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Home » Blogs » Insurance Intermediaries in GIFT City IFSC: Eligibility & Activities

Insurance Intermediaries in GIFT City IFSC: Eligibility & Activities

May 19, 2023 by InCorp Advisory

Insurance Intermediaries in GIFT City IFSC: Eligibility & Activities
Reading Time: 3 minutes

Insurance intermediaries, including agents, brokers, and other entities, facilitate the insurance process between insurers and customers. In GIFT City IFSC (International Financial Services Centre), these intermediaries are regulated by the International Financial Services Centre Authorities (IFSCA) and adhere to stringent guidelines to ensure customer transparency, safety, and security.

This article will delve into the significance of insurance intermediaries in GIFT City IFSC, their eligibility criteria, permissible activities, capital requirements, fees, and essential compliance regulations.

Table Of Contents


Introduction
What Do We Mean By Insurance Intermediaries?
What is the Eligibility for Setting up IFSC Insurance Intermediary Office?
What Are The Permissible Activities For IIIO In Gift City?
What Are The Minimum Capital / Net Worth Requirements For Setting Up In GIFT City As IIIO?
What Are The Fees To Set Up As IIIO In Gift City?
Conclusion
Why Choose InCorp?
FAQs

What do we mean by Insurance Intermediaries?

Insurance intermediaries act as the bridge between insurers and customers. Their primary objective is to assist clients in comprehending their insurance needs and providing advice on the most suitable insurance policies available in the market. In GIFT City IFSC, insurance intermediaries are crucial in facilitating the sale of insurance products. By offering access to a diverse range of insurance products and services, these intermediaries empower customers to make informed decisions regarding their insurance requirements.

Related Read: A Complete Overview Of IFSC Gift City And Tax Benefits

CLICK HERE

What is the Eligibility for Setting up IFSC Insurance Intermediary Office?

Individuals or entities interested in establishing an IFSC Insurance Intermediary Office (‘IIIO’) in GIFT City, Gujarat, must fall under the following categories:

  • Insurance Broker
  • Corporate Agent (‘C.A.’)
  • Surveyor and Loss Assessor (‘SLA’)
  • Third-Party Administration (‘TPA’) 

What are the Permissible Activities for IIIO in Gift City?

An IIIO registered as IFSC unit in GIFT City, Gujarat, can undertake the following activities:

  • Insurance Brokerage
  • Corporate Agency
  • Third-party Administration
  • Surveying and loss assessment

Additionally, IIIOs can conduct these activities within the IFSC, from other Special Economic Zones (SEZs), and even from outside India, as permitted by the authorities. However, the Insurance Act of 1938 provisions must be strictly adhered to for any business transactions carried out in mainland India.

Related Read: Benefits For Stock Brokers Registered In IFSC GIFT City

CLICK HERE

What are the Minimum capital / Net worth requirements for setting up in GIFT City as IIIO?

Category  Capital/ contribution
requirement  
Net Worth
requirements  
Direct Insurance broker  USD 100,000  USD 80,000 
Reinsurance Broker  USD 550,000  60% of min capital requirement 
Composite broker  USD 675,000  60% of min capital requirement 
Surveyor and Loss Assessor
 
NIL  NIL 
Third Party Administrator  USD 550,000
 
USD 150,000 
Corporate agent
 
USD 75,000  USD 75,000 

Related Read: Why GIFT City Is The Better Destination For Stockbrokers

CLICK HERE

What are the fees to set up as IIIO in Gift City?

IFSCA specifies the following fee structure for IFSC Insurance Intermediary Offices (IIIO’s):

Type of Application   Fees  
Application (one time)  USD 500 
Registration (one time)  USD 1,000 
Annual Fee  USD 1,000 

Conclusion

Insurance intermediaries play a vital role in the insurance process within GIFT City IFSC. These intermediaries act as facilitators between insurers and customers, providing valuable guidance and assistance in understanding insurance needs and selecting suitable policies. The regulatory framework established by the International Financial Services Centre Authorities (IFSCA) ensures transparency, safety, and security for customers.


Why Choose InCorp?

At Incorp, we understand the complexities of setting up an Insurance Intermediary Office in GIFT City IFSC. That’s why we offer specialized advisory services to guide you through the process, from initial planning to ongoing compliance. Our expertise can help your organization navigate international regulations and leverage the significant opportunities of GIFT City IFSC, such as access to global markets and a business-friendly environment.

Contact us today to learn how Incorp can assist in successfully establishing your Insurance Intermediary Office in this prestigious international financial center.

FAQs

What are the types of insurance intermediaries?

Various insurance intermediaries categories include insurance brokers, insurance agents, and insurance consultants. Each type of intermediary has a different role and function in the insurance industry.

What is the difference between an insurance broker and an insurance agent?

An insurance broker is an independent professional representing customers and providing unbiased advice on multiple insurance products from various Insurance Companies. An insurance agent works for a particular insurance company and assists in selling their insurance products.

What is the role of IFSC authority in regulating insurance intermediaries?

IFSC authority regulates the functioning of insurance intermediaries operating in the IFSC. It ensures that these intermediaries comply with the regulations and guidelines issued by the authorities from time to time.

What are the compliance requirements for insurance intermediaries registered with the IFSC authority?

Insurance intermediaries registered with IFSC authority are required to comply with the following regulations: 

  • Code of conduct 
  • Disclosure requirements 
  • Record-keeping requirements 
  • Maintenance of capital adequacy 
  • Submission of periodic reports to the authority

Need help with navigating the rules and regulations in Gift city?

Get in touch with us right away!
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