IFSCA Notifies Managing General Agents Regulations 2026

Notification No. IFSCA/GN/2026/ 010, Dated: 08.06.2026

The International Financial Services Centres Authority (IFSCA) has notified the IFSCA (Managing General Agents) Regulations, 2026, establishing a comprehensive regulatory framework for the registration, regulation and operation of Managing General Agents (MGAs) in International Financial Services Centres (IFSCs).

The Regulations provide a structured framework governing the entry, functioning, governance and oversight of MGAs operating within the IFSC ecosystem.

1. Framework for Registration of MGAs

The Regulations prescribe the eligibility criteria and registration process for entities seeking to operate as Managing General Agents in IFSCs.

The framework sets out the conditions that applicants must satisfy for obtaining registration from the IFSCA.

2. Capital and Net Worth Requirements

The Regulations lay down specific requirements relating to:

• Capital adequacy; and
• Net worth

for Managing General Agents.

These requirements are intended to ensure the financial soundness and operational stability of regulated entities.

3. Operational and Governance Standards

The framework prescribes standards relating to:

• Business operations;
• Corporate governance;
• Internal controls;
• Risk management; and
• Organisational structure.

MGAs are required to maintain appropriate systems and processes to ensure effective and compliant conduct of their activities.

4. Fiduciary Obligations of MGAs

The Regulations impose fiduciary responsibilities on Managing General Agents in relation to their dealings with insurers, clients and other stakeholders.

The framework seeks to promote integrity, transparency and accountability in the conduct of MGA activities.

5. Binding Authority Agreement Requirements

The Regulations also prescribe requirements relating to Binding Authority Agreements, which form the basis of the relationship between insurers and Managing General Agents.

These provisions establish the parameters within which MGAs may exercise authority delegated by insurers.

6. Compliance and Regulatory Oversight

The framework includes provisions relating to:

• Regulatory compliance;
• Reporting obligations;
• Supervisory oversight; and
• Enforcement mechanisms.

These measures are intended to ensure ongoing compliance with the regulatory requirements prescribed by IFSCA.

7. Objective of the Regulations

The IFSCA (Managing General Agents) Regulations, 2026 aim to create a robust regulatory framework for MGAs operating in IFSCs by prescribing clear standards relating to registration, governance, financial strength, operational conduct and regulatory oversight.

The framework is expected to facilitate the development of specialised insurance and reinsurance distribution and underwriting activities within IFSCs while ensuring high standards of governance, transparency and market integrity.

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