IFSC Authority invites comments on consultation paper on proposed IFSCA (Insurance Web Aggregator) Regulations, 2021

What is the News?

International Financial Services Centres Authority (IFSCA) has released the draft IFSCA (Insurance Web Aggregator) Regulations, 2021.

The regulations provide for eligibility criteria, registration process and permissible activities for Insurance Web Aggregator.

What is IFSCA?

IFSCA was established in 2020 under the International Financial Services Centres Authority Act, 2019.

Purpose: The IFSCA is a unified authority for the development and regulation of financial products, financial services and financial institutions in the International Financial Services Centre (IFSC) in India.

At present, the GIFT IFSC in Gandhinagar, Gujarat is the maiden international financial services centre in India.

What are Insurance Intermediaries?

Insurance intermediaries are one of the most important parts of IFSC for developing the essential ecosystem of a financial market and providing insurance solutions to global clients.

IFSC has already notified IFSCA (Insurance Intermediary) Regulations, 2021 for registration and operations of Insurance Intermediaries such as Insurance Brokers, Corporate Agents, Third Party Administrators and Surveyors and Loss Assessors. 

What is an Insurance Web Aggregator?

The insurance web aggregator is a business entity maintaining a website that provides information on insurance policies offered by different insurance companies available in the market. 

They basically act as intermediaries between the insurance companies (insurers) and people who want to take insurance policies. 

Source: This post is based on the article “IFSC Authority invites comments on consultation paper on proposed IFSCA (Insurance Web Aggregator) Regulations, 2021” published in Indian Express on 2nd December 2021.