International Financial Services Centres Authority (IFSCA)

Context:

• The International Financial Services Centres Authority (IFSCA), with an objective of capacity building and providing skilled talent pool in the insurance sector in International Financial Services Centres (IFSCs), has entered into a Memorandum of Understanding (MOU) with the National Insurance Academy (NIA).

About:

• IFSCA aspires to build a strong worldwide connection and focus on the demands of the Indian economy, as well as function as a regional/global international financial platform.
• At IFSC, insurance is a growing sector, and the MoU with NIA will go a long way toward building insurance capacity.
• The National Insurance Academy (NIA) is a prestigious school dedicated to training the finest and brightest in the insurance sector.
• To address the needs of the ever-dynamic insurance sector, NIA has been involved in developing and regularly upgrading curriculums and offering training programmes in the insurance industry in India.

IFSCA:

• In an IFSC, the authority will regulate financial products such as securities, deposits, and insurance contracts, as well as financial services and financial institutions that have previously been approved by any appropriate regulator such as the Reserve Bank of India (RBI), the Securities and Exchange Board of India (SEBI), and others.It will also regulate any other financial goods, financial services, or financial organisations that the central government may notify in an IFSC.
• It may also recommend to the central government any other financial products, financial services, or financial institutions that may be allowed in an IFSC to the central government.

Source: THE HINDU.

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