Addressing the third edition of the IFSCA–IRDAI–GIFT City Global Reinsurance Summit in Mumbai, Shri M. Nagaraju, Secretary, Department of Financial Services (DFS), said India is on the verge of transformative growth in its re/insurance sector, describing the industry as “crucial” to achieving the country’s economic goals.
The Summit, which brings together key stakeholders from across the financial services ecosystem, also saw Secretary Nagaraju underscore the pivotal role of the IFSCA in advancing India’s ambition to become a global reinsurance hub.
He noted that under the IFSCA Act, 2019, GIFT City IFSC operates in line with global standards, regulates IFSC insurance offices, permits foreign reinsurers to establish branches, and enables seamless reinsurance across IFSCs, SEZs, domestic tariff areas, and international markets.
FULL ORIGINAL PUBLICATION HERE