IFSCA Insurance Framework (IIO / Reinsurance)

Setting up an International Insurance Office or reinsurance branch in GIFT City, and the cross-border reinsurance-of-Indian-risk route.

IIO registration

An insurer/reinsurer registered with IRDAI (or an equivalent foreign regulator meeting IFSCA's criteria) can set up an IIO to underwrite international general/life/health/reinsurance business and specialised lines (marine, aviation, energy) not always deep in the domestic market.

Reinsuring Indian domestic risk

An IIO can reinsure Indian cedants' domestic risk on a cross-border basis, positioning GIFT City as a competing reinsurance capacity pool against Lloyd's/Bermuda/Singapore placements — subject to IRDAI's own cross-border reinsurance order-of-preference framework for domestic insurers' placement decisions.

Capital and solvency

IIOs maintain solvency/capital requirements set by IFSCA calibrated to the specific insurance lines underwritten, distinct from IRDAI's domestic solvency margin regime, reflecting the wholesale/international risk profile rather than retail Indian policyholder protection.

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