Listen to this article
The International Financial Services Centres Authority (IFSCA) has constituted a Standing Committee on Insurance (SCI) to overlook the insurance and reinsurance ecosystem in GIFT City.
The decision is in line with the IFSCA’s objective to position GIFT-IFSC as a global hub for insurance and reinsurance, ensuring a world-class regulatory framework that enhances ease of doing business.
MR Kumar (Former Chairperson, LIC of India) has been appointed as the chairperson of the committee. It will consider the regulatory matters, stakeholder engagement, public consultations, and industry best practices.
The committee will assess the demand for insurance products and will suggest new offerings for Indian corporates and NRIs/PIOs. Further, it will propose strategies to attract investments from Insurance Funds and Global Insurance Pools.
Additionally, the SCI will review and provide feedback on IFSCA’s public consultations regarding regulations, amendments and operational guidelines to enhance the IFSC’s global competitiveness.
The other members of the committee include Milind Kharat (Former CMD, United India Insurance Co. Ltd.), Ramaswamy Narayanan (CMD, General Insurance Corporation of India), Hitesh Kotak (Chief Executive - Japan, India, Korea and South-East Asia- Munich Re), Shasi Nair (Chief Executive- Berkley Insurance Asia), Vinay Surana (Managing Director – Asia Pacific, Middle East and Africa-Allianz Partners), Rahul Prasad, (CEO HDFC International Life and Re Co. Ltd), Atul Bhandari (Executive Vice President, TATA AIA Life Insurance Co. Ltd), Preeti Chandrashekhar (President, Institute of Actuaries of India), Tapan Singhel, (Chairman, CII National Committee on Insurance and Pensions and MD & CEO of Bajaj Allianz General Insurance Co. Ltd), Prerak Sethi (Co-founder, India Insurtech Association), Manish Mishra (Head-IFSC Banking Unit, ICICI Bank Ltd), Manish Gadia (CEO, VayanaTradeXchange), Alpesh Shah (MD and Senior Partner, Bostan Consultancy Group), Amit Roy (Partner, Leader-Insurance and Allied Business, PwC) and Satyendra Shrivastava (Senior Partner, Consortia Legal)
