National Insurance Academy signs pact with IFSCA

NEW DELHI: The International Financial Services Centres Authority (IFSCA) on Wednesday said it has signed an agreement with the National Insurance Academy (NIA) for capacity building and creating a skilled talent pool.

This agreement endeavours to build the required skilled manpower for the International Financial Services Centre (IFSC). With the focus to address the needs of IFSC insurance entities, IFSCA has already executed an agreement with the Insurance Institute of India (III), the regulator said in a statement.

IFSCA is a unified authority for the development and regulation of financial products, services and institutions in the International Financial Services Centre (IFSC) in India. At present, GIFT IFSC is the only international financial services centre in the country. Prior to the establishment of IFSCA, the domestic financial regulators -- RBI, Sebi, PFRDA and IRDAI -- regulated the business in IFSC.

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The regulator aims to develop a strong global connection and focus on the needs of the Indian economy as well as to serve as an international financial platform at the regional, global level, it said. Insurance is an emerging sector at IFSC, and the MoU with NIA would go a long way in capacity development in the field of insurance, it added.

The NIA is a premium institution devoted to equipping the insurance industry with the best talent. It has been involved in devising and continuously upgrading the curriculums and imparting training programs in the insurance industry in India to meet the needs of the ever-dynamic sector.

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