Appointment of an Appointed Actuary requires fellowship, a valid practising certificate, relevant post-fellowship insurance experience, and freedom from professional or financial misconduct and conflicts of interest. The Board must authorise direct reporting of legal or regulatory non-compliance. An unincorporated IIO may appoint the Parent Entity's appointed actuary under the applicable home-country framework. The IIO must notify the Authority of the appointment and changes, provide adequate resources and support, and ensure reporting to the relevant top executive.

Regulation 3 defines the Act, Authority, appointed actuary, board, International Financial Service Centre Insurance Office, and professional standards for actuarial regulation. An IIO's meaning is aligned with the Registration of Insurance Business Regulations, while professional standards include relevant international and European actuarial standards and standards specified by the International Actuarial Association. Undefined terms adopt meanings assigned under the governing Act, related enactments, and applicable subordinate legislation.

Regulation 2 sets the objective of establishing a regulatory framework for persons engaged by IIOs as Appointed Actuaries. The framework concerns persons appointed to perform the roles and discharge the functions attached to an Appointed Actuary position for IIOs.

Regulation 1 provides that the International Financial Services Centres Authority (Appointed Actuary) Regulations, 2022 enter into force upon publication in the Official Gazette and apply to International Financial Services Centres Insurance Offices (IIOs). It identifies IIOs as the regulated insurance offices for the appointed-actuary framework and makes Gazette publication the operative trigger for commencement.

Earlier insurance record-maintenance and investigation-and-inspection information requirements cease to apply in the IFSC from commencement of the 2022 framework. IIOs and IIIOs operating in the IFSC before commencement must comply with the additional requirements within six months. The Authority may permit an extended period for compliance, creating a transitional obligation for existing insurance offices and insurance intermediary offices.

The Authority may issue guidance notes or circulars to clarify difficulties in applying or interpreting insurance-record maintenance and information-submission requirements. On an application accompanied by the specified non-refundable processing fee, it may relax strict enforcement of any requirement, provided reasons for the relaxation are recorded in writing.

Regulation 11 empowers the Authority to specify norms, procedures, processes and manners of compliance for IIOs and IIIOs. The power supports implementation and facilitation of insurance-record maintenance and submission of requisite information for investigation and inspection, including matters incidental to those purposes.

IIOs and IIIOs must maintain prescribed insurance records for at least seven years under the Insurance Rules, 1939, unless other applicable legal requirements impose a longer retention period. The period runs from the later of the last transaction or policy expiry; for claim-related records, it runs from claim settlement.

Insurance information, data and documents maintained by IIOs and IIIOs must, where relevant, be reconciled with audited financial statements and comply with other applicable legal and regulatory requirements. Records may be maintained in physical or electronic form, with access provided to personnel authorised by the Authority for verification, investigation and inspection purposes.

The Quarterly Return Monthly Payment Scheme permits eligible registered persons to file FORM GSTR-3B quarterly while making tax payments for the first two months of each quarter. Tax may be paid through the Fixed Sum Method or the Self-Assessment Method in FORM GST PMT-06. Details of outward supplies are furnished quarterly in FORM GSTR-1, with an optional Invoice Furnishing Facility for selected invoices in the first two months. Deposits are adjusted against quarterly liability, and interest and late-fee consequences apply as prescribed.

Managers, managing directors, other officers, outsourced service providers and contractors of IIOs and IIIOs must produce books of account, registers, documents, databases, statements and information relating to the entity's affairs when demanded by the Authority or an Investigation Officer. The mandatory production obligation applies notwithstanding other provisions and must be complied with within the stipulated time for investigation and inspection purposes.

Every IIIO must maintain records for past and present employees, covering names and identifiers, appointment and termination dates, designation, qualifications, licence or registration particulars and validity, training completion and test dates, renewal training for insurance solicitation-qualified employees, and branch or office posting. The recordkeeping obligation preserves employment, qualification, licensing, training and posting information for investigation and inspection.

Every IIO must maintain employee records, except for staff or salaried field workers involved in solicitation. Records must cover employee identity, appointment, designation, PAN, salary, benefits, tax papers, appointment-letter references, and termination details where applicable. Travel-expense payments to employees or other persons must be documented with the journey details, purpose, fares paid, and allowances granted, creating a verifiable trail for investigation and inspection.

Every IIO and IIIO must furnish records, information, data, documents, books and registers whenever demanded by the Authority. This mandatory production obligation covers materials maintained under the Insurance Act, 1938, other applicable laws, and related rules, regulations, guidelines, circulars and directions. The requirement ensures access to maintained insurance-related records and information for investigation and inspection.

IIOs must maintain a Board-approved records maintenance policy addressing electronic records, data privacy and security, cybersecurity, system security, backups, disaster recovery, business continuity, archival and Board Risk Management Committee oversight. Records must be electronically retrievable with security features. Policy, claims and reinsurance records must be held only in Indian data centres, including an IFSC. Board-approved policies require annual review within 90 days after the financial year ends.

Definitions identify the Act, the International Financial Services Centres Authority, boards of IIOs and IIIOs, electronic form, and the relevant insurance office and intermediary office. Investigating officer includes a person directed to investigate or inspect an IIO or IIIO. Minimum information comprises information required to be maintained in the prescribed form and manner, while records include written documents and information maintained physically or electronically. Undefined terms retain their meanings under the governing statutory and regulatory framework.

Minimum information must be maintained by IIOs and IIIOs for investigation and inspection under section 33 of the Insurance Act, 1938. Record-maintenance requirements establish the baseline information to be retained for those statutory purposes, covering insurance records and requisite information held to facilitate investigation and inspection functions.

Maintenance of insurance records and submission of requisite information for investigation and inspection govern International Financial Services Centres Insurance Offices and International Financial Service Centre Insurance Intermediary Offices. The framework concerns preservation of insurance records and provision of information within the International Financial Services Centre insurance sector. It takes effect upon publication in the Official Gazette and applies to all such offices unless otherwise specified.

Website security requirements mandate audits by agencies empaneled by CERT-In, conducted in accordance with extant Government of India guidelines or guidelines of relevant agencies. A security audit is compulsory before the website is hosted and again after every major website update, requiring security review at both initial deployment and significant modification stages. These requirements establish mandatory audit checkpoints for website security compliance before public availability and following material changes.

Expanded sanctions and tariff measures form the immediate trade-policy backdrop. The Lindsey O. Graham Sanctioning Russia and Iran Act of 2026 authorises expanded sanctions and tariffs targeting Russia and countries that buy its energy exports. China contests the application of tariffs to its purchases and opposes long-arm jurisdiction and unilateral sanctions asserted without a basis in international law or a UN Security Council mandate. Parallel negotiations contemplate a reciprocal tariff-reduction arrangement.