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ARTICLE · 13 JUNE 2025

Navigating GIFT-City: Key FAQs For IIOs

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The International Financial Services Centre (IFSC) in GIFT-City, Gujarat, is quickly emerging as a global hub for financial and insurance services. As more International Insurance Offices (IIOs) set up operations...

IndiaFinance and Banking
Anuj Bahukhandi
Anuj Bahukhandi
Armaan Tuli
Armaan Tuli
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Introduction

The International Financial Services Centre (IFSC) in GIFT-City, Gujarat, is quickly emerging as a global hub for financial and insurance services. As more International Insurance Offices (IIOs) set up operations within this jurisdiction, it becomes important for interested applicants to understand the operational landscape. Once established, these IIOs must address a range of considerations to ensure smooth functioning and compliance, which have been explored below.

Permitted Business

Question 1. What type of business can an IIO carry out from GIFT-City?

The International Financial Services Centre Authority (IFSCA) presently recognises two forms of IIOs; incorporated IIOs and unincorporated IIOs. Broadly, an incorporated IIO is established as a company under the Companies Act 2013 and must follow IFSCA-stipulated norms. An unincorporated IIO operates as a branch or representative office of a Foreign Insurer and must follow home country norms.

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