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Gift-city regulator IFSCA has sought public comments on the draft regulations it has framed for insurance web aggregators regarding their eligibility criteria, registration process and permissible activities.
An official release said that the public and stakeholders comments on the draft regulations have to be submitted by December 20.
It may be recalled that the International Financial Services Centres Authority (IFSCA) has already notified regulations on the regulatory framework for registration and operations of intermediaries or insurance intermediaries such as insurance brokers, corporate agents, third party administrators and surveyors and loss assessors.
Now, IFSCA is looking to put a regulatory framework for registration and operations of insurance web aggregators in International Financial Services Centres such as Gift City.
Insurance intermediaries are one of the most important part of an International Financial Services Centre for developing the essential ecosystem of a financial market and providing insurance solutions to a global clientele.
IFSCA has been established as a unified regulator to develop and regulate financial products, financial services and financial institutions in the IFSCs in India.
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