be held in the form of
Government Securities issued by Government of lndia or in deposits with
Scheduled Banks in lndia or invested as per extant lnvestment
Regulations notified by the Authority.
f. Solvency Margin: The llO shall prepare and submit a separate statement of
assets, liabilities and solvency margin requirements in the manner as may be
specified in the IRDAI (Assets, Liabilities and Solvency Margin of General
lnsurance Business) Regulations, 2016 and IRDAI (Assets, Liabilities and
Solvency Margin of Life lnsurance Business) Regulations, 2016.
g. Repatriation of surplus: Any repatriation of the surplus generated by the
operations of the llO shall be only with prior approval of the Authority. The
Authority before granting such an approval shall obtain all relevant information
and satisfy itself that the assets of the llO are adequate to meet their
liabilities. ln addition, the repatriation of surplus shall comply with the other
requirement of RBl, FEMA as applicable.
h. Delegated authorities: The llO shall provide systems and checks to ensure
that delegated powers are exercised prudently and ludiciously by the
authorised officials and has no adverse fallout on the operations in IFSC. The
llO shall also review its delegated powers and functionaries as regards to
adequacy of such powers to meet local operational requirements and the
delegated authority. A copy of such review shall be filed with the Authority
annually.
Supervision and Control:
i. The Board of the applicant shall ensure to have in place effective
supervision and control and to monitor continued viability of llO through
necessary returns,
ii. Such returns shall include:
a) Financial reporting covering statement of account giving details of
activities;
b) Business reporting.
iii. A copy of synopsis of the findings of the inspection, audit, scrutiny and
compliance submitted by the llO and put up to the Audit Committee of
the applicant Company shall also be submitted to the Authority Once
Board of applicant Company has taken such findings on records'
Reporting requirements by the llO to the Authority:
i. ine fb oi foreign insurer shall immediately report to the Authority any
f
,"grlrtory or sup;rvisory action taken by the home country regulator with
tuii Aetaiis and the penalty, any administrative action imposed and the
remedial steps taken.
ii. nti tne llOs shall submit periodic returns in such form and such manner as
the Authority may specify from time to time
Page 16 of 33iii. Downgrading Reporting: The llO shall immediately report along with
relevant documents to the Authority any downgrade in Credit Rating by a
internationally renowned credit rating agency.
iv. Erosion of Net Owned Fund: The branch office shall immediately report to
the Authority more than 57o erosion in the NOF of the applicant Company.
k. Corporate Governance: The llO shall have a Board Approved Executive
Committee consisting of Principal Officer or CEO of the llO and other two Key
Managerial Persons preferably the Chief Risk Officer and the Chief Finance
Officer.
The Executive Committee shall keep the CEO of the applicant Company
informed about the decision taken by the Executive Committee. The CEO of
applicant Company shall keep the Board informed about the major and
important decisions taken from time to time.
I.
lnformation Technology: The llO shall have its lT system which will have all
the transaction details and information relating to its business transactions.
m. Protection of Policy Holders' lnterest: With respect to underwriting of direct
insurance business sourced from and within IFSC, other SEZs and DTA, the
llO shall comply with extant Protection of Policy Holders' lnterest Regulations
as notified by the Authority.
n. Outsourcing: Activities related to outsourcing shall be in compliance with
extant Outsourcing Regulations as notified by the Authority.
o. Advertisement: Activities related to advertisement shall be in compliance with
extant Advertisement Regulations, Circular or Guidelines as notified by the
Authority.
22.
Miscellaneous Provisions for llOs
1) The Principal Officer or Chief Executive Officer of an llO shall be responsible
for the proper day to day administration of an llO as well as regulatory
compliance issues.
2) ln particular, and without prejudice to the generality of the provisions contained
in these guidelines, it shall be the duty of every llO, that it shall;
a. have effective grievance management systems in place.
b. ensure to resolve the grievances of policyholders within fifteen days of
receipt of the same.
c comply with the regulations, circulars, guidelines and directions that may be
issued by the Authority from time to time.
