Investment exposure limits apply to an International Financial Service Centre Insurance Office's total investment assets across specified fixed-income, debt, equity, fund, property, and infrastructure investments. Caps are 10 per cent for a single investee entity, 5 per cent within the IIO's own group, and 15 per cent for any other group or industrial sector. Separate limits restrict aggregate equity-related investments to 10 per cent of an investee's paid-up equity share capital and debt investments to 10 per cent of specified investee capital, reserves, and debt securities.

Sovereign credit rating-based limits govern IIO exposure to immovable property and infrastructure assets. SCR-RC 1 allows 100 per cent exposure without a buffer; SCR-RC 2 and 3 allow 50 per cent with a 10 per cent buffer; SCR-RC 4, 5 and 6 allow 30 per cent with a 5 per cent buffer; and SCR-RC 7 and lower within investment grade allow 10 per cent without a buffer.

Equity exposures of an International Financial Service Centre Insurance Office (IIO) in listed equities and equity-type instruments, including equity mutual funds, preference shares, Category I and II alternative investment funds, and derivatives, are subject to sovereign-credit-rating-based limits. SCR-RC 1 permits maximum exposure of 100 per cent with no buffer, while lower investment-grade rating categories carry progressively reduced exposure limits and specified buffers. Equity exposures in India, including IFSC, carry a 100 per cent maximum and no buffer.

IIO exposure to bonds, debts and deposits is limited according to the sovereign credit rating of the country from which the instruments are offered. The framework covers fixed-income instruments, debt mutual funds, loans, corporate and bank deposits, and similar rights. Maximum exposure is 100 per cent for SCR-RC 1 and India including IFSC, 50 per cent with a 10 per cent buffer for SCR-RC 2 and 3, 20 per cent for SCR-RC 4 to 6, and 10 per cent for SCR-RC 7 and lower within the investible grade.

The Supreme Court required the Central Government urgently to identify, in consultation with the Tribunal President, infrastructural amenities needed by tribunal benches. The Principal Bench Bar Association was required to compile tabulated infrastructure data for every regional bench. At least 18 benches were asserted to conduct half-day sittings because of member shortages, against a sanctioned complement that remained unchanged despite expanded insolvency jurisdiction.

Exposure limits for an International Financial Service Centre Insurance Office investing in bonds, debt and deposits are determined by Insurance Capital Standards rating categories and apply to total investment assets. ICS-RC 1 permits 100 per cent exposure without a buffer; ICS-RC 2 and 3 permit 50 per cent exposure with a 10 per cent buffer; and ICS-RC 4 permits 20 per cent exposure without a buffer. Exposure in India, including IFSC, is permitted up to 100 per cent without a buffer.

Regulation 9 sets investment-asset exposure limits for an International Financial Service Centre Insurance Office, calculated against total investment assets. It permits specified exposure to fixed-income assets, other debt and deposits, equities, alternative investment funds, loans, immovable property and infrastructure. Short-term money-market investments may reach 100 per cent for new funds awaiting deployment and maturing-policy payments, but are otherwise limited. Debt mutual fund, MBS and ABS exposure is restricted within total debt investments. Rating criteria, sovereign-rating limits and instrument, entity, industry and group concentration limits apply, while ULIP investments must follow the accepted policyholder investment pattern subject to exposure norms.

Investments by an International Financial Service Centre Insurance Office in central-government bonds or debt instruments are limited to countries holding an investment-grade sovereign credit rating from a recognised international rating agency, unless otherwise specified. Debt instruments issued by sub-national governments, public-sector entities, municipalities, or other non-central-government entities do not qualify as sovereign bonds. Investments in countries subsequently identified as high-risk jurisdictions subject to a call for action must be relocated to eligible countries within the specified period and reported to the Authority.

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.