As per the regulations, for the first time in the country, foreign insurers are permitted to open IFSC Insurance Office (IIO) at GIFT IFSC.
Gujarat International Finance Tec-City (GIFT), India’s first global financial hub, has received a shot in the arm with Insurance Regulatory Development Authority of India (IRDAI) issuing enabling regulations for undertaking offshore insurance business from the International Financial Services Centre (IFSC).
As per the regulations, for the first time in the country, foreign insurers are permitted to open IFSC Insurance Office (IIO) at GIFT IFSC.
“As GIFT IFSC has been notified as foreign territory by the government of India, the foreign direct insurers (Life, Non-Life and General) and foreign re-insurers are permitted to open office to undertake dollar denominated business from within the IFSC in GIFT Special Economic Zone,” read GIFT statement.
Apart from GIFT SEZ, dollar denominated business can also be permitted from all other SEZs in India, from foreign countries (this covers foreign to foreign, India to Foreign and Foreign to India) and it would also be allowed to undertake domestic insurance and reinsurance business in line with the provisions of IRDA regulations.
On the development Ajay Pandey, Managing Director and Group Chief Executive Officer, GIFT City said, “We are thankful to Department of Financial Services and IRDAI for issuing business regulations for IFSC which would go long way in making GIFT IFSC a hub for Offshore Insurance business. GIFT IFSC already hosts three major insurance players, GIC Re, New India and ECGC, and five insurance broking entities. With the business guidelines in place, we are now hopeful that foreign and domestic insurance companies would participate in making GIFT IFSC a hub for International Insurance business.”
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
 "GIFT IFSC gets insurance boost")
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}