Insurance and reinsurance
Writing and placing risk from GIFT IFSC
Insurers, reinsurers and brokers use GIFT IFSC to write foreign and Indian risk under IFSCA's insurance rulebook, outside the onshore IRDAI regime.
The firm's four-part series, Four-Lane India Entry for Insurance, sets out the routes a foreign insurer can take into India.
A foreign reinsurer opening a branch
A reinsurer wants to write Indian and regional risk from GIFT City.
An IFSC Insurance Office (branch).
The steps
- Confirm home-regulator standing.
- File the insurance annexures.
- Meet capital and solvency rules.
Points that need care
- How Indian cedants' cession rules affect the business available.
A foreign insurer choosing its route into India
An insurer weighs an onshore subsidiary against an IFSC office.
Onshore through IRDAI, or IFSC through IFSCA. The regimes are separate.
The steps
- Compare the business each route can write.
- Model capital and tax.
- Decide, or use both for different lines.
Points that need care
- The routes are not interchangeable.
A broker placing business from GIFT City
A broker wants to place reinsurance and specialty risk.
An IFSC Insurance Intermediary Office.
The steps
- Register the IIIO.
- Set up client money and indemnity arrangements.
An insurance group's captive services centre
A group wants operations, actuarial and technology support in GIFT City.
A Global In-House Centre.
The steps
- Confirm the group qualifies.
- Document group service agreements.
- Plan transfer pricing.
Points that need care
- Group-only scope.
An InsurTech venture fund
A sponsor wants to invest in insurance technology from GIFT City.
A venture capital scheme under the FM Regulations.
The steps
- Register or appoint an FME.
- File the scheme.
Talk to the firm about your plans.
A short note on what you are setting up is enough for a first conversation. No confidential information is needed at this stage.
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