Regulation 2 identifies the objective of providing a framework for oversight and control of inward and outward re-insurance arrangements conducted by International Financial Service Centre Insurance Offices (IIOs). The framework concerns arrangements for re-insurance business entering and leaving the International Financial Services Centre, encompassing both directions of re-insurance activity undertaken by those insurance offices.

International Financial Services Centres Authority (Re-insurance) Regulations, 2023 establish the regulatory framework for re-insurance in International Financial Services Centres. Commencement occurs on publication in the Official Gazette, and the regulations apply to all International Financial Services Centres Insurance Offices unless otherwise specified.

IIOs must notify proposals capable of changing control, obtain prior approval before issuing or allotting capital, and ensure that ownership, portfolio or management changes do not affect the priority of policyholder and creditor claims. Mergers, amalgamations and transfers require prior approval, adequate solvency, legal compliance and protection of policyholders' interests. IIOs must also maintain Board-approved policies for expenses of management, commissions, places of business, outsourcing and policyholder protection. Outsourcing requires risk oversight, due diligence, data privacy and contractual confidentiality safeguards. Advertising must be truthful, clear, substantiated and consistent with issued insurance policies.

Semiconductor ecosystem development in India is centred on converting expanding domestic demand into local manufacturing, innovation and supply-chain resilience. A predictable fiscal and regulatory environment, alignment of central and state semiconductor policies, integrated manufacturing clusters and talent-certification programmes are important to project viability and commercialisation. Advanced packaging, compound semiconductors, photonics and chip-to-system integration offer high-potential areas, requiring policy certainty, streamlined approvals and long-term support for research, talent and supplier development.

Felicitation of Advocate V. K. Dubey recognised his stated work in women's employment, public welfare, banking, NPA resolution, legal awareness, and social service. His profile encompasses civil, criminal, non-performing asset, banking, corporate, and settlement matters; leadership of bodies engaged in financial-dispute resolution; and legal assistance and public awareness intended to improve access to justice for marginalised persons. Associated initiatives include education and support for disadvantaged communities and wider social empowerment.

Offshore data-processing receipts generated through an automated standard facility, with no transfer or right to use technology, process, equipment, or intellectual property, do not constitute royalty or fees for technical services under the Income-tax Act. Provider-controlled infrastructure and the absence of constant human intervention or specialised, exclusive technical services support that treatment. Alternative examination as business income falls within the original assessment's scope. Because no DTAA with Hong Kong applied for the relevant year, domestic-law taxability depends on adequately established business connection, source, and Indian nexus; deficient findings on those matters require fresh determination.

The amendment is confined to the entry in column (3) against serial number 4 and operates by substitution. The substituted goods entry expressly covers fly ash bricks, fly ash aggregates and fly ash blocks. This revised entry takes effect on 18 July 2022, replacing the previously applicable column (3) entry for that serial number.

Available Solvency Margin is the excess of assets over life insurance liabilities and other liabilities in policyholders' and shareholders' funds. The Solvency Ratio is ASM divided by Required Solvency Margin, with a minimum control-level ratio of 150%. Required Solvency Margin combines RSM1 for reserve and sum-at-risk exposure with RSM2 for investment risk on admissible assets. The solvency ratio reconciles admissible assets, mathematical reserves and other liabilities, and requires certification by specified financial, actuarial, audit and principal officers.

Life insurance mathematical reserves must be determined policy-by-policy through prospective valuation using prudent assumptions and an appropriate Margin for Adverse Deviations. Gross Premium Valuation is the prescribed method, subject to specified exceptions and alternative methods that produce no lower reserve. Valuation must capture future premiums, benefits, bonuses, expenses, tax, options, guarantees and relevant shareholder-profit allocations. Unit-linked, variable linked and variable non-linked business require separate account-based and general-fund reserve components. Reinsurance credit is restricted where borrowing-like arrangements lack prior approval, and aggregate provisions are required where policy-level reserves cannot be calculated.

IIOs must value specified unrealisable, overdue and prescribed assets at zero for solvency purposes, while valuing remaining assets under applicable regulations and instructions. Form ALSM-L-A requires separate reporting of policyholders' and shareholders' assets, investments, fixed and current assets, policy loans, inadmissible assets, liabilities and provisions. Total inadmissible assets are deducted from total assets, followed by current liabilities and provisions, to determine total admissible assets for solvency.

Regulation 9 disapplies, in International Financial Services Centres, the 2016 life insurance requirements on assets, liabilities, solvency margins, actuarial reports and abstracts, together with circulars and guidelines issued under them. Prior actions taken or purportedly taken under those instruments are deemed taken under corresponding applicable provisions. IIOs operating at commencement must meet any additional requirements within six months, subject to an Authority-specified extension.

The Authority may issue clarifications through guidance notes or circulars to address difficulties in applying or interpreting the regulations. Strict enforcement of any regulatory provision may be relaxed on an application accompanied by specified non-refundable processing fees, provided the reasons are recorded in writing.

Implementation of life-insurance asset, liability, solvency-margin and actuarial-report requirements may be supported by norms, procedures, processes and compliance methods specified by the Authority for Insurance Intermediary Offices (IIOs), including matters incidental to implementation of the regulatory framework.

Regulation 6 establishes inspection, investigation, information-gathering and disclosure powers for life insurance business carried on by an IIO. The Authority may inspect or investigate an IIO's affairs and call for information from the IIO or its parent entity. It may specify activity-related disclosures an IIO must make to the Authority about its activities.

Life insurance IIOs must prepare and submit, at specified intervals, prescribed statements of admissible assets, liabilities and solvency margin. They must also submit an annual actuarial report prepared by the Appointed Actuary, together with valuation of assets and liabilities and a certified computation of solvency margin. Additional reports may be directed by the Authority. The reporting obligations apply even where capital is maintained under home-country regulations.

Life insurance terminology standardises the treatment of annualised and extra premiums, group and individual business, policy participation, guarantees, options and riders. Mathematical reserves cover life insurance policy liabilities, including provisions for adverse deviations in mortality, morbidity, interest and expense assumptions, while excluding liabilities already due and specified deposit-back arrangement liabilities. Sum at risk is calculated by deducting mathematical reserves from the amount payable, or from the present value of periodic or other benefit payments.

Regulation 3 governs capital, solvency and submission of an abstract of actuarial report by an IIO undertaking life insurance business.

International Financial Service Centre Insurance Offices undertaking life insurance business fall within the framework governing assets, liabilities, solvency margin and abstracts of actuarial reports. Insurance Offices established in an unincorporated form are excluded from solvency-margin and related requirements, but must comply with the related registration requirement. Prescribed reporting formats continue to apply to such unincorporated Insurance Offices.

Life insurance business within International Financial Services Centres is governed by a regulatory scheme concerning assets, liabilities, solvency margin and abstracts of actuarial reports. The scheme is made under the International Financial Services Centres Authority Act, 2019, and the Insurance Act, 1938. It enters into force upon publication in the Official Gazette.

IIOs must calculate Available Solvency Margin from available assets less prescribed liabilities and adjustments, and determine the solvency ratio by dividing ASM by Required Solvency Margin. RSM is the higher of the premium-based and incurred-claims-based requirements, calculated using prescribed gross and net premium and claims measures. A minimum solvency ratio of 150% is the control level of solvency. Reporting requires separate disclosure of policyholder and shareholder funds, statutory auditor certification, and countersignature by specified officers.