Investment admissibility for an IIO is confined to assets carrying an Investment Grade rating under the Insurance Capital Standards-Rating Categories framework. Ratings must be assigned by international rating agencies recognised by the International Association of Insurance Supervisors. The requirement applies to the investment framework and specified investment-related registration provisions, unless otherwise specified by the Authority.

Investible funds for an IIO transacting life insurance business include shareholders' funds representing solvency margin and specified policyholders' funds, reserves and unit-linked insurance assets. Most identified life insurance funds are valued at carrying value, while policyholders' unit reserves for unit-linked insurance business are valued at market value. For general, health and re-insurance business, investible funds include parent entity account funds, shareholders' solvency-margin funds and policyholders' funds at carrying value in the balance sheet.

Natural-rubber import restrictions limiting entry to Chennai and Nhava Sheva ports formed part of a national foreign-trade policy to regulate imports and protect domestic growers. Gujarat's lack of natural-rubber cultivation did not undermine the measure because the policy addressed nationwide market conditions and domestic-producer interests. The restriction had a rational connection with that objective, and no exceptional basis arose for intervention in the policy choice. Special Economic Zone units were not entitled to a separate exemption from the port limitation.

International Financial Service Centre Insurance Offices must maintain Board-approved investment policies, value assets and liabilities, preserve solvency margins, and continuously earmark assets sufficient to meet liabilities. Promoter-related investment exposure is capped, bank counterparties must satisfy prescribed operational, supervisory and asset criteria, and earmarked assets must remain unencumbered. Investments may be made in permitted jurisdictions, subject to applicable regulatory conditions. Relocated IIOs must apply the former jurisdiction's framework to premiums sourced there, with non-conforming and risk-specific investments ring-fenced, separately accounted for and disclosed.

Investment by International Financial Service Centre Insurance Offices means deployment of funds in defined financial or infrastructure assets. Financial assets include fixed-income instruments, listed equities, debt, property rights, specified fund units, hedging derivatives and money-market instruments. Infrastructure assets cover recognised infrastructure sub-sectors, district heating, and specified financial and market infrastructure institutions, in India or overseas. Exclusions include certain order-based asset releases, commercial claims, asset-replication-backed insurance assets, and specified Government bonds.

Investment by International Financial Service Centre Insurance Offices is governed by a regulatory framework and related processes for investment of assets by an IIO.

An IIO incorporated in an IFSC must comply with the prescribed investment framework. An IIO not incorporated in an IFSC, including a qualifying branch of a foreign insurer or Lloyd's India, may elect either its parent entity's investment norms or the prescribed framework. Existing registered IIOs must make the election within one month of notification, and applicants must do so when seeking registration.

The framework is titled the International Financial Services Centres Authority (Investment by International Financial Service Centre Insurance Office) Regulations, 2022, and is made under powers conferred by the International Financial Services Centres Authority Act, 2019, the Insurance Act, 1938, and a specified Central Government Gazette notification. It enters into force upon publication in the Official Gazette.

Premium income must be recognised over the contract or risk period. IIOs must establish and separately present an Unearned Premium Reserve as a current liability, disclose the assessment basis, separately classify premiums received before risk begins, and report premium net of tax collected from policyholders. Premium deficiency arises where expected claim, related expense and maintenance costs exceed related unearned premiums. Direct policy acquisition costs are expensed over the contract or risk period, with the unexpired portion deferred as Deferred Acquisition Costs.

IIOs must recognise premium income when due, defer unexpired direct acquisition costs, and determine life-policy liabilities through annual actuarial valuation supported by disclosed assumptions. Real estate is carried at historical cost subject to periodic revaluation and impairment, while debt securities are held to maturity at amortised historical cost. Listed equity securities and actively traded derivatives are measured at fair value, with unrealised movements recorded in the Fair Value Change Account and recycled on sale. Financial statements must disclose contingent liabilities, actuarial assumptions, encumbrances, commitments, investment valuation matters, Deferred Acquisition Cost effects, statutory investments, investment classification and allocation between policyholders' and shareholders' accounts.

A repeal and saving framework disapplies the prior IRDA financial-statement and auditors' report regime, including related guidelines and circulars, within International Financial Services Centres, and omits the specified operational-guidelines chapter. Earlier actions under the prior framework remain valid and are treated as actions under corresponding provisions. Existing insurance offices must comply with additional applicable requirements within six months of commencement or within an extended period specified by the Authority.

Inspection, investigation, information and disclosure powers allow the Authority to examine the affairs of an IIO and to seek information from the IIO or its Parent Entity, but only insofar as the requested information relates to the IIO's activities. Each IIO must make disclosures in the form and manner specified by the Authority.

Regulation 19 empowers the Authority to issue guidance notes or circulars to resolve difficulties in applying or interpreting the financial-statement regulations for International Financial Service Centre insurance offices. On an application with the prescribed non-refundable processing fee, the Authority may relax strict enforcement of any provision, with reasons recorded in writing.

The India-New Zealand Free Trade Agreement will grant duty-free access in New Zealand to all Indian exports, displacing existing peak tariffs on products such as ceramics, carpets, automobiles, and auto components. Scheduled to enter into force on 20 October 2026, the agreement also includes New Zealand's long-term investment commitment in India.

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.

GST treatment of ITeS supplied to overseas clients depends on whether services are supplied on the provider's own account or merely arrange or facilitate supplies between other persons. Own-account back-end ITeS are not intermediary services, even when supplied to an overseas client's customers. Facilitative support connected with the client's supplies is intermediary activity. Mixed arrangements require a fact-specific assessment of the principal supply. A non-intermediary supplier may obtain export of services treatment only if the supplier, recipient, place of supply, payment and distinct-establishment conditions are satisfied.

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.

International Financial Service Centre Insurance Offices must retain books of accounts, documents, statements and contract notes referred to under the financial-statement framework. Retention is governed by prescribed requirements for maintenance of insurance records and submission of requisite information for investigation and inspection.

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.