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(Maintenance of Insurance Records and submit Requisite Information for Investigation

  • Regulatory Updates
  • (Maintenance of Insurance Records and submit Requisite Information for Investigation

IFSCA vide its notification reference number IFSCA/2022-23/GN/REG031 has published IFSCA (Maintenance of Insurance Records and Submission of Requisite Information for Investigation and Inspection) Regulations, 2022 (“Regulation”) on January 14, 2023.

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:

  • IIO to have Board approved Policy (“policy”) for maintenance of records:
  • The policy shall inter-alia shall include following: processing and maintenance of records, privacy and security of policyholder or cedant, as the case may be, and claim data; cyber security and data protection, security of hardware and software, backup, disaster recovery, data archival, review plan for implementation of the maintenance and storage of records to be overseen by Risk Management Committee provision for maintenance of complete and accurate records of every policy and claim as per the Insurance Act
  • An unincorporated IIO may adopt Board approved policy of its parent company, provided the standards specified in the Regulation are met
  • The policy shall be reviewed once in a year within 90 days from the expiry of the financial year.
  • The IIO shall maintain all its records in electronic retrieval form with necessary security features.
  • The records shall be held in data centres located and maintained in India (including IFSC) only.
  • The IIO shall maintain record and details of its employees as specified under these Regulations.
  • 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.
  • IIO and IIIO operating in IFSC prior to commencement of these Regulations shall comply with the requirements as prescribed within 6 months from the date commencement of the regulation.

Source category: IFSC Insurance Office

Attachments

  • /2023/146_IFSCAM~1.PDF

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