How to Withdraw from a Partnership in India
Starting a new business with a partner is exciting, isn’t it? But, as seen at times, things do not always quite go as expected. Any of the partners, voluntaril ...
Insurance & Reinsurance Companies Compliances
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- The Applicant is duly registered with IRDAI for undertaking the business of insurance or re-insurance in India
- The Applicant has been granted a No Objection Certificate by the IRDAI to set up place of business in an IFSC.
- The Applicant has satisfactory track record in respect of regulatory and supervisory compliance.
- The Board of the Applicant undertakes to meet all liabilities arising out of IIOs insurance or re-insurance business.
- The Board of the Applicant undertakes to comply with the assigned capital, solvency and other requirements as may be specified by the Authority from time to time.
- The registration process is outlined in the INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY (REGISTRATION OF INSURANCE BUSINESS) REGULATIONS, 2021.
Operational Framework:
- IFSCA (Assets, Liabilities, and Solvency Margin of General, Health and Re-insurance business) Regulations, 2023: This regulation sets out the requirements for asset-liability management, solvency margins, and valuation of assets and liabilities for insurance and reinsurance companies.
- IFSCA (Re-Insurance) Regulations, 2023: This draft regulation specifically focuses on reinsurance activities. It proposes a framework for:
- a) Reinsurance Strategy and Programme (RSRP): Requiring companies to develop a documented strategy aligned with their overall risk management and underwriting approach.
- b) Reinsurance contract and Risk Transfer: Ensuring contracts meet specific risk transfer requirements to protect the ceding insurer from financial impacts.
- c) Reinsurance and Retrocession Requirements: Mandating companies to formulate segment-wise retention policies and maximize retention based on their financial strength and risk profile.
- Life insurance business: Covering aspects like solvency margin, abstract of actuarial report, etc.
- Corporate Governance: Ensuring sound governance practices within insurance & reinsurance companies.
Overall, IFSCA’s regulations aim to:
- Promote the growth of a robust and internationally competitive insurance & reinsurance sector within IFSCs.
- Protect policyholders' interests by ensuring financial stability and sound risk management practices.
- Maintain a level playing field for all participants in the market
- Get our guidance through IFSCA registration, explaining criteria and documentation.
- Ensuring financial statements meet IFSCA standards.
- Acting as intermediaries with IFSCA during queries and inspections.
- Get expert advice on minimizing tax burdens while staying compliant.
- Ensuring accurate filing of tax returns to IFSCA and authorities.
- Helping develop strong internal controls for compliance.
- Conducting audits to assess and improve compliance.
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Raman Shukla
COO at VSERV Infosystems & Founder VSERV Academy
Mr. Manish Mishra's team provided invaluable guidance and expertise in Fintech and NBFC advisory, helping us navigate complex financial regulations and achieve remarkable growth in our business. Their insights are truly a game-changer.
Abhishek M R
Managing Director AMR FINANCE PVT LTD
Mr. Manish, as our Virtual CFO, has been instrumental in propelling our business to spontaneous growth. His expert guidance and strategic insights have transformed our financial landscape, paving the way for remarkable success.
Ajay Kumar
Founder & CEO - Eagabriz Shipping Pvt Ltd
Types of Reinsurance. There are several types of insurance. They include proportional reinsurance, non-proportional reinsurance, excess-of-loss reinsurance, facultative reinsurance, and treaty reinsurance.
Reinsurance spreads the risk of loss between two insurance companies. The risk can be spread even further if the ceding insurer uses more than one reinsurer, or the reinsurer in turn transfers some of that risk to another reinsurer, or retrocessionaire.
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