IRDAI Norms Allow Insurers to Begin Offshore Business From GIFT IFSC

 Sectoral regulator IRDAI has issued regulations for insurance firms to carry out offshore business from Gujarat-based GIFT International Financial Services Centre (IFSC).  Under the regulations, for the first time in the country, foreign insurers are permitted to open IFSC Insurance Office (IIO) at GIFT IFSC. GIFT IFSC already hosts three major insurance players, GIC Re, New India and ECGC.

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