The Performance Review Committee may access all relevant records and require attendance of any employee of the Authority for performing its functions. Information concerning the Committee's deliberations and decisions may be shared only by the Chairperson or a person authorised by the Chairperson, including with the media.

Risk management review requires assessment of whether the Authority manages risks affecting its functioning reasonably. The Performance Review Committee must examine the adequacy and effectiveness of risk-monitoring measures, the appropriateness of risk-identification measures, operational safety and soundness, mitigation and categorisation of potential risks, and processes for monitoring, evaluation, and maintenance of breach records.

Compliance and governance review requires assessment of whether the Authority complies with applicable laws and promotes transparency and best governance practices while exercising its powers and functions. Regulations are examined for legal consistency, reduced stakeholder compliance burdens, transparency, fairness, non-discrimination, accessibility, clarity, understandability, and the predictability and guidance needed by regulated entities to comply.

Performance Review Committee oversight requires review of the Authority's functioning at least once in every financial year. The review assesses compliance with applicable laws when exercising powers and performing functions under the governing legislation; promotion of transparency and governance best practices through regulations; and risk management relating to the Authority's functions.

The Committee comprises two Authority members nominated by the Board and up to two independent experts for each review function. Independent experts must have relevant experience and skills and be free from direct and substantial conflicts capable of influencing their duties. Members serve three-year terms, cannot be re-nominated for two years after expiry, and vacancies are filled for the remaining term.

Definitions identify the governing statute, the International Financial Services Centres Authority, its Board, Chairperson, the Performance Review Committee, and the International Financial Services Centre. Terms not specifically defined retain meanings assigned under the governing statute, enactments listed in its First Schedule, and related rules or regulations, including statutory modifications or re-enactments.

The International Financial Services Centres Authority (Performance Review Committee) Regulations, 2022 govern constitution of the Performance Review Committee, information to be provided, adequate resource provision, and discharge of the Committee's functions. The framework comes into force upon publication in the Official Gazette and thereafter applies to these Committee-related matters.

Bulk sugar consumers using more than 10 tonnes monthly as a raw material may hold up to 30 days' requirement instead of 15 days. Holdings above 15 days must consist exclusively of sugar imported under the Tariff Rate Quota or Advance Authorisation Scheme; sugar obtained from the open market remains restricted to 15 days' consumption. Bulk consumers must declare and disclose their sugar inventories every Friday through the food ministry's online portal.

Insurance Web Aggregators must act with good faith, integrity, care and diligence; protect prospect information and confidential documents; and assess prospects' insurance-risk awareness. They must maintain complaint-recording systems, offer online complaint facilities, acknowledge communications within five working days, provide further redressal information, and ensure Key Management Person-level handling. Designated websites must avoid prohibited advertising, while remuneration must be disclosed on request. Staff must be trained and competent, advice quality monitored, and clients informed of the prohibition on rebating and sharing remuneration. Public notices and prescribed regulatory returns are required.

Insurance Web Aggregators must make registration, insurer, product, and prospect-data-sharing disclosures on their websites; restrict unapproved third-party promotions and client diversion; and register for telemarketing where applicable. They must operate a Lead Management System, maintain insurer-agreement records, comply with applicable legal requirements, and accept only prescribed remuneration from insurers. Prior approval is required for specified changes in management, ownership-related personnel, name, office address, core service providers, and server location.

Insurance outsourcing to Insurance Web Aggregators may be undertaken by insurers at their discretion, while execution of the services remains a core activity to be carried out by the insurer. Each insurer-IWA outsourcing relationship must be governed by a written contract clearly setting out material aspects, including service charges and the parties' rights, responsibilities, and expectations. IWAs may undertake outsourcing activities through tele-marketing and distance-marketing modes.

