The Ministry of Finance has notified the applicability of the Insurance Act on the newly notified International Financial Services Centre (IFSC) and Special Economic Zone (SEZ).
As per the notification issued on Monday, the provisions contained in sections 29, 32B, 32C, 32D, 64C, 64D, 64E, 64F, 64G, 64H, 64J, 64K, 64L, 64M, 64N, 64-O, 64R, sub-section (2) of section 64 ULA, sections 101A, 101B, 105B, 110F, 118 and section 120 of the Insurance Act shall not apply to an insurer, being an Indian Insurance Company, insurance co-operative society or a body corporate referred to in clause (c) of sub-section (1) of section 2C of the Insurance Act, carrying on the business of insurance, in a Special Economic Zone as defined in clause (za) of section 2 of the Special Economic Zones Act, 2005 (28 of 2005), including International Financial Services Centre.
It further said that the provisions of the Insurance Act specified hereunder, shall apply to an insurer, being an Indian Insurance Company, insurance cooperative society or a body corporate referred to in clause (c) of sub-section (1) of section 2C of the Insurance Act and carrying on the business of insurance in an International Financial Services Centre, with certain exceptions.
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