IFSCA AND NIA
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Context
- The International Financial Services Centres Authority (IFSCA) has entered into a Memorandum of Understanding (MOU) with the National Insurance Academy (NIA).
- The objective is capacity building and providing skilled talent pool in the insurance sector in International Financial Services Centres (IFSCs).
International Financial Services Centers Authority
- Earlier the banking, capital markets and insurance sectors were regulated by multiple regulators such as Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI) and Insurance Regulatory and Development Authority of India (IRDAI).
- In 2020, the finance ministry established the International Financial Services Centres Authority (IFSCA) through a notification.
- With this, the government has established a unified authority to regulate all financial services in International Financial Services Centers (IFSCs) in the country. The body is headquartered in Gandhinagar in Gujarat.
- IFSCA aims to develop a strong global connect and focus on the needs of the Indian economy as well as to serve as an international financial platform at regional/ global level.
National Insurance Academy
- The National Insurance Academy (NIA) is a premium institution devoted to equip the insurance industry with the best of talents.
- The National Insurance Academy is situated in Pune. It was founded in 1980 by the Finance Department of the Indian government with capital patronage from LIC and public sector general insurance industry.
- NIA has been involved in devising and continuously upgrading the curriculums and imparting the training program in the insurance industry in India to meet the needs of the ever-dynamic insurance sector.
Recent MOU
- This MoU endeavors to build required skilled manpower for the International Financial Services Centre (IFSC).
- Insurance is an emerging sector at IFSC, and the MoU with NIA would go long way in capacity development in the field of insurance.
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