“Gujarat International Finance Tec-City (GIFT City) is emerging as a crucial global finance hub, attracting various financial and technology firms with its unique blend of regulatory advantages, tax...
Published On: 30/04/2024
Practice Area: Corporate & Commercial, Private Equity, Venture Capital and Fund Investment, Government & Regulatory
Authors:
India's insurance sector is experiencing remarkable growth, poised to reach USD$ 222 billion by 2026 according to projections by the Insurance Regulatory and Development Authority of India (IRDAI), positioning it as the sixth largest insurance market globally. To streamline the registration process and foster growth, IRDAI introduced the IRDAI (Registration of Indian Insurance Companies) Regulations, 2022, superseding previous legislation. This move aims to attract both established companies and tech-based entrepreneurs, fostering a surge of interest in obtaining insurance registration certificate (IRDAI/R3). This article navigates the complexities of obtaining an insurance registration certificate, understanding the regulatory framework, and the interplay with foreign investment policies such as the FEMA Framework, illuminating the evolving landscape of India's insurance sector.
