IRDAI Norms Allow Insurers to Begin Offshore Business From GIFT IFSC

Sectoral regulator IRDAI has issued regulations for insurance firms to carry out offshore business from Gujarat-based GIFT International Financial Services Centre (IFSC). With this, Insurance operations will get a major boost.

Under the regulations, for the first time in the country, foreign insurers are permitted to open IFSC Insurance Office (IIO) at GIFT IFSC. GIFT IFSC already hosts three major insurance players, GIC Re, New India and ECGC.

Static/Current Takeaways Important for IBPS Clerk Mains 2017 Exam-
  • IRDAI- Insurance Regulatory and Development Authority of India.
  • T.S.Vijayan- Chairman of IRDAI.
  • GIFT City- Gujarat International Finance-Tec City
  • General Insurance Corporation of India (GIC Re) was the first Re-insurance company to open its office in the GIFT City.
Source- The Economic Times


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