TaxTMI 
TaxTMI 
International Financial Services Centres Authority (Maintenance of Insurance Records and Submission of Requisite Information for Investigation and Inspection) Regulations, 2022
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....and clause (ga), (j) of sub -section (2) of section 114A read with clause (c) of sub-section (1) of section 14 and sub-section (7) of section 33 of the Insurance Act, 1938, the International Financial Services Centres Authority hereby makes the following regulations namely: - 1. Short title, commencement and applicability - (1) These regulations may be called the International Financial Services Centres Authority (Maintenance of Insurance Records and Submission of Requisite Information for Investigation and Inspection) Regulations, 2022. (2) They shall come into force from the date of their publication in the Official Gazette. (3) Unless otherwise specified herein, these regulations are applicable to all Intern....
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.... as assigned to it under clause (s) of sub-regulation (1) of regulation 3 of the International Financial Services Centres Authority (Insurance Intermediary) Regulations, 2021; (g) "investigating officer" means any person directed by the Authority under section 33 of the Insurance Act, 1938, to investigate or inspect the affairs of any IIOs or IIIOs, as the case may be; (h) "minimum information" means the minimum information which is required to be maintained by the IIOs or IIIOs, in such form and manner as specified under these regulations; (i) "record" includes documents or any information reduced in writing and maintained in physical form, electronic form or in both. (2) Words and expressions used and n....
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....f the standards specified under sub-regulation (1) are covered thereunder. (2) Every IIO shall maintain all its records in electronic retrieval form with necessary security features. (3) Every IIO shall ensure that complete record related to the policies issued, claims made, and records related to re-insurance business are held in data centres located and maintained in India (including IFSC) only. (4) Every IIO shall ensure that all Board approved policies are reviewed once in a year within 90 days from the expiry of the financial year. 5. Every IIO and IIIO shall submit to the Authority, as and when demanded, all records, information, data, documents, books and registers maintained under the Insurance Act, 193....
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....n IIO and IIIO where services are outsourced by an IIO or IIIO, as the case may be, shall produce all such books of account, registers, other documents and the database in his custody or power and any statement and information relating to the affairs of the IIO or IIIO, as the case may be, to the Authority as and when demanded, including to an Investigation Officer for investigation and inspection, within the stipulated time. 9. Checks and other verifications: The information, data and documents maintained by the IIO and IIIO shall be reconciled with the audited financials, wherever relevant, and as per the requirements specified under other applicable laws and regulations. The records may be maintained either in physical form or elec....