Any person may submit a written complaint in the prescribed form concerning an incident within specified statutory categories. The Committee registers and numbers each complaint, may seek necessary information or confirmation from the complainant, and submits a findings report to the Authority. The Authority may dismiss a complaint where no prima facie case exists, with intimation to the complainant and Committee, or forward a prima facie meritorious complaint to the concerned authority for action under applicable laws.

Regulation 8 requires the Performance Review Committee to meet at least twice each financial year. Quorum is half of total Committee strength, including at least one member and one independent expert dealing with each review function. The Committee Secretary must circulate meeting notice, place and agenda at least seven working days in advance. Minutes are recorded as the Chair considers appropriate, the Authority's Secretary acts as Committee Secretary, and adequate resources must support effective performance of functions.

The Performance Review Committee may access all relevant records and require attendance of any employee of the Authority for performing its functions. Information concerning the Committee's deliberations and decisions may be shared only by the Chairperson or a person authorised by the Chairperson, including with the media.

Risk management review requires assessment of whether the Authority manages risks affecting its functioning reasonably. The Performance Review Committee must examine the adequacy and effectiveness of risk-monitoring measures, the appropriateness of risk-identification measures, operational safety and soundness, mitigation and categorisation of potential risks, and processes for monitoring, evaluation, and maintenance of breach records.

Compliance and governance review requires assessment of whether the Authority complies with applicable laws and promotes transparency and best governance practices while exercising its powers and functions. Regulations are examined for legal consistency, reduced stakeholder compliance burdens, transparency, fairness, non-discrimination, accessibility, clarity, understandability, and the predictability and guidance needed by regulated entities to comply.

Performance Review Committee oversight requires review of the Authority's functioning at least once in every financial year. The review assesses compliance with applicable laws when exercising powers and performing functions under the governing legislation; promotion of transparency and governance best practices through regulations; and risk management relating to the Authority's functions.

The Committee comprises two Authority members nominated by the Board and up to two independent experts for each review function. Independent experts must have relevant experience and skills and be free from direct and substantial conflicts capable of influencing their duties. Members serve three-year terms, cannot be re-nominated for two years after expiry, and vacancies are filled for the remaining term.

Definitions identify the governing statute, the International Financial Services Centres Authority, its Board, Chairperson, the Performance Review Committee, and the International Financial Services Centre. Terms not specifically defined retain meanings assigned under the governing statute, enactments listed in its First Schedule, and related rules or regulations, including statutory modifications or re-enactments.

The International Financial Services Centres Authority (Performance Review Committee) Regulations, 2022 govern constitution of the Performance Review Committee, information to be provided, adequate resource provision, and discharge of the Committee's functions. The framework comes into force upon publication in the Official Gazette and thereafter applies to these Committee-related matters.

Bulk sugar consumers using more than 10 tonnes monthly as a raw material may hold up to 30 days' requirement instead of 15 days. Holdings above 15 days must consist exclusively of sugar imported under the Tariff Rate Quota or Advance Authorisation Scheme; sugar obtained from the open market remains restricted to 15 days' consumption. Bulk consumers must declare and disclose their sugar inventories every Friday through the food ministry's online portal.

Insurance Web Aggregators must deal with prospects and policyholders in good faith, with integrity, care, diligence and confidentiality, while securing confidential information and assessing client awareness of insurance risk. They must maintain complaint-recording and monitoring systems, provide online complaint facilities, acknowledge communications within five working days, address grievances, and communicate further redressal options. Websites must avoid prohibited advertising, remuneration must be disclosed on request, staff must be trained and competent, and regulatory returns must be furnished as specified.

Insurance Web Aggregators must display registration, insurer arrangements, product information, and visitor-data sharing disclosures on their websites. They require permission to promote third-party offerings or allow third parties to divert clients to their website, must register for telemarketing where applicable, and must operate an effective Lead Management System. They must maintain insurer-agreement records, comply with applicable legal and regulatory requirements, accept only prescribed remuneration, and obtain prior regulatory approval for specified changes in management, ownership structure, office details, core service providers, and server location.

Insurance outsourcing to Insurance Web Aggregators may be undertaken at insurers' discretion, while execution of services remains a core activity of insurers. Each insurer-IWA relationship must be governed by a written contract covering material terms, including service charges and the parties' rights, responsibilities, and expectations. IWAs may undertake insurance outsourcing activities for insurers only through telemarketing and distance-marketing modes.

Insurance Web Aggregators conducting telemarketing or distance marketing must register as telemarketers, deploy authorised verifiers, and use website-generated leads for tele-calling. Outbound calls require express consent, while solicitation must follow insurer-approved standardised scripts covering caller identity, product features, exclusions, premiums, cancellation rights and required disclosures. IWAs are responsible for verifier conduct, must retain and transfer call records, undertake monitoring and compliance checks, and submit annual compliance certification. Insurers must identify distance-mode proposals, conduct verification calls, and preserve records. In policy-wording disputes, clients may give primacy to the Key Features Document and relevant calls.

Insurance Web Aggregators must use Lead Management Systems to record visitor details, leads and preferences, disclose potential sharing of particulars, and permit selection of up to three insurers. Leads may not be transmitted beyond preferred insurers; where no preference is made, transmission is limited to three insurers in the relevant class based on need analysis. Lead transmission must protect prospect information and follow information-technology security procedures. Annual system audits, Audit Committee review and corrective action are required, while insurers must post policy details after converting a lead.

Insurance Web Aggregators (IWAs) displaying product comparisons online must prominently notify homepage visitors that their particulars may be shared with insurers and that displayed information concerns insurers with which the IWA has agreements. Displayed product information must be authentic and drawn solely from insurer-furnished information. Content must be unbiased and factual; IWAs must not display ratings, rankings, endorsements or bestseller labels, or comment on insurers or products.

Insurance Web Aggregators must maintain secure information systems, encrypt lead and other data transmissions, and use approved payment gateways when collecting premiums for insurers. Their websites, portals, lead-management systems and India-hosted data centres require annual audit by a CERT-In empanelled information-security auditing organisation, followed by timely submission of audit reports. IWAs must also obtain annual compliance certifications, tag policies sold by Authorized Verifiers for tracking, comply with restrictions on displayed products and websites, and use prescribed nomenclature and registration disclosures.

Authorized Verifiers must be resident in India and engage only in tele-marketing or distance-marketing insurance solicitation. They must handle inbound customer queries, sell products after need analysis, explain comparable products, avoid unsolicited outbound calls and misleading inducements, and meet prescribed training and examination requirements. Each policy sale must be tagged to the verifier for sales and complaint tracking. Transfers between an Insurance Web Aggregator and tele-marketer require a no-objection certificate or completion of the prescribed waiting period.

Insurance web aggregators must disclose changes affecting their certificate of registration and proceedings initiated by other regulatory or government bodies within thirty days. Actions or directions issued in those proceedings must be reported within the same period. Information on professional indemnity policy claims and property acquisitions in India must be furnished within fifteen days. Applicants must voluntarily disclose changes in application information arising after filing or during processing. The Authority may also require further information, data or documents in a specified manner.

Professional indemnity insurance for an Insurance Web Aggregator must provide annual claims-made cover for negligence, fraud-related liability, document loss and dishonest acts by employees. Claim payments cannot depend on the IWA first meeting its liability. Indemnity limits must equal twice remuneration received at each financial-year end, subject to prescribed minimum and maximum limits, while uninsured excess is capped at five percent of capital employed. Branch-form IWAs require head-office cover endorsed for IFSC branch liabilities.