On January 04, 2022, the International Financial Services Centres Authority (IFSCA) has issued the International Financial Services Centres Authority (Insurance Intermediary) (Amendment) Regulations, 2021 to further amend the International Financial Services Centres Authority (Insurance Intermediary) Regulations, 2021.
This came into force on January 4, 2022.
Key points:
• In Regulation 13 (6) which provides “Capital / Net-worth Requirement, the following shall be substituted:
“The IIIO shall submit to the Authority a paid-up capital and net-worth certificate issued by its statutory auditor, a practicing Chartered Accountant in India, a practicing Company Secretary in India, a practicing Cost Accountant in India or any other person with appropriate qualification, as specified by the Authority, on half yearly basis.”
• In Regulation 22(3) which specify “Ceiling on business from single client, the following shall be substituted:
“An insurance intermediary shall, along with the audited accounts, furnish a certificate by a practicing Chartered Accountant in India, a practicing Company Secretary in India, a practicing Cost Accountant in India or any other person with appropriate qualification, as specified by the Authority, confirming compliance with these regulations.”