“For the purpose of regulating and promoting the insurance business in Special Economic Zones, the Authority (Insurance Regulatory and Development Authority of India) may permit an intermediary or insurance intermediary registered with the Authority, under section 42D of the Insurance Act, 1938 (4 of 1938), or an intermediary or insurance intermediary from outside the country, to transact business as an intermediary or insurance intermediary in the Special Economic Zones,” said a Finance Ministry notification on ‘Insurance Regulatory and Development Authority of India (Regulation of Insurance Business in Special Economic Zone) (Amendment) Rules, 2020’.
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