Page 17 of 33d. not submit any wrong, incorrect, misleading data or information or
undertaking to the Authority or to the insurer or to any other stake holder of
the insurance business.
e. have systems in place to identify, monitor, control and deal with frauds
f. put in place systems and internal processes for detection of fraud and its
mitigation, delineate and disseminate information on fraudulent cases and
submit such information on fraudulent cases as directed by the Authority.
g. comply with the Know Your Customer (KYC) and Anti-Money Laundering
(AML) guidelines as issued by the Authority from time to time;
h. follow the provisions of lnsurance Act, 1938, IRDA Act, 1999, SEZ Act, 2005
and Rules, Regulations, circulars, guidelines issued under these Acts.
Provided that, the Provisions of notification Ref. S.O. 870 (E) dated 27-03-
2015 (File No. 14017/98/2014-lns.ll) issued by Department of Financial
Services, Ministry of Finance, Government of lndia are applicable for all llOs.
i. comply with the requirements of Special Economic Zones Act, 2005, Foreign
Exchange Management Act, 1999 and any other law in force governing the
operations of such llO.
j. follow extant Foreign Exchange Management (IFSC) Regulations, 20'15 or
any other corresponding circular guidelines issued by RBl, from time to time,
in the matter of currency transactions in SEZ-lFSC.
23. Authority's power to inspect;
a. The Authority, with or without prior notice, may appoint one or more of its
officers as "inspecting authority" to undertake inspection of books of accounts,
records and documents of the llO for any of the purposes mentioned in
Clause No. 23 (b) of these guidelines.
b. The inspection under Clause 23 (a) may be carried out for any of the following
purposes, namely:
i. to ensure that the statutory books or books of account are being
maintained in the manner as required; or
ii. to ensure that the provisions of the Act, other applicable norms, rules,
regulations, guidelines, circulars, advisories are being complied with; or
iii- to inspect the complaints received from any insured, any insurer or
reinsurer, other llO or any other person on any matter having a bearing on
the activities of the llO; or
iv. to inspect the affairs of the llo suomotu in the interest of proper
development of llO business or in policyholders' interests'
c. An llo shall maintain all the books of account, statements, documents, etc., at
its llo office address as notified to the Authority, and it shall be the duty of all
Page 18 of 33officers and employees of the llo to make these available to the inspecting
authority.
24.
Repeal and Savings
a. From the date of commencement of these guidelines, the following guidelines
shall be superseded:
i.
IRDAI (lnternational Financial Service Centre) Guidelines, 2015 issued
vide Ref. No. IRDA/NL/GDL/MISC/065/0412015 daled 06-04-2015 along
with all forms and circulars issued there under.
ii. Circular No. IRDA/NUCIR/MISC/O1910112016 dated 28-0'1-2016 to the
extent applicable for insurer or reinsurer.
b. The llOs which have been issued Certificate of Registration by the Authority
as per provisions of guidelines with Ref.
No.
IRDA/NL/GDL/MISC/065/04/2015 dated 06-04-20'15 and which continue to be
valid as on the date of notification of these guidelines shall be deemed to be
holding valid Certificate of Registration as if they have been issued under
these guidelines.
c. Applications for grant of Certificate of Registratlon as an llO, which are filed
as per provisions of guidelines with Ref.
No.
IRDA/NL/GDL/MISC/065/04/201 5 dated 06-04-201 5 and under process with
the Authority as on the date of notification of these guidelines shall be
processed for grant of Certificate of Registration under these guidelines.
d.
Where any inspection has been conducted or proceedings have been initiated
by the Authority as per guidelines with Ref.
No.
IRDA/NL/GDL/MlSCi065/04/20'15 dated 06-04-2015; they shail continue to be
governed by said guidelines, only till their final disposal.
25.
Power of the Authority to issue clarifications etc.:
In order to remove any doubts or the difficulties that may arise in the application
or interpretation of any of the provisions of these guidelines, the Chairperson of
the Authority may issue appropriate clarifications or guidelines as deemed
necessary.
P.J. Joseph
Member (Non-Life)
v
Page 19 of 33An nexu re -
1
FORM _ A
APPLICATION BY AN INDIAN IN RER / REINSURER FOR GRANT OF CERTIFICATE
OF REGISTRATION AS INTERNATIONAL FINANCIAL SERVICE CENTRE INSURANCE
oFFrcE (ilo)
Sr. Pa rtic u la rs Applicant's Response l Remarks
No.
