Section 3 in International Financial Services Centres Authority (Insurance Products and Pricing) Regulations, 2022
3. Definitions —
(1)In these regulations, unless the context otherwise requires —(a)“Act” means the International Financial Services Centres Authority Act, 209 (50 of 209);(b)“Authority” or “IFSCA” means the International Financial Services Centres Authority established under sub-section () of Section 4 of the Act;(c)“board” means the board of directors of an ITO, or the Board of the Parent Entity of an ITO, in case the ITO is in an unincorporated form;(d)“Digital Signature” shall have the same meaning as assigned to it in Information Technology Act, 2000 (2 of 2000);(e)“e-Insurance Account” or “eIA” means an electronic account opened by a person with an insurance repository where the portfolios of insurance policies of a policyholder are held in electronic form;(f)“e-signature” or “electronic signature” shall have the same meaning as assigned to it in Information Technology Act, 2000 (2 of 2000);(2)“e-proposal” or “electronic proposal” means a proposal for an insurance policy filed in electronic form by the prospect with his electronic signature;(h)“e-insurance policy” or “electronic insurance policy” means an insurance policy that is digitally signed in accordance with the applicable provisions of law and issued in an electronic form either directly to the policyholder by the IIO or through the platform of registered Insurance repository;(i)“insurance policy” means a document which is an evidence of contract of insurance issued by an IIo;(j)“International Financial Services Centre Insurance Office” or “ITO” shall have the same meaning as assigned to it under clause (k) of sub-regulation (|) of regulation 3 of the International Financial Services Centres Authority (Registration of Insurance Business) Regulations 202];(k)“intermediary or insurance intermediary” shall have the same meaning as assigned to it under clause (r) of sub-regulation () of regulation 3 of the International Financial Services Centres Authority (Insurance Intermediary) Regulations, 202;(l)“inspection” means inspection of returns or certified copies thereof submitted to the Authority;(m)“insurance product” or “product” means any contract of insurance sold or proposed to be sold to a policy holder or prospect, as the case may be;(n)“return” means any information, material, data or statement, financial or otherwise mandated to be submitted by the regulated entities to the Authority in physical and/or electronic form in uniform periodicity, whether monthly, quarterly, half yearly, or annually and the disclosure of which is not barred or exempted by any law for the time being in force; but shall not include the information, material, data or statements called for by the Authority in exercise of its regulatory powers;(2)Words and expressions used and not defined in these regulations but defined in the Act or Acts mentioned in the First Schedule to the Act or any rules, regulations or notifications made thereunder, shall have the same meanings respectively assigned to them in those Acts, rules or regulations or any statutory modification or re-enactment thereto, as the case may be.
