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The International Financial Services Centres Authority specifies the fee structure for IFSC Insurance Intermediary Offices. Direct, re-insurance, and composite insurance brokers pay an application fee of USD 500, a registration fee of USD 1000, and an annual fee of USD 1000. All other intermediaries pay an application fee of USD 100, a registration fee of USD 500, and an annual fee of USD 200. The affected offices pay the annual fee within 30 days from the beginning of every financial year. The fee structure applies with effect from October 1, 2020. The annual fee for the financial year 2020-21 is paid on a pro-rata basis. The annual fee for the financial years 2020-21 and 2021-22 is paid within one month of issuance of this circular.
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[Image omitted. See the official document.]
CIRCULAR
No. 02/IFSCA/Insurance/2021-22
24th May, 2021
To, All IFSC Insurance Intermediary Offices
Subject: Fee Structure for IFSC Insurance Intermediary Offices (IIIOs)
The International Financial Services Centres Authority (IFSCA) hereby specifies the following fee structure for IFSC Insurance Intermediary Offices (IIIOs):
A. Fee payable by Direct / Re-insurance / Composite Insurance Brokers:
B. Fee payable by all other intermediaries including Corporate Agent, Surveyor & Loss Assessor, Third party Administrator – Health Services and any other intermediary recognized by the IFSCA from time to time:
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[Image omitted. See the official document.]
The applicable Annual Fee for every financial year shall be paid within 30 days from the beginning of the financial year.
The fee shall be remitted to the following bank account of IFSCA:
| Bank and Branch: | State Bank of India, GIFT CITY Branch, Gandhinagar, Gujarat – 382355, India |
|---|---|
| Account Name: | IFSCA FUND 2 |
| Account Number: | 39907189884 |
| IFSC Code: | SBIN0060228 |
| SWIFT Code: | SBININBB255 |
The above fee structure is applicable with effect from 01st day of October 2020 and the fee is payable on financial year basis.
The Annual Fee for Financial year 2020-21 and Financial year 2021-22 shall be paid within one month of issuance of this Circular.
The Annual Fee for Financial year 2020-21 shall be paid on pro-rata basis.
This Circular is issued in exercise of powers conferred under Section 12 and 13 of the International Financial Services Centres Authority Act, 2019
A copy of this Circular is available on the website of IFSCA at www.ifsca.gov.in.
sd/- Bhaskar Khadakbhavi Deputy General Manager Department of Insurance
bhaskar.khadakbhavi@ifsca.gov.in
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