Government of Goa Department of Commercial Taxes Vikrikar Bhavan, Panaji - Goa - 403001 CCT/ 26-4/2017-2018/C/1101 Dated: 26th July, 2019 CIRCULAR (No. 15 / 2019-20 - GST) Subject: Various representations have been received seeking clarification on issues related to supply of Information Technology enabled Services (hereinafter referred to as "ITeS services") such as call centre, business process outsourcing services, etc. and "Intermediaries" to overseas entities under ... ... ...

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.

CHAPTER - III MAINTENANCE OF BOOKS OF ACCOUNTS, RECORDS AND DOCUMENTS 16. An IIO shall maintain and preserve the following documents as may be specified by the Authority in electronic retrieval form- (1) balance sheet as at the end of each accounting year; (2) profit and loss account for each accounting year, which shall be maintained on accrual basis; (3) revenue account; (4) statement of cash/fund flow (direct method); and (5) such other books... ... ...

15. (1) All IIOs shall keep separate accounts of shareholders' funds and policyholders' funds in a manner as may be specified by the Authority. (2) All IIOs shall ensure that the investments allocated to the policyholders shall not be less than the value of the policyholders' fund. =============... ... ...

14. Any contract not covered under 'insurance contract', as defined in regulation 4(1)(iv) above, shall be reported and disclosed separately. =============... ... ...

13. An IIO shall make disclosures of all related party transactions in its audited financial statements. =============... ... ...

12. An IIO set up in an incorporated form, shall submit its Annual Report to the Authority within ninety (90) days from the end of financial year, inter-alia containing the following: (i) Board of Director's Report; (ii) Management Discussion and Analysis (MD&A) Report; (iii) Risk Management Report; (iv) Corporate Governance Report; (v) Audited financial statements with corresponding Notes to Accounts; (vi) Certified External Auditor Report; ... ... ...

11. Any financial reporting by an IIO to the Authority shall be in USD, unless otherwise specified by the Authority. =============... ... ...

10. An IIO shall disclose the change in accounting standard or any of the accounting policies adopted and its head-wise financial impact on the financial statements. =============... ... ...

9. The financial statements prepared and presented by IIOs shall inter-alia include a detailed statement of the accounting policies applied for each aspect of the financial statement. =============... ... ...

8. An IIO shall clearly disclose the Accounting Standards which have been followed in the preparation and presentation of the financial statements. =============... ... ...

7. (1) All IIOs shall present their financial statements in such form and manner as specified by the Authority. (2) The financial statements prepared by IIOs shall also include comparative information in respect of the preceding accounting year. =============... ... ...

6. : (1) IIOs set up in an incorporated form and engaged in life insurance business, shall adhere to the accounting principles, standards and disclosures or other requirements, as specified under Schedule- A. (2) IIOs set up in an incorporated form and engaged in general insurance business or reinsurance business, shall adhere to the accounting principles, standards and disclosures or other requirements, as specified under Schedule- B. =============... ... ...

CHAPTER - II GENERAL INSTRUCTIONS FOR PREPARATION & PRESENTATION OF FINANCIAL STATEMENTS 5. Applicable 'Accounting Standard' or "AS" (1) An IIO set up in an unincorporated form, shall prepare its financial statements in accordance with the accounting standards applicable to its Parent Entity. (2) An IIO set up in an incorporated form, shall prepare its financial statements in accordance with the accounting standards issued by the Institute of Chartered Accountants of India (ICAI), ex... ... ...

4. - (1) In these regulations, unless the context otherwise requires - (i) 'Act' means the International Financial Services Centres Authority Act, 2019 (50 of 2019); (ii) 'accounting year'- a. In relation to an IIO set up in an unincorporated entity form, shall refer the financial year followed by its parent entity; b. In relation to an IIO set up in an incorporated form, shall refer to a period ending on the 31st March every year; (iii) 'Au... ... ...

3. - These regulations aim to put in place the process of preparation and presentation of financial statements of the International Financial Service Centre Insurance Offices (IIO). =============... ... ...

2. These regulations shall be applicable to International Financial Service Centre Insurance Offices (IIOs) registered with the Authority under International Financial Services Centres Authority (Registration of Insurance Business) Regulations, 2021. =============... ... ...

INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY NOTIFICATION Gandhinagar, the 12th January, 2023 International Financial Services Centres Authority (Preparation and Presentation of Financial Statements of International Financial Service Centre Insurance Offices) Regulations, 2022 No. IFSCA/2022-23/GN/REG033.- 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 Section 114A of the In... ... ...

Fit and proper status requires fairness, integrity, financial integrity, good reputation, character, and honesty. Disqualifications include relevant criminal convictions, pending recovery proceedings, winding-up for malfeasance, undischarged insolvency, financial unsoundness, wilful default, fugitive economic offender status, operative findings of unsound mind, and specified regulatory restraints or orders within the applicable three-year period.