IFSCA Chairman K Rajaraman: Special Purpose Insurance Framework Proposal Coming Soon
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IFSCA to Propose Special Purpose Insurance Framework Soon: K Rajaraman
M
Moneycontrol•23-02-2026, 14:20
IFSCA to Propose Special Purpose Insurance Framework Soon: K Rajaraman
•IFSCA to send proposal for special purpose insurance framework to Government of India, aiming for flexibility in alternative risk transfer (ART) instruments like catastrophe bonds.
•The framework will enable Special Purpose Vehicles (SPVs) to issue and manage instruments such as catastrophe bonds, broadening risk-sharing beyond traditional reinsurers.
•IFSCA expects visible progress within two months, followed by its own regulations and a consultation paper for industry feedback.
•More global reinsurers are expected to set up operations in GIFT IFSC due to rising domestic insurance penetration and long-term tax clarity.
•The proposed India-based maritime P&I Club is under consideration by the Department of Financial Services, with IFSCA awaiting clarity.
