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TMI BlogInsurance Regulatory and Development Authority of India (Regulation of Insurance Business in Special Economic Zone) Rules, 2015.X X X X Extracts X X X X X X X X Extracts X X X X ..... l come into force on the date of their publication in the Official Gazette. Definitions 2. In these rules, unless the context otherwise requires,- (a) Act means the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999); (b) Act of 2005 means the Special Economic Zones Act, 2005 (28 of 2005); (c) words and expressions used herein and not defined but defined in the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), the Insurance Act, 1938 (4 of 1938) and the Special Economic Zones Act, 2005 (28 of 2005) shall have the meanings respectively assigned to them in those Acts. Provisions regarding regulation of insurance business in Special Economic Zone 3. For the purposes of reg ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act of 2005 and rules made thereunder: Provided also that such insurer may be allowed by the Authority to accept insurance business from entities within the Special Economic Zone and from entities outside the country, subject to the provisions of Act of 2005 and rules made thereunder: Provided also that the Domestic Tariff Area entities may be allowed by the Authority to procure services relating to insurance from insurers operating from the Special Economic Zone on the same terms as they may be allowed in general under the relevant law for the time being in force to procure such services from the insurers outside the country subject to the provisions of Act of 2005 and rules made thereunder; (iii) acceptance of insurance bu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (i) such permission may include approval for procurement of insurance business from entities within the Special Economic Zone with cover confined to the Special Economic Zone and from entities outside India; (ii) the Domestic Tariff Area entities may be permitted to procure insurance services from such insurers on the same terms as they may be allowed in general under the relevant law for the time being in force to procure such services from the insurers outside the country subject to the provisions of Act of 2005 and rules made thereunder; (iii) acceptance of insurance business within the Special Economic Zone shall be in accordance with the guidelines of the Authority, referred to in sub-section (2) of section 18 of Act o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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