IFSCA adds CMAs as certifying professionals to issue net-worth compliance certificates to insurance intermediaries

IFSCA has authorized Practising Cost Accountant (CMAs) to issue a paid-up capital and net-worth compliance certificate to insurance intermediaries. Earlier CA/CS were allowed to issue certificates under Regulation 13(6) and Regulation 22(3) of IFSCA (Insurance Intermediary) Regulations, 2021. As per Regulation 13, an applicant seeking registration as an insurance intermediary is required to maintain minimum paid-up capital and net-worth as specified in PART-A of SCHEDULE-IIFSCA has authorized Practising Cost Accountant (CMAs) to issue a paid-up capital and net-worth compliance certificate to insurance intermediaries. Earlier CA/CS were allowed to issue certificates under Regulation 13(6) and Regulation 22(3) of IFSCA (Insurance Intermediary) Regulations, 2021. As per Regulation 13, an applicant seeking registration as an insurance intermediary is required to maintain minimum paid-up capital and net-worth as specified in PART-A of SCHEDULE-Itaxmann.com Latest Statutory HappeningsRead More

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