2. : (1) An IIO incorporated in an IFSC shall undertake investment of assets in accordance with the provisions of these regulations; (2) An IIO not incorporated in an IFSC may either chose to follow norms related to investment of assets as applicable to its parent entity or as specified under these regulations; (3) An IIO established as a branch of Foreign insurer or Lloyd's India, registered with the Insurance Regulatory Development Authority of India (IRDAI), may either chose to follo... ... ...

INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY NOTIFICATION Gandhinagar, the 12th January, 2023 International Financial Services Centres Authority (Investment by International Financial Service Centre Insurance Office) Regulations, 2022 No. IFSCA/2022-23/GN/REG030.-In exercise of the powers conferred by Section 28 read with Sections 12 and 13 of the International Financial Services Centres Authority Act, 2019, and clause (i) of sub-section (2) of Section 114A read with Section 27... ... ...

SCHEDULE- B [Refer Regulation 6 (2)] PART- I 1. Notwithstanding anything contained in the applicable Accounting Standards as specified in Reg. 5, IIOs shall adhere to the general accounting principles specified in this Part while preparing Financial Statements 2. Segmental Reporting IIO engaged in general insurance, health insurance or re-insurance business shall prepare a detailed breakup of the revenue accounts on segmental basis in the manner as may be specified by the Auth... ... ...

SCHEDULE- A [Refer Regulation 6(1)] PART- I 1. IIOs shall adhere to the following general accounting principles while preparing financial statements: (1) Premium: Premium shall be recognised as income when due. For linked business, the due date for payment may be taken as the date when the associated units are created. (2) Acquisition costs: Acquisition costs, if any, directly attributable to the policy shall be expensed over the contract period or period of risk o... ... ...

21. : (1) On and from the commencement of these regulations, IRDA (Preparation of Financial Statements and Auditors Report of Insurance Companies) Regulations, 2002 and guidelines/circulars issued thereunder, shall cease to apply in International Financial Services Centres. (2) On and from the commencement of these regulations, Chapter - 4 of International Financial Services Centres Authority (Operations of International Financial Services Centres Insurance Offices) Guidelines, 2021, shall... ... ...

20. : (1) The Authority may inspect or investigate the affairs of the IIO including calling for any information from the IIO or its Parent Entity, so far as it relates to its activities as an IIO. (2) The IIO shall make disclosures, in such form and manner as may be specified by the Authority. =============... ... ...

19. : (1) In order to remove any difficulty in the application or interpretations of the provisions of these regulations, the Authority may issue clarifications through guidance notes or circulars. (2) On an application, received along with the specified non-refundable processing fees, the Authority, may for the reasons to be recorded in writing, relax the strict enforcement of any of the provisions of these regulations. =============... ... ...

New Delhi, Sep 21 (PTI) The India-New Zealand Free Trade Agreement will come into force on October 20, Commerce and Industry Minister Piyush Goyal said on Monday. The two countries had on April 27 signed the Free Trade Agreement (FTA) to boost two-way commerce in goods and services and promote investments. The agreement will come into force on Dussehra, which is on Oct 20, Goyal said. The FTA provides duty-free access for 100 per cent of India's exports to New Zealand. Currently,... ... ...

For composite supplies of electronic software development and integrated-circuit design to recipients in non-taxable territory, prototype hardware testing that only validates or improves the core software or design remains ancillary. Place of supply is determined by the service recipient's location under section 13(2) of the IGST Act. The physical-availability rule for services concerning goods does not separately govern that ancillary testing, and the contractual supply must be characterised on its facts.

ITeS supplied on the supplier's own account to an overseas client or its customer do not constitute intermediary services, even if rendered on the client's behalf. A supplier is an intermediary where it merely arranges or facilitates the overseas client's supply to customers. Mixed supplies of own-account ITeS and facilitation support require a fact-specific assessment of the principal or main supply. A non-intermediary supplier may qualify for export of services treatment if the supplier is in India, the recipient and place of supply are outside India, payment is in convertible foreign exchange, and the parties are not merely establishments of a distinct person.

The Authority may specify norms, procedures, processes and the manner of compliance by IIOs to implement and facilitate financial-statement requirements applicable to International Financial Service Centre Insurance Offices. The power includes matters incidental to implementation and facilitation, permitting operational compliance requirements within the framework governing preparation and presentation of financial statements.

Maintenance of books of accounts, documents, statements, contract notes and related materials by an IIO is subject to the retention requirements governing insurance records and submission of requisite information for investigation and inspection. The obligation requires preservation of all materials referred to in the financial-statement regulations.

An IIO must maintain and preserve, in electronic retrieval form, a year-end balance sheet, profit and loss account, revenue account, and cash or fund flow statement prepared using the direct method. The profit and loss account must be maintained on an accrual basis. The duty also covers other books of account, records, and documents relating to business activities where specified from time to time.

Regulation 15 requires all International Financial Service Centre Insurance Offices (IIOs) to maintain separate accounts for shareholders' funds and policyholders' funds, in the manner specified by the Authority. Separation of funds requires each IIO to keep the two fund categories distinct for accounting purposes. Investments allocated to policyholders must not be less than the value of the policyholders' fund, creating a minimum investment-value requirement for those allocations.

Separate reporting and disclosure apply to every contract that does not fall within the definition of an insurance contract under regulation 4(1)(iv). Such contracts must be identified independently in the financial statements of International Financial Service Centre Insurance Offices, rather than being included within insurance-contract reporting. The requirement establishes a distinct presentation and disclosure treatment for contracts outside the defined insurance-contract category.

Every International Financial Service Centre Insurance Office (IIO) must disclose all related party transactions in its audited financial statements. The requirement forms part of the framework for preparation and presentation of IIO financial statements under the International Financial Services Centres Authority Regulations, 2022, applying to all related party transactions of the IIO for financial reporting purposes.

An incorporated International Financial Service Centre Insurance Office must submit its Annual Report to the Authority within ninety days after the end of each financial year. Required contents include reports on the board, management discussion and analysis, risk management and corporate governance, together with audited financial statements, Notes to Accounts, and certified external auditor and actuarial reports.

Financial reporting by an International Financial Service Centre Insurance Office to the Authority must be in United States dollars. USD is the default currency for all such reporting, unless the Authority specifies otherwise. A different reporting currency may apply only where the Authority gives a contrary specification.

Under the financial-statement preparation and presentation framework for International Financial Service Centre Insurance Offices, an IIO must disclose every adopted change in an accounting standard or accounting policy. The financial statements must specify the resulting financial impact under each relevant head, separately identifying the head-wise effect of each adopted change.

Financial statements prepared and presented by IIOs must include a detailed statement of accounting policies applied to each aspect of those financial statements. Accounting-policy information is therefore an integral part of financial-statement preparation and presentation, requiring detailed identification of policies applied across every relevant aspect for inclusion in the statements.