Section A: Company Profile
Name of the applicant
1
2 Address of its registered office
Date of incorporation
[DD/MM/YYYY]
4 Registration No. and date of first Copy of the
registration IDD/MM/YYYY] registration
certificate
5 Line of business currently handled
a.
Lines of lnsurance or
Reinsurance Business as the
case may be
b. Countries of operation
6 Amount of Authorised capital,
Subscribed capital, lssued capital &
Face value of shares and their
num bers
7 Board Resolution Annexure -
Provide a copy of the resolution by
the applicant's board in support of
the commitment to set up an llO.
I Name, Address and contact details Provide a certified
of the person responsible for the copy of the board
affairs of the proposed llO resolution appointing
the person
responsible for
affairs of llO
o Regulatory approvals Annexure -
Provide copies of regulatory
approvals for opening of an office in
SEZ for conducting insurance
business in the SEZ.
10 Annual Reports Annexure -
Annual reports for the past 5 Years.
a.
11 Details of the Office proposed to be Name of the office:
b.
opened: office Address.
c.
Address for
Communications (state
the name of the
Principal Officer,
telephone numbers, Jax-
Page 20 of 33numbers, mobile
number, e-mail address
and such other details:
d.
Principle Officer for llO
& Key Management
Personnel and
allocation of
responsibilities. (Propose
d):
e.
Organizationalstructure.
Reporting relationships
of the llO to the insurer:
f.
Planned infrastructure at
pro osed office
12 Detajls of payment of fee prescribed
under the Guidelines
13 Solvency margin of the lndian
insurer for five years preceding the
date of application
S€ction B: llO Business Strategy
14 Market Research and Analysis Annexure -
The applicant may have undertaken
some form of market analysis to
ascertain the market potential. The
applicant may furnish full description
of the research, along with the
conclusions reached
15 Types of lnsurance or Annexure -
Reinsurance arrangements to be
offered, as the case may be
The applicant may give detail of the
types of insurance or reinsurance
arrangements that it will offer to the
lndian and other markets.
lo Underwriting Annexure -
This section should describe the
approach used for undeMriting of
proposals, etc. Please also state the
nature of support to be provided in
underwriting and in training of
underwriters and upgradation of
skills of the local persons by the
head office.
17 I nform ati on Tec h n ol ogy Annexure -
lnsurance industry is very much
dependent on computer technology.
Full description should be provided
for the following:
.
The different areas where
computer systems will be
employed.
.
The degree to which the systems
will be used for policyholder
Page 21 of 33servrcrng.
.
The degree of interconnectivity
of the systems.
.
A description of how the l/T
systems will be used to develop
the required Management
lnformation Systems.
.
Extent of procedures and
operations which will remain
manual.
18 Retention Limits and Reinsurance Annexure -
The nature of reinsurance
arrangements should be described
fully, giving the following details:
.
The basis of reinsurance.
.
Terms of reinsurance.
.
Manner of reinsurance support
from head office
.
Retention limits
.
Retrocession within lndia
'19 Recruitment and Trai ning Annexure -
Different areas of the company
require personnel with different skill
sets. Some of the special technical
skills would require special focus.
The company may submit a detailed
write-up on its plans to impart
technical skills and knowledge
locally.
20 lnternal Controls Annexure -
The company will need to establish
a set of procedures and norms for
various activities. The manner in
which these will be monitored should
be described.
21 Expenses of Administration Annexure -
The proposed expenses as a Per
cent of premium.
22 Technical skills Annexure -
The technical skills of the PeoPle
who will work in the IIO and Plan for
imparting knowledge for skill
at local level.
,upgradqtio!
11 Financial Proiections a. Amount of business. Annexure -
A description of the model used for b. Size of suPPort and
financial projections should be administrative staff.
c.
provided, based on assumPtions, for Premium income.
a period of 5 Years, for each Year d. lnvestment income
from the start. Please Provide e. Commissions and other
details against each of the items sales related exPenses.
listed in the next cell. (Amount f. Expenses of
I
Page 22 of 33should be Rs in crore) admlnistration.
g.
Statutory reserves.
h.
