The India International Financial Services Centres Authority has constituted a Standing Committee on Insurance to support the development and regulation of the insurance and reinsurance ecosystem in GIFT-IFSC, as part of its objective to position GIFT-IFSC as a global hub with a world-class regulatory framework and improved ease of doing business. The committee will provide strategic recommendations on regulatory matters, stakeholder engagement and outreach, public consultations, and industry best practices. Its terms of reference include benchmarking IFSCA’s insurance and reinsurance regulations and relevant Indian laws against other international financial services centres, assessing the ease and cost of doing business in GIFT-IFSC, reviewing demand and product scope for Indian corporates and Non-Resident Indians and Persons of Indian Origin, recommending measures to attract investments from insurance funds and global insurance pools into the IFSC, and providing inputs on IFSCA consultations on proposed regulations, amendments and operational guidelines. The Standing Committee is chaired by former Life Insurance Corporation of India chairperson M R Kumar and includes senior industry executives and subject matter experts.

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