Insurance Web Aggregators may conduct telemarketing and distance-mode insurance solicitation only after telemarketer registration and through Authorized Verifiers. Solicitation must arise from website-generated leads, obtain express Prospect consent for outbound calls, use standardized scripts, provide complete product disclosures, and be based on need analysis. IWAs must avoid exclusive promotion of an insurer, preserve call and verifier records, and remain accountable for Authorized Verifier conduct. Insurers must retain distance-sale records, undertake verification calls, and issue policies with prescribed transcripts and servicing information.

Insurance web aggregators (IWAs) must operate a lead management system that records designated-website visitors' full details, generated leads, and visitor preferences. LMS data must be shared with insurers having agreements with the IWA, subject to transparency and accountability. Visitors must be able to select up to three insurers for simultaneous lead transmission; leads containing prospect data must not be sent to insurers outside those preferences. Where an interested prospect names no insurer, transmission is limited to no more than three insurers in the same insurance class following need analysis.

Insurance Web Aggregators must prominently disclose possible sharing of visitor particulars with insurers and confine displayed product information to authentic insurer-furnished material. Comparisons must be current, accurate, unbiased, and factual, without ratings, rankings, endorsements, bestsellers, or editorial comments on insurers or products. Comparison charts must sequentially present coverages, exclusions, benefits, terms, conditions, and price, with customer acknowledgement. Product-price comparisons must include all taxes and fees on a gross basis for like-to-like comparison.

Insurance Web Aggregators must maintain secure, India-hosted information systems, encrypt transmission of leads and data, and use approved payment gateways where authorised to collect premiums. Their systems must undergo annual information-security audits, followed by submission of audit reports and annual compliance certificates. IWAs must restrict displayed products to contracted insurers, tag policies to Authorized Verifiers for sales and complaint tracking, and comply with controls on websites, domain names, corporate nomenclature, and regulatory disclosures.

Authorized Verifiers must be resident in India, be on the rolls of an Insurance Web Aggregator or tele-marketer, and solicit insurance only through tele-marketing or distance marketing. They must conduct need-based sales, explain comparable products, avoid unsolicited outbound calls and misleading promises, and satisfy prescribed training and examination requirements. Insurance Web Aggregators must tag each policy to the verifier for sales and complaint tracking. Transfers require a no-objection certificate or expiry of the prescribed waiting period.

Insurance Web Aggregators must disclose changes affecting their certificate of registration and proceedings, actions or directions initiated or issued by other regulatory or governmental bodies within thirty days. Professional indemnity policy claims and acquisitions of property in India must be reported within fifteen days. Applicants must voluntarily disclose changes to application information after filing or during processing, and the Authority may require further information, data, documents or other disclosures.

Professional indemnity insurance for an Insurance Web Aggregator must cover negligence, fraud-related liability, document loss, and dishonest acts of employees. Annual cover must apply throughout the registration period, respond to claims made during the policy period, and not require prior payment of liability by the IWA. Indemnity limits are linked to remuneration within prescribed minimum and maximum limits, while uninsured excess is capped by capital employed. Branch operations require head-office policy compliance and endorsement for IFSC branch liabilities.

Renewal of registration for an Insurance Web Aggregator is effected under Regulation 9 of the IFSCA (Insurance Web Aggregator) Regulations, 2022 and the Insurance Act, 1938. The renewal certificate identifies the registration number and entity and specifies the validity period. Renewal may also include approval to continue insurance telemarketing or insurance outsourcing work, subject to the governing statutory framework, regulations, and additional conditions imposed by the Authority.

Renewal applications by insurance web aggregators require a self-certified undertaking, changed website and website-content responsibility details, and renewal training certificates for the Principal Officer and Authorised Verifiers. The undertaking confirms regulatory standing, code-of-conduct compliance, exclusive engagement of the Principal Officer, adherence to stated business objects, prohibition of rebates, preservation of minimum capital, compliance with prescribed duties, truthfulness of declarations, and continuing regulatory compliance. All submitted copies must be attested by the Principal Officer.