Required solvency
margins.
i.
Profit and loss accounts
and balance sheets.
j.
First year and renewal
expense ratios.
k.
Capital needs
l.
Break-even periods and
the Return on Capital.
m. Retrocession with group
companies
n.
Retrocession with
othe rs
This section should also
discuss the manner in
which the future capital
needs will be met.
24 Conclusion
ln conclusion, please discuss the
viability of the operations. Any
special issues or concerns should
also be indicated
Certification
l, the undersigned, solemnly declare that the facts given in this application form on behalf of
the applicant company, are true and that the projections and estimations are based on
reasonable assumptions.
Place
Date:
Signature of the Authorised Person (with Designation and Seal)
Page 23 of 33Annexure - 2
FORM - A1
/NSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA
(Seal of the Authority)
CE RTI F I C ATE O F R EG I ST RATI O N
Number._
Registration
This is to certify that (Name of Reinsurer/lnsurer and his address) has this day been
registered in accordance with the lnsurance Regulatory and Development Authority of lndia
(Registration and Operations of lnternational Financial Service Centre lnsurance Offices)
Guidelines, 2017 as IFSC lnsurance Office (llO) to transact the classes of business specified
in the Schedule below.
Gtven under the seal of the Authority at this day of lwo
thousand and
Authorised Signatory
INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA
Schedule
Classes of business which may be transacted:--
1
2
2
Page 24 of 33Annexure - 3
_
FORM B
APPLICATIoN BY A FOREIGN INSURER / REINSURER FOR GRANT OF
CERTIFICATE OF REGISTRATION AS INTERNATIONAL FINANCIAL SERVICE CENTRE
TNSURANCE OFFTCE (ilO)
'
S.No. lParticulars Applicant's Response Remarks
i
Section A : Company Profile
1 Name of the applicant
2 Address of its registered office
3 Date of incorporation as a Reinsurer Certificate of
IDD/MM/YYYY] incorporation/Deed
of Covenant/Other
valrd proof
4 Registration No. (issued by the Copy of the
regulatory Authority in the country of registration
the applicant's domicile) and date of certificate
f irst reg istration ID D/lvlM/YYYY]
5 Current lines of insurance business
a. Lines of lnsurance or
Reinsurance Business
b. Countries of operation
6 Amount of Authorised capital,
Subscribed capital and lssued
Capital & Face value of shares and
their numbers
7 Name, Address and contact details Provide a certified
of the person responsible for the copy of board
affairs of the proposed llO resolution appointing
the person
responsible for
affarrs of llO
I
Net Owned Funds of the applicanl
as at close of immediately preceding
financial year (Amount to be specified
as Rs ln crore. Currency conversion
shall be as per rate prevailing at the
time of application)
9 Credit rating for the last 3 years from Preceding year Communication from
1
internationally renowned credit rating Rating Agency: the rating agency
agencies (minimum of 'BBB' or its Preceding year 2
equivalent) Rating Agency:
Preceding year 3
Rating Agency:
10 Board Resolution Annexure -
Provide a copy of the resolution
by the
applicant's board
rn
support of the commitment to set
up an llO.
11 Regulatory approvals in lndia
Annexure -
Page 25 of 33a. Provide certificates of
approval from
the
appropriate authority for
opening of
an
ucting
office/cond of
business inthe SEZ.
b. Permanent
Account
number (if allotted by lT
authorities)
c. Service
Tax
Registration details (if
allotted)
12 Certificate from CA Annexure -
Provide a certificate from a
practicing Chartered Accounlant
in lndia or a practising Company
Secretary of lndia certifying that
all the requirements of the Act
read with lnsurance Regulatory
and Development Authority of
lndia (lnternational
Financial
Service Centre) Guidelines, 201 5
guidelines and
notificattons
issued under section 2CA of the
Act have been complied with by
the applicant
13 Annual Reports Annexure -
Annual reports for the past 5
ars
14 Details of the office proposed to be (a) Name of the Office:
opened: (b) Office
Address(representat
ive address
or
company address if
the llO
office
address is
not
available).
