IFSCA specifies minimum information required for IFSC Insurance/Intermediary office
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- Last Updated on 17 January, 2023
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Notification No. IFSCA/2022-23/GN/REG031, Dated 12.01.2023
The IFSCA has notified the IFSCA (Maintenance of Insurance Records and Submission of Requisite Information for Investigation and Inspection) Regulations, 2022. The regulations specify the maintenance of records by an IFSC Insurance Office (IIO) or IFSC Insurance Intermediary Office (IIIO) such as policies issued, claims made etc. The objective is to specify the minimum information that is required to be maintained by an IIO and IIIO, for the purposes of investigation and inspection u/s 33 of the Insurance Act, 1938.
Every IIO shall maintain a record of its employees excluding staff or salaried field workers involved in the solicitation. Further, every IIIO shall also maintain details of all the past and present employees. Also, provisions for Checks and other verifications, power to specify procedures etc. have been provided.
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