The International Financial Services Centres Authority (IFSCA), through the International Financial Services Centres Authority (Registration of Insurance Business) Regulations, 2021 (as amended up to June 12, 2026), has updated the regulatory framework governing the registration and operation of insurers and reinsurers in International Financial Services Centres (IFSCs). The amendments align the Regulations with the newly notified IFSCA (Managing General Agents) Regulations, 2026.
The amended Regulations remove Managing General Agents (MGAs) from the definition of "Applicant" eligible to seek registration under the Registration of Insurance Business Regulations, 2021. Consequently, the definition of "binding agreement" between an MGA and a foreign insurer or foreign reinsurer has also been omitted, as the registration and regulation of MGAs are now governed under a separate regulatory framework.
The consolidated Regulations continue to prescribe the eligibility conditions, registration process, and operational framework for Indian insurers, foreign insurers, foreign reinsurers, Lloyd's entities, branch offices of foreign insurers, public companies, wholly owned subsidiaries, insurance cooperative societies, and eligible foreign body corporates undertaking insurance and reinsurance business in an IFSC.