Address
(c) for
Communications
(state the name of
the Principal Officer,
telephone numbers,
fax numbers, mobile
number,
e-mail
address and such
other details:
(d) Principle Officer &
Key
Management
Personnel
and
allocation
of
responsibilities.(Pro
Page 26 of 33
1posed).
(e) Organizational
structu re.
Reporting
relationships of the
llO to the holding
compa ny
(f) Planned
infrastructure at
the proposed
office
15 Details of payment of fee prescribed
under the IFS tnes
16 Amount of Assigned Capital and the
form in which it is maintained.
Please indicate the sources of funds
to meet the "Assigned Capital"
re uirement
Particulars of
17 Previous
Application. Has the applicant ever
applied for license in lndiato carry
out insurance busrness? lf so, give
particulars.
18. Details of shareholders of foreign reinsurer: [Please give full name, address, percentage of
holding in the paid up capital of the insurer, Occupation, Qualifications and Experience, Number of
shares held and Percentage of share capital in the companyl Please attach separate sheets if
necessary. Details of persons holding more than 1% of the issued capital of the applicant and
cromoters are to begtven rn separate slatements
Full Name Date of Address with Qualfic Experien Present No. of equity Remarks
[filst, middle, Birth/Dat Telephone Nos., ations' ce occupation (voting rights)
surnameyName of eof Fax Nos , E-mail shares and
the Corporate incorpor percentage of
qtroJl total holding o,___
(1) L2) (3) (4) (5) (6) (7)
"Columns 4 to 6 may be left blank for corporate shareholders.
Section B: R ulatory mpliance in the home country
19 Name, Address and contact
details of the Regulatory Authority
in the counlry of domicile where
the applicant is registered
20 Regul alo ry Arch aite cture Provide an
Provide note on
the Annexure with brief
tre hg eul atory architecture of of the regulatory
Regulatory
Supervisory or architecture in the
Authority
areas of accounting,
where the applicanl
is solvency and other
registered/licensed giving
reporting
provisrons related to
1. requirements-
Products
2.
Market conduct
3.
Aqcguqtilg
Page 27 of 334.
Asset Valuation
5.
Liability Valuation
6.
Solvency
7.
ERM
8.
Fit & Proper criteria
L Framework with regard to
of
supervision subsidiary
and foreign
branches
established in other
urisdictions
21 Ce rtif i c ate of Auth orizati o n Annexure -
Provide a certificate of
authorization granted by the
or
Regulatory Supervisory
Authority of the country of
lnco ration to set up an llO
Minimum Solvency
22 Margin
prescribed by the regulator in the
Jountry of domicile
23 Solvency margin of the applicant for
five years preceding the date of
application
Section C: llo Business Strategy
24 Geographic Spread.' Give the Annexure -
of the
addresses administrative
office
25 Market Research and Analysis AnnexuTe -
The applicant may have undertaken
some form of market analysis to
ascertain the market potential. The
applicant may furnish full description
of the research, along with the
conclusions reached
26 Types of Reinsurance Annexure -
arrangements to be offered
The applicant may give detail of the
types of reinsurance arrangements
that it will offer to the lndian and
other markets. Also, please include
a note on the lrnes of business
proposed to be underuritten at the
llo and stamp of the
Parent
com n being used at the llo
Annexure -
27 Underwriting
This section should describe the
approach used for underwrittng of
proposals, etc. Please also state the
nature of support to be Provided in
underwriting and in training of
underwriters and uPgradation of
skills of the local Persons bY the
head office
Annexure -
28 tnformation
Technology
Page 28 of 33lnsurance industry is very much
dependent on computer technology.
Full description should be provided
for the following:
. The different areas where
will
computer systems be
employed.
.
The degree to which the systems
will be used for policyholder
servicing.
.
The degree of interconnectivity of
the systems.
. A description of how the l/T
systems will be used to develop
the required
Management
lnformation Systems.
. Extent of procedures
and
operations which will remain
manual.
29 Retention Limits and Reinsurance Annexure -
The nature of
reinsurance
arrangements should be described
fully, giving the following details:
.
The basis of reinsurance.
.
Terms of reinsurance.
. Manner of reinsurance support
from head office
.
Retention limits - in lndia
.
Retrocession within lndia
.
