21. : An Applicant may be allowed to close its IIO and surrender its Certificate of registration only with the prior approval of the Authority and subject to such conditions as may be specified by the Authority. =============... ... ...

20. : (1) If pursuant to an inspection and/or investigation or otherwise, the Authority is of the opinion that the operations of an IIO are not being conducted in accordance with the provisions of the Act, rules or regulations made or circulars and guidelines issued thereunder or its activities are not in the interests of the insurance market or in the public interest, the Authority may take appropriate disciplinary action against it including but not limited to suspension or cancellation of ... ... ...

19. : The Authority shall have the power to inspect and/or investigate the affairs of the IIO including calling for the information from the IIO, its employees and the Applicant, so far as it relates to its activities as an IIO. =============... ... ...

CHAPTER VI MISCELLANEOUS 18. : For the purpose of implementation of these Regulations and matter incidental thereto, or in order to facilitate and regulate financial services related to insurance and re-insurance in an IFSC, the Authority may specify such norms, procedures, processes, manners or provide clarification and relaxations, by way of guidelines or circulars, as it may deem fit. =============... ... ...

CHAPTER V BASIC REGULATORY AND GOVERNANCE REQUIREMENTS 17. An IIO shall follow following basic regulatory requirements or such other requirements as may be specified by the Authority - (1) Net Owned Funds (NOF): (i) an Applicant, being a foreign company engaged in re-insurance business through a branch established in an IFSC shall comply with Net Owned Funds requirement prescribed under sub-section (3) of section 6 of the Insurance Act, 1938; (ii) an Applicant may demo... ... ...

Maximum marginal rate on public charitable trusts - Taxation of charitable trust at normal rates Applicability of maximum marginal rate to the income of a public charitable trust, assessed as an association of persons, where trustees' shares are indeterminate - HELD THAT: - Following the coordinate Bench decision National Association of Interlocking Surgeons [2025 (2) TMI 540 - ITAT PUNE] applicable on identical facts, the Tribunal held that a charitable religious trust is not liable to t... ... ...

16. An IIO may render such other insurance or re-insurance business related services as may be specified by the Authority; Provided that the applicant shall obtain prior approval of the Authority for rendering of such services, subject to such conditions as may be specified. =============... ... ...

15. In case of re-insurance business, the IIO - (1) may accept re-insurance business from the cedents based in the IFSC, in relation to risk emanating from other SEZs and re-insurance business from outside India; (2) may accept re-insurance business from the insurers operating in DTA in accordance with the order of preference for cession specified in the IRDAI (Re-insurance) Regulations, 2018. =============... ... ...

14. The IIO registered to transact direct insurance business shall not write direct insurance business from the DTA except in accordance with Section 2CB of the Insurance Act, 1938. =============... ... ...

13. An IIO registered to transact direct insurance business may be permitted to do so within the IFSC, from other SEZs and also from outside India. =============... ... ...

12. An IIO shall not engage itself in any business other than for which the registration has been granted by the Authority. =============... ... ...

11. An IIO shall conduct its business in any freely convertible foreign currencies other than INR, with such persons, whether resident in India or otherwise, as may be permitted by the Authority. =============... ... ...

CHAPTER IV PERMISSIBLE ACTIVITES 10. An IIO registered with the Authority may carry any of the following class of businesses as may be permitted by the Authority subject to such conditions as may be specified:- (a) Life Insurance Business; (b) General Insurance Business; (c) Health Insurance Business; or (d) Re-insurance Business. Provided that the IIO registered as place of business of Indian Insurer or Branch Office of Foreign Insurer or Re-insurer ... ... ...

GOVERNMENT OF GOA Department of Finance Office of the Commissioner of Commercial Taxes No. CCT/26-4/2024-25/G/1626 Subject: -reg. Ref .: Circular No. 226/20/2024-GST dated 11th July, 2024 issued under Central Goods and Services Tax Act, 2017 by the GST Policy Wing, Central Board of Indirect Taxes and Customs, Department of Revenue, Ministry of Finance, Government of India, New Delhi. Circular (No. 19/2024-25-GST) The GST Policy Wing, Central Board of Indirect Taxes and Cu... ... ...

9. If the Applicant fails to rectify such deficiencies to the satisfaction of the Authority within the specified time, the Authority may refuse to grant registration and shall communicate the same to the Applicant, giving reasons for such refusal. Provided that no such refusal shall be made by the Authority without giving the Applicant an opportunity to make written submissions on the grounds on which the registration is proposed to be refused. =============... ... ...

8. If, after considering the application, the Authority is of the opinion that registration cannot be granted, it shall communicate the deficiencies to the Applicant giving it thirty days' time to rectify them. =============... ... ...

7. (1) After considering the application the Authority, if satisfied may grant certificate of registration in the relevant FORM as specified at FOURTH SCHEDULE of these Regulations, to the Applicant subject to the conditions as specified under these Regulations or such other additional conditions as it may deem fit. (2) The registration granted under sub-regulation (1) shall remain valid unless it is revoked or cancelled by the Authority. =============... ... ...

CHAPTER III PROCEDURE FOR REGISTRATION 6. An Applicant including Lloyd's seeking registration as an IIO may make an application in the relevant FORM as specified in the FIRST SCHDULE of these Regulations; =============... ... ...

5. : (1) An Indian insurer or re-insurer, as the case may be, desirous of setting up a place of business in an unincorporated form in an IFSC, shall meet with the following requirements - (a) the Applicant is duly registered with IRDAI for undertaking the business of insurance or re-insurance in India; (b) The Applicant has been granted a No Objection Certificate by the IRDAI to set up place of business in an IFSC. (c) the Board of the Applicant shall submit reporti... ... ...

Prior registration with the Authority is mandatory before any person may commence insurance or re-insurance business in an IFSC. Applicants, including Lloyd's, must apply using the forms in the First Schedule and in the manner specified by the Authority. The Second Schedule governs provisions concerning Lloyd's, Lloyd's IFSC and registration of a Service Company of Lloyd's IFSC. The Third Schedule governs registration-related provisions for an MGA and the relevant foreign insurer or foreign re-insurer.