Committee of Experts on Insurance

The International Financial Services Centres Authority (IFSCA) had constituted an Insurance Committee under the Chairmanship of Mr. G.N. Bajpai, former Chairman LIC and SEBI.

• The mandate of the committee was to identify key areas for the development of insurance and reinsurance business from IFSC.

Key Recommendations of the Committee: The committee has given several recommendations to develop IFSC as Global (Re) Insurance Hub. Some of them are:

• IFSC as an Insurance Hub for Different Sectors: IFSCA has developed an eco-system for Aircraft Leasing and Financing which can be utilized to develop Aviation Insurance Hub and Trade Credit Insurance at IFSC. Moreover, a similar platform may also be implemented for the shipping industry.
• Captive Insurance Model: IFSC can develop a framework for enabling operations of Captive insurance model.
• Redesign Investment Framework: Investment framework may be redesigned to give more avenues for insurers to mobilize their funds to ensure more returns and flexibility.
• Develop alternate risk transfer solutions such as insurance linked securities, catastrophe bonds and parametric risk transfers available for the global market.