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1. Brief overview of GIFT IFSC ecosystem

The GIFT IFSC is India’s first operational International Financial Services Centre (IFSC) established to facilitate global financial services from within India. The IFSC operates as a dedicated jurisdiction for international financial transactions and provides a globally competitive regulatory and business environment for financial institutions.

The IFSC ecosystem is regulated by the International Financial Services Centres Authority (IFSCA), the unified regulator responsible for the development and supervision of financial services in IFSCs in India. The framework established by IFSCA enables a wide range of financial institutions—including banks, insurers, reinsurers, asset managers, and intermediaries—to conduct cross-border financial activities in foreign currency.

INSURANCE ECOSYSTEM IN GIFT IFSC

The insurance sector within GIFT IFSC has been designed to support international insurance and reinsurance business. The ecosystem consists of:

IFSC Insurance Offices (IIOs) – Branches or subsidiaries of global and Indian insurance and reinsurance companies.
Insurance Intermediary Offices (IIIOs) – Offices of licensed intermediaries such as insurance brokers, corporate agents, and other service providers.
Supporting professional services – Actuarial firms, legal advisors, risk consultants, and other specialized service providers.

Together, these participants create a comprehensive platform for global insurance and reinsurance transactions.

ROLE OF COMPOSITE INSURANCE BROKERS

Composite Insurance Brokers registered in India may establish an Insurance Intermediary Office in GIFT IFSC, subject to regulatory approval. A composite broker is authorized to undertake both direct insurance broking and reinsurance broking activities, enabling it to provide a full spectrum of risk advisory and insurance placement services.

Within the IFSC ecosystem, composite brokers typically support:

Placement of insurance and reinsurance risks with international markets
Advisory services for cross-border insurance programmes
Coordination between insurers, reinsurers, and corporate clients
Risk management and claims facilitation for international exposures

STRATEGIC ADVANTAGES OF GIFT IFSC

Operating within GIFT IFSC provides several advantages for insurance intermediaries, including:

Access to global insurance and reinsurance markets
A unified regulatory framework under IFSCA
A business environment designed for international financial transactions
Opportunities to support multinational corporations and global investors

SUPPORTING INDIA’S GLOBAL INSURANCE HUB

GIFT IFSC is steadily emerging as an international hub for financial and insurance services. The participation of insurance intermediaries, including composite brokers, contributes to strengthening India’s ability to facilitate cross-border insurance and reinsurance transactions while supporting the growth of a globally integrated financial services ecosystem.

2. Certificate of Registration clearly reflecting the Registration number and permitted activities

IFSCA/IIIO/012/2019-20 issued by IFSCA

3. A list of products and services offered, with detailed description of each such offering

Composite Insurance Brokers operating in the GIFT IFSC, under the regulatory framework of the International Financial Services Centres Authority (IFSCA), provide a comprehensive range of insurance and risk advisory services for clients engaged in cross-border and international business activities. These brokers are authorized to arrange both direct insurance and reinsurance placements while also providing related advisory and support services.

1. Direct Insurance Broking Services

Composite brokers assist corporate clients, financial institutions, and international businesses in identifying and placing appropriate insurance coverage with insurers operating within or outside the IFSC. Services typically include:

Risk assessment and insurance program design
Placement of policies with suitable insurers
Negotiation of policy terms and pricing
Policy administration and renewal management

Coverage may include property, liability, marine, health, travel, engineering, and other specialized insurance solutions for global operations.

2. Reinsurance Broking Services

Composite brokers facilitate the placement of risks with international reinsurers to help insurers manage large or complex exposures.

Key services include:

Structuring treaty and facultative reinsurance programs
Identifying suitable global reinsurance capacity
Negotiating reinsurance terms and conditions
Supporting portfolio risk transfer for insurers

These services enable insurers and corporates to access global reinsurance markets and manage catastrophic or high-value risks effectively.

3. Risk Management and Advisory Services

Composite brokers provide advisory services to help organizations identify, analyze, and mitigate operational and financial risks.

Typical offerings include:

Enterprise risk assessments
Insurance gap analysis
Design of global insurance programmes
Risk financing and risk transfer strategies

Such advisory services help businesses structure efficient insurance solutions aligned with their risk exposure.

4. Claims Consultancy and Claims Management

Brokers assist clients throughout the claims lifecycle to ensure timely and efficient settlement of insured losses.

Services may include:

Claims documentation and filing support
Liaison with insurers, reinsurers, and surveyors
Claims negotiation and follow-up
Recovery and settlement assistance

This ensures that clients receive appropriate claim recoveries under the policy terms.

5. Cross-Border Insurance Placement

Operating from the IFSC enables composite brokers to arrange insurance solutions for risks located in multiple jurisdictions.

Services may include:

Placement of international insurance programmes
Coverage for assets or operations located outside India
Support for multinational corporations and global investors
Coordination with overseas insurers and reinsurers

This cross-border capability is a key advantage of operating within the GIFT IFSC ecosystem.

6. Grievance redressal procedure and contact details of the Grievance redressal officer

Already updated grievance redressal procedure along with email ids for registering complaint. No contact details are provided except email.

7. Name, designation and contact details of key managerial personnel in IFSC (such as Head of FC/FU, CEO, CFO, Compliance officer, Principal officer, as applicable).

Designated Director:Mr. Hemant Gulati

Contact:+91 9769214614

Email Id:Hemant.gulati@unisoninsurance.net

Principal Officer:Mr. Pukhraj Pansari

Contact Details:+91 8955414242

Email Id:Pukhraj.pansari@unisoninsurance.net