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FINANCENEWSINSURANCE

GIFTCitytohelpIndiabecome
reinsurancehub
GIFTisconceptualisedasaglobalFinancialandITServiceshub,afirstofitskindinIndia
BSReporter|Mumbai
June6,2015LastUpdatedat00:24IST

16

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TheGujaratInternationalFinanceTecCity(GIFT)will
enableIndiatobecomeaglobalreinsurancehub,
RamakantJha,managingdirectorandgroupchief
executiveofficer,GIFTCity,said.Speakingata
conferencebyAsiaInsurancePost,hesaidinsurersand
reinsurerswouldbeabletoofferforeigncurrencypolicies
fromIndia.

ALSOREAD
JaitleylaunchesIFSCatGIFT,
callsfor'nonadversarial'tax
regime
Irdaiallowsapplicantstosetup
insuranceofficeinSEZ

"WealreadyhavelargecompanieslikeGeneralInsurance
CorporationofIndiasettinguppresenceatGIFTCity.
Further,privateinsurersarealsosettingupofficeshere
duetothebusinessopportunitythere,"saidJha.
GIFTisconceptualisedasaglobalFinancialandIT

NCDEXtosetupglobal
exchangeatGIFTCity

Serviceshub,afirstofitskindinIndia,designedtobeat

IncentivesforGIFTCity:Profit
transferruleeasedforbourses

suchasShinjuku,Tokyo,Lujiazui,Shanghai,LaDefense,

Reinsurancebackupaids
generalinsurerscutrisk

MultiServicesSEZwithIFSC(InternationalFinancial

oraboveparwithgloballybenchmarkedfinancialcentres
Paris,LondonDockyardsetc.GIFTMasterPlanfacilitates
ServicesCentre)status,DomesticFinanceCentreand
associatedSocialinfrastructure.

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business,assurancecompanies,captiveinsuranceand
reinsuranceandrelatedoperations.

AhmedabadOfficeSpace

Jhaaddedthatnowthattheinsuranceregulatorhasalso

NoHiddenCosts&Flexible
Options.WorkspacesToSuit.Get
AQuoteNow
regus.co.in/Ahmedabad_Office_

madeenablingprovisionsforcompaniestoentertheSEZ,
moreinsurerswillfollowsuit.GIFTCItyisIndia's
InternationalFinancialServiceCentre.
InsuranceRegulatoryandDevelopmentAuthorityofIndia

(IRDAI)hasbroughtouttheIRDAIInternationalFinancialServiceCentreGuidelines,2015.
Accordingtotheseguidelines,anapplicantcansetupanIFSCInsuranceOffice(IIO)inthe
SpecialEconomicZone(SEZ)tocarryonreinsurancebusiness.
Theregulatorsaidtheseinsurersorreinsurerscanacceptreinsurancebusinessofallclassesof
businesswithintheSEZandfromoutsidethecountry.Theycanalsoacceptreinsurance
businessfromtheinsurersoperatingintheDTAinaccordancewiththeIrdairegulationson
reinsurance.
AnapplicantbeinganIndianinsurermay(exceptastatutorybody)alsoestablishanIIOtotransact
specifiedDirectInsuranceBusinesswithintheSEZ.However,thesameIIOgrantedCertificateof
RegistrationmayalsotransactspecifiedDirectInsuranceBusiness.

READMOREON

REINSURANCE

IFSC

PREVIOUSSTORY

MFIsdominatesmallfinance
banklicences

IRDAI

GIFTCITY

RAMAKANTJHA

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