The eleven regulations
Dates are those shown against each regulation on IFSCA's IIO page.
| Regulation | Date | Covers |
|---|---|---|
| Registration of Insurance Business Regulations, 2021 | 20 Oct 2021 | Eligibility, registration, permitted business, capital, officers; Lloyd's (Second Schedule) |
| Manner of Payment of and Receipt of Premium Regulations, 2022 | 13 Jan 2023 | Premium payment, instalments, refunds |
| Insurance Products and Pricing Regulations, 2022 | 13 Jan 2023 | Direct insurance products; product oversight and governance policy |
| Preparation and Presentation of Financial Statements of IIOs Regulations, 2022 | 13 Jan 2023 | Accounts |
| Appointed Actuary Regulations, 2022 | 13 Jan 2023 | Appointed actuary |
| Investment by IIO Regulations, 2022 | 13 Jan 2023 | Investment of assets |
| Maintenance of Insurance Records and Submission of Requisite Information for Investigation and Inspection Regulations, 2022 | 13 Jan 2023 | Records, inspection |
| Re-insurance Regulations, 2023 | 13 Apr 2023 | Reinsurance strategy, retention, placement |
| Assets, Liabilities, and Solvency Margin of General, Health and Re-insurance Business Regulations, 2023 | 20 Apr 2023 | Non-life and reinsurance solvency |
| Assets, Liabilities, and Solvency Margin and Abstract of Actuarial Report for Life Insurance Business Regulations, 2023 | 20 Apr 2023 | Life solvency |
| Management Control, Administrative Control and Market Conduct of Insurance Business Regulations, 2023 | 1 May 2023 | Governance and conduct (IIOs and, to the extent stated, IIIOs) |
The Registration Regulations and their amendments
The Registration Regulations were notified on 18 October 2021 (IFSCA/2020-21/GN/REG016) and took effect on 20 October 2021. IFSCA publishes a consolidated text "as amended up to 12-Jun-2026". Its footnotes record three sets of changes:
- an amendment in 2024, which took the application and certificate forms out of the schedules (IFSCA now specifies them) and required applicants to choose their IRDAI order-of-preference category for reinsurance from the DTA;
- Notification IFSCA/GN/2026/003 of 5 January 2026, effective 8 January 2026, which substituted the definition of service companies of Lloyd's IFSC; and
- the IFSCA (Managing General Agents) Regulations, 2026, effective 12 June 2026, which removed the managing general agent provisions, including the former Third Schedule. MGAs are now regulated under their own regulations.
Work from the consolidated text and read the footnotes. Older copies, and the FAQs of 30 May 2024, still describe MGAs as a category of IIO applicant.
Branch or company: which rules bite
| Topic | Branch (unincorporated) | Incorporated IIO |
|---|---|---|
| Capital | Assigned capital equivalent to USD 1.5 million, held in the home country; for reinsurance, parent net owned funds under section 6(3), Insurance Act | Paid-up equity capital under section 6(1), Insurance Act |
| Solvency | As the home regulator requires; IFSCA solvency rules do not apply, but its reporting formats do | IFSCA solvency regulations (control level currently 150%) |
| Investment | Choose, when applying, between the parent's rules and IFSCA's | IFSCA's investment regulations |
| Accounts | Parent's accounting standards; IFSCA's presentation format | ICAI standards with IFSCA modifications |
| Officers | Principal officer, underwriting officer, finance officer | Chief executive, chief finance and chief underwriting officers |
In both forms the officers must be in direct employment, resident in India and fit and proper, and the principal officer or key managerial persons are appointed with IFSCA's prior permission. The products regulations apply only to IIOs writing direct insurance; the reinsurance regulations apply to all IIOs unless otherwise specified.
Guidelines, circulars and FAQs
- IIO Guidelines, 2021 (27 October 2021): operational rules, including the 50% limit on retrocession of reinsurance business and reporting formats. Their fee schedule has been overtaken by the fee circular.
- Fee circular of 2 March 2026, with a corrigendum: fees for all IFSC activities and for informal guidance. See fees.
- Clarification on INR invoices (28 November 2025).
- FAQs on IFSC Insurance Office (30 May 2024). The FAQs state that they are not an interpretation of law and that the regulations prevail.
Intermediaries work from a different list: the Insurance Intermediary Regulations, 2021, the Insurance Web Aggregator Regulations, 2022, the Managing General Agents Regulations, 2026, the intermediary guidelines and FAQs, and the records and management control regulations. See insurance intermediary offices.
Keeping the version right
- Cite the consolidated text and its "as amended up to" date in board papers and applications.
- Check the date of any FAQ against later amendments before relying on it.
- Where a point is unclear and decides the structure, consider informal guidance before filing.
We track amendments to these instruments and update this page when IFSCA issues a change.