Retention limits - outside lndia
30 Recruitment and Training Annexure -
Different areas of the company
require personnel with different skill
sets. Some of the special technical
skills would require special focus.
The company may submit a detailed
write-up on its plans to impart
technical skills and
knowledge
locally.
31 lnternal Controls Annexure -
The company will need to establish
a set of procedures and norms for
various activities. The manner in
which these will be monitored should
be descnbed.
32 Expenses of Administration
Annexure -
The proposed expenses as a per
cent of premium.
33 Technical skitts
Annexure -
Page 29 of 33The technical skills of the people
who will work in the branch and plan
for imparting knowledge for skill
u radation at local level
34 Financial Projections (a) Amount of business. Annexure -
A description of the model used for (b) Size of support and
financial projections should be administrative staff.
provided, based on assumptions, for (c) Premium income.
a period of 5 years, for each year (d) lnvestment income.
from the start. Please provide (e) Commissions and other
details against each of the items sales related expenses.
listed in the next cell. (Amount (f) Expenses of
should be Rs in crore) administration.
(g) Statutory reseryes.
Required
(h) solvency
margins.
(i)
Profit and loss accounts
and balance sheets.
U) First year and renewal
expense ratios.
(k) Capital needs
(l)
Break-even periods and
the Return on Capital.
(m) Retrocession to group
companies
(n) Retrocession to others
This section should also
discuss the manner in
which the future capital
needs will be met.
35 Conclusion
ln conclusion, please discuss the
viability of the operations. Any
special issues or concerns should
also be indicated
Certification
l, the undersigned, solemnly declare that the facts given in this application form on behalf of
the Applicant Company, are true and that the projections and estimations are based on
reasonable assumPtions.
Place
Date: Signature of the Authorised Person (his/her designation with
Seal)
Page 30 of 33Annexure - 4
-
FORM 81
/NSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA
(Seal of the Authority)
CERTI FICATE O F REG ISTRATIO N
Number._
Registration
This is to certify that (Name of Foreign lnsurer / Reinsurer with llO address)
has this day been registered in accordance with the lnsurance Regulatory and Development
Authority of lndia (Registration and Operations of lnternational Financial Service Centre
lnsurance Offices) Guidelines,2017 as IFSC lnsurance Office (llO) to transact the classes of
business specified in the Schedule beiow.
Given under the seal of the Authority at
day two thousand
th is of and
Authorised Signatory
INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA
Schedule
Classes of business which may be transacted:-
1.
Page 31 of 33Annexure - 5
-
FORM C
APPLICATION FOR ISSUE OF DUPLICATE CERTIFICATE OF REGISTRATION
(An applicant shall apply in the following format along-with with the documents specified
herein.)
To
lnsurance Regulatory and Development Authority of lndia.
Hyderabad
We request you to issue a duplicate certificate of registration for which we give below the
following details.
1.
Name of lndian lnsurer/ Foreign lnsurer:
2.
RegistrationNumber:
3.
Date of Certificate of Registration.
4.
How original certificate has been lost, destroyed or mutilated?
5.
Particulars of remittance of fee.
Place Yours truly,
Date: Signature of the Chief Executive Officer.
(Name of the Chief Executive Officer)
(With Seal)
Notes: 1. Enclose the original copy of the resolution of the board for the issue of duplicate
certiflcate, in duplicate.
2. Enclose a DD for Rupees flve thousand drawn in favour of lnsurance Regulatory and
Development Authority of lndia payable at Hyderabad or a proof of electronic fund transfer of
the amount to the account of lRDA|.
Page 32 of 33Annexure - 6
-
FORM C1
/NSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA
(Seal of the Authority)
CERTIFICATE OF REGISTRATION . DUPLICATE
Registration Number
This is to certify that (Name of Foreign lnsurer with llO address)
has this day been registered in accordance with the lnsurance Regulatory and Development
Authority of lndia (Registration and Operations of lnternational Financial Service Centre
lnsurance Offices) Guidelines,2OlT as IFSC lnsurance Office (llO) to transact the classes of
business specified in the Schedule below.
Given under the seal of the Authority at
day two thousand
th is of and
Authorised Signatory
INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA
Schedule
Classes of business which may be transacted.-
1.
Page 33 of 33