Latest News | IFSCA Signs Information Exchange Pact with IRDAI

New Delhi, Apr 1 (PTI) Global financial services watchdog IFSCA on Friday signed an agreement with the Insurance Regulatory and Development Authority of India (IRDAI) for strengthening information exchange between the two regulators.

This agreement focuses on strengthening of inter-regulatory exchange of information, technical cooperation and supervisory collaboration, and opens avenues towards developing innovative insurance solutions for the evolving global trends, the International Financial Services Centers Authority (IFSCA) said in a statement.

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The Memorandum of Understanding (MoU) was signed between IFSCA chairperson Injeti Srinivas and IRDAI chairman Debasish Panda at the later's head office in Hyderabad.

The pact specifically enables mechanism for inter-operable regulatory sandbox through fintech bridge to facilitate Indian insurtech startups to explore foreign jurisdiction and vice versa, it said.

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"This MoU will enable coordination, cooperation and collaboration between the two regulators to attract global insurance industry players, including Indian insurance players seeking international markets, to create and develop innovative insurance solutions for both India and the world in a conducive environment," it said.

The IFSCA is responsible for development and regulation of international financial services, including that of insurance sector, in the IFSC which is treated as a separate international financial jurisdiction.

The IRDAI is entrusted with the responsibility of all-round development and regulation of the insurance sector across India.

(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)