IFSCA Sets Up SCI to Strengthen GIFT-IFSC’s Insurance Ecosystem

OVERVIEW

• IFSCA has established the Standing Committee on Insurance (SCI) to strengthen GIFT-IFSC as a global hub for insurance and reinsurance.
• This initiative aims to develop and regulate a world-class, efficient, transparent, and competitive insurance ecosystem.
• The committee will enhance ease of doing business, engage stakeholders, drive best practices, and align regulations globally.

Purpose of Standing Committee on Insurance

• The Standing Committee on Insurance (SCI) plays a pivotal role in shaping GIFT-IFSC as a premier insurance and reinsurance hub.
• It focuses on developing and regulating a robust insurance ecosystem while ensuring a globally competitive regulatory framework.
• By enhancing ease of doing business, the committee supports insurers and reinsurers in operating efficiently.
• Additionally, it fosters strong stakeholder engagement and promotes industry best practices to drive innovation and growth in the sector.

Trading & Compliance

• The Standing Committee on Insurance (SCI) is dedicated to strengthening GIFT-IFSC’s position as a global insurance hub through key strategic initiatives.
• It aligns regulations with top IFSCs for global competitiveness and streamlines processes to reduce costs for insurers.
• The SCI focuses on stakeholder engagement with NRIs, PIOs, and industry leaders while driving new insurance product innovation for Indian corporates and NRIs.
• Lastly, it seeks to attract investments, drawing in Insurance Funds and Global Insurance Pools to drive industry growth and sustainability.

conclusion

• The formation of the Standing Committee on Insurance (SCI) reinforces IFSCA’s commitment to creating a world-class insurance ecosystem within GIFT-IFSC.
• With expert leadership and strategic focus, this initiative will unlock new growth opportunities, attract global players, and position GIFT-IFSC as a premier destination for insurance and reinsurance.
• As the regulatory landscape evolves, SCI’s recommendations will drive efficiency, innovation, and long-term sustainability, ensuring that GIFT-IFSC remains at the forefront of global insurance markets.