FORM IRDAI/SEZ/ Application

S.No.

Particulars

Applicant’s Response

Remarks

Section A : Company Profile

1

Name of the applicant

2

Address of its registered office

3

Date of incorporation: DD/MM/YYYY

4

Registration No. and date of first registration DD/MM/YYYY

Copy of the registration certificate/licence

5

Line of reinsurance business currently handled

a.    Life

b.    General

c.    Life and General

d.    Composite

6

Amount of Authorised capital, Subscribed capital, Issued capital & Face value of shares and their numbers

7

Board Resolution

Provide a copy of the resolution by the applicant’s board in support of the commitment to set up an IIBO.

Annexure -

8

Name, Address and contact details of the person responsible for the affairs of the proposed IIBO

Provide a certified copy of the board resolution appointing the person responsible for affairs of IIBO

9

Regulatory approvals

Provide a copy of regulatory approvals for opening of an office in SEZ for conducting insurance business in the SEZ.

Annexure -

10

Annual Reports

Annual reports for the past 3 years.

Annexure -

11

Details of the Office proposed to be opened:

(a)  Name of the office:

(b)   office Address:

(c)  Address for Communications (state the name of the Principal Officer, telephone numbers, fax numbers, mobile number, e-mail address and such other details:

(d)  Principle Officer for IIBO & Key Management Personnel and allocation of responsibilities.(Proposed):

(e)  Organizational structure. Reporting relationships of the IIBO to the insurer:

(f)   Planned infrastructure at proposed office

12

Details of payment of fee prescribed under the IFSC guidelines

Section C: IIBO Business Strategy

14

Market Research and Analysis

The applicant may have undertaken some form of market analysis to ascertain the market potential. The applicant may furnish full description of the research, along with the conclusions reached

Annexure -

15

Types of Reinsurance arrangements to be offered

The applicant may give detail of the types of reinsurance arrangements that it will offer to the Indian and other markets from the IIBO.

Annexure -

17

Information Technology

Insurance industry is very much dependent on computer technology. Full description should be provided for the following:

·      The different areas where computer systems will be employed.

·      The degree to which the systems will be used for policyholder servicing.

·      The degree of interconnectivity of the systems.

·      A description of how the IT systems will be used to develop the required Management Information Systems.

·      Extent of procedures and operations which will remain manual.

Annexure -

19

Recruitment and Training

Different areas of the company require personnel with different skill sets.  Some of the special technical skills would require special focus. The company may submit a detailed write-up on its plans to impart technical skills and knowledge locally.

Annexure -

20

Internal Controls

The company will need to establish a set of procedures and norms for various activities.  The manner in which these will be monitored should be described. 

Annexure -

21

Expenses of Administration

The proposed expenses as a per cent of commission earned.

Annexure -

22

Technical skills

The technical skills of the people who will work in the branch and plan for imparting knowledge for skill upgradation at local level.

Annexure -

23

Financial Projections

A description of the model used for financial projections should be provided, based on assumptions, for a period of 5 years, for each year from the start.  Please provide details against each of the items listed in the next cell. (Amount should be Rs in crores)

(a)  Amount of business.

(b)  Size of support and administrative staff.

(c)  Commissions

(d)  Sales and related expenses.

(e)  Expenses of administration.

(f)   Statutory reserves (if any).

(g)  Profit and loss accounts and balance sheets.

(h)  Capital needs

(i)    Break-even periods and the Return on Capital.

This section should also discuss the manner in which the future capital needs will be met.

Annexure -

24

Conclusion

In conclusion, please discuss the

viability of the operations.  Any

special issues or concerns should

also be indicated