Regulation 18 - Maintenance of books of account, records, etc.
International Financial Services Centres Authority (Insurance Web Aggregator) Regulations, 2022 Chapter IV CORPORATE GOVERNANCE, OPERATIONS AND MANAGEMENT
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Financial record maintenance requires insurance web aggregators to prepare audited accounts, retain records, disclose related-party dealings, and rectify deficiencies. Insurance Web Aggregators must prepare audited financial statements, disclose insurer-wise income and related-party payments, and ensure related-party ... Summary
Financial record maintenance requires insurance web aggregators to prepare audited accounts, retain records, disclose related-party dealings, and rectify deficiencies.
Insurance Web Aggregators must prepare audited financial statements, disclose insurer-wise income and related-party payments, and ensure related-party transactions are conducted at arm's length. Audited accounts, auditor reports, and explanations of observations must be submitted within the prescribed period, and audit deficiencies must be rectified. Books and records must be retained at the IFSC office for at least ten years, with extended retention for sub judice claims. Insurer-wise records must include leads, policies, remuneration, KYC material, client particulars, complaints, and regulatory correspondence.
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