IFSCA provides a regulatory framework for registration and operations of Insurance Web Aggregator (IWA) in IFSCs
- Blog|News|FEMA & Banking|
- 2 Min Read
- By Taxmann
- |
- Last Updated on 7 February, 2022
Latest from Taxmann
Notification No: IFSCA/2021-22/GN/REG021 Dated: 31.01.2022
The International Financial Services Centres Authority (IFSCA) notified IFSCA (Insurance Web Aggregator) Regulations, 2022 intending to put in place a process of registration and operations of IWA in an International Financial Services Centre under the regulatory purview of the IFSCA. The notification provides the detailed framework for Registration of IWA, Renewal of Registration, functions of IWA, manner of conducting business, and other miscellaneous details
1. Who can be Applicant?
As per the regulations applicant means:-
(a) an Insurance Web Aggregator registered with IRDAI;
(b) an Insurance Broker registered with the Authority under the International Financial Services Centres Authority (Insurance Intermediary) Regulations, 2021;
(c) a company incorporated under the Companies Act, 2013;
(d) A limited liability partnership formed under the Limited Liability Partnership Act, 2008;
(e) Any other person permitted by the Authority to act as an Insurance Web Aggregator.
Explanation: A body corporate incorporated outside India can form a company or limited liability partnership for making an application under these regulations.
An applicant applying for the grant of registration as an Insurance Web Aggregator (IWA) shall comply with the eligibility requirement as envisaged under regulation 4 and such additional conditions as specified by the authority on a time to time basis.
2. What is the process of making an application?
The Applicant desirous of operating as an IWA in an IFSC shall submit an application form to the Authority in the format specified in Schedule – 1, accompanied by the documents as specified in Schedule – 2 along with the requisite fee as prescribed.
The registration or the renewal of registration granted to IWA shall be subject to the conditions as specified in the regulation 6.
The notification further defines the procedure for issuance of certificate by authority, Renewal of registration of IWA, manner of conducting business by IWA, Additional requirements etc.
Click Here To Read The Full Notification
Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.
Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.
The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:
- The statutory material is obtained only from the authorized and reliable sources
- All the latest developments in the judicial and legislative fields are covered
- Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
- Every content published by Taxmann is complete, accurate and lucid
- All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
- The golden rules of grammar, style and consistency are thoroughly followed
- Font and size that’s easy to read and remain consistent across all imprint and digital publications are applied
Sign Up
To subscribe to our weekly newsletter please log in/register on Taxmann.com
Latest Books
Everything on Tax and Corporate Laws of India
To subscribe to our weekly newsletter please log in/register on Taxmann.com
