The International Financial Services Authority (“ IFSCA/ Authority ”) has issued a consultation paper on the proposed IFSCA (Registration of Insurance Business) (Amendment) Regulations, 2025 dated November 19, 2025 (herein referred as “ Draft Regulation ”) to amend the definition of Service Companies of Lloyd’s IFSC as provided in the International Financial Services Centres Authority (Registration of Insurance Business) Regulations, 2021 (hereinafter referred to as “ IIO Regulations ”).
The background of the Draft Regulation is as follows:
- The IFSCA received a representation from the Lloyd’s London about expanding the definition of Service Companies of Lloyd’s IFSC as provided in IIO Regulation.
- The Authority noted that the definition only covers Managing Agent of Lloyd’s or Indian Company to establish Lloyd’s Service Company.
- Further, expanding the definition of Service Companies of Lloyd’s IFSC will enable establishment of Service Company by Member of Lloyd’s Syndicate that may be a body corporate or Indian Person.
Key highlights of the Draft Regulation are as follows:
- Short title
The Regulation may be called as the ‘International Financial Services Centres Authority (Registration of Insurance Business) (Amendment) Regulations, 2025’.
- Commencement
The amendment shall come into force from the date of its publication in the Official Gazette.
- Definition of ‘Service Companies of Lloyd’s IFSC’ or ‘Service Companies’
The definition of ‘Service Companies of Lloyd’s IFSC’ or ‘Service Companies’ as specified under sub-clause (i) of clause 1 of Second Schedule shall be substituted as follows:
“‘Service Companies of Lloyd’s IFSC’ or ‘Service Companies’ means Service Companies registered in the IFSC and promoted by:
(a) Managing Agents of Lloyd’s;
(b) Such group entities of Managing Agents or Members of Lloyd’s as may be permitted by Lloyd’s; or
(c) Indian Companies which meet the specified criteria”
The general public and stakeholders are requested to forward comments/ suggestions through email latest by November 29, 2025 in the following format:
Proposed –
International Financial Services Centres Authority (Registration of Insurance Business) (Amendment) Regulations, 2025
Inputs / Comments suggested by:
- Page No. of Draft Regu.
- Reg. No.
- Sub-Regu No. /Para No.
- Comments / Suggestions / Suggested modifications
- Rationale
Email to Insurance Dept. at insurance-dept@ifsca.gov.in
Copy to: (i) Mr. Bhaskar Khadakbhavi at bhaskar.khadakbhavi@ifsca.gov.in
(ii) Mr. Rishi Kale at rishi.kale@ifsca.gov.in
A copy of the consultation paper is attached herewith for your ready reference.
Source category: IFSC Insurance Office
Attachments
- Consultation Paper on proposed amendment to IFSCA (Registration of Insurance Business)
Comments are closed