The International Financial Services Centres Authority (IFSCA) says that it has become a member of the International Association of Insurance Supervisors (IAIS).
The IFSCA is the regulator of the International Financial Services Centre (IFSC) at GIFT City in Gujerat. It says in a statement that as an IAIS member, it will have access to IAIS’s global network and be able to exchange ideas and information with other global regulators,
“This would help in developing a vibrant global Insurance hub in IFSC at GIFT City. Currently, 17 leading insurance entities are operating from GIFT IFSC undertaking offshore insurance and reinsurance business,” it said.
The IFSCA was established on 27 April this year with its head office in Gandhinagar.