New Delhi, Dec 2 (PTI) The International Financial Services Centres Authority (IFSCA) on Wednesday said it has obtained membership of International Association of Insurance Supervisors (IAIS).

With this membership IFSCA would have access to IAIS's global network and would be able to exchange ideas and information with other global regulators, IFSCA -- a regulator which has been given the task of shaping international financial services centre in India -- said in a statement.

Also Read | Arvind Kejriwal Lashes Out at Captain Amarinder Singh, Accuses Punjab CM of Playing ‘Low-Level’ Politics Over Farmers’ Protest.

"This would help in developing a vibrant global Insurance hub in IFSC at GIFT City. Currently, 17 leading insurance entities are operating from GIFT IFSC undertaking offshore insurance and reinsurance business," it said. 

This membership would go a long way in connecting IFSC with global insurance institutions and would facilitate IFSCA in joint development of global insurance business with other global centres, it said.

Also Read | Razorpay Collaborates With PayPal to Enable International Payments for Indian MSMEs & Freelancers.

Established in 1994, the IAIS headquartered in Switzerland is a voluntary membership organisation of insurance supervisors and regulators from more than 200 jurisdictions, constituting 97 per cent of the world's insurance premiums. 

It is the international standard-setting body responsible for developing and assisting in the implementation of principles, standards and other supporting material for the supervision of the insurance sector. 

The IAIS also provides a forum for members to share their experiences and understanding of insurance supervision and insurance markets. In recognition of its collective expertise, the IAIS is routinely called upon by the G20 leaders and other international standard setting bodies, it said.

The first IFSC in the country has been set up at the Gujarat International Finance Tec-City (GIFT) in Gandhinagar.

The IFSCA was established on April 27 this year with its head office in Gandhinagar.

In December 2019, Parliament passed a bill to set up a unified authority for regulating all financial activities at IFSCs in the country.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)