Draft IFSCA (Maintenance of Insurance Records and Submission of Requisite Information for

IFSCA vide its press release dated November 23, 2022 has sought comments / suggestions from general public and stakeholders on the proposed IFSCA (Maintenance of Insurance Records and Submission of Requisite Information for Investigation and Inspection) Regulations, 2022 (“Proposed Regulation”).

Objective – To specify minimum information that is required to be maintained by the International Financial Services Centres Insurance Offices (IIOs) and International Financial Service Centre Insurance Intermediary Offices (IIIOs) for the purposes of investigation and inspection, under section 33 of the Insurance Act, 1938.

The major highlights are as below:

• The Proposed Regulation is applicable to IIOs and IIIOs
• The Proposed Regulation specifies key definitions such as electronic form, investigating officer, minimum information, specified, record etc.
• IIO to maintain complete and accurate record of every policy issued and a record of every claim in electronic form with necessary security features as per clause (a) and (b) of sub-section (1) of section 14 of the Insurance Act, 1938.
• IIO to have Board approved Policy for maintenance of records of the policies issued and every clams, such policy shall:
• cover requisites as specified under the Proposed Regulation such as processing of records, privacy of data, cybersecurity, data protection, security of hardware and software, backup, disaster recovery, data archival, review plan by Risk Management Committee etc.
• be reviewed once in a year within 90 days from the expiry of the financial year.
• The records shall be held in data centres located and maintained in India (including IFSC) only.
• IIO shall maintain record and details of its employees as specified under this Regulation.
• The information,data and records maintained by IIO shall be reconciled with the audited financials as per the requirement specified under applicable laws and regulations.
• All records to be maintained for a minimum period of seven years
• The Proposed Regulation requires IIO to comply with the requirements as prescribed within 6 months from the date commencement of the regulation.

Source category: IFSC Insurance Office

Attachments

• /2022/116_IFSCA(~13.PDF
• /2022/116_Press_release1.pdf