The International Financial Services Centres Authority (IFSCA) on March 13, 2026, issued the Draft International Financial Services Centres Authority (Managing General Agents) Regulations, 2026.
The following has been stated namely: -
• The proposed framework defines the eligibility criteria, capital requirements, and fit-and proper standards for entities seeking registration as MGAs in the IFSC.
• The draft outlines the scope of delegated authorities, specifically focusing on underwriting, premium collection, and claims settlement functions. These regulations also propose to supersede the joint-registration framework and all provisions relating to MGA previously specified in the Third Schedule of the IFSCA (Registration of Insurance Business) Regulations, 2021
• These regulations establish a comprehensive framework for the registration and operation of Managing General Agents (MGAs) which as an insurance intermediary shall possess delegated authority from the foreign insurer(s) for underwriting direct insurance business and settlement of claims.
• The Registration and Eligibility has been stated in the Draft
• Comments/suggestions may be sent at [email protected] with copy to Mr. Bhaskar Khadakbhavi at [email protected] and Nitin Gupta at [email protected] by April 02, 2026 in the prescribed format. It is further requested to provide comments in MS Word or MS Excel format only.
