Insurance product design and marketing by an IIO must consider prospects' understanding and ensure products are compatible with their needs, characteristics and objectives. Product rates, terms and conditions require justification certified by a qualified actuary. Design and marketing must also comply with applicable statutory insurance registration requirements and the regulatory framework governing insurance business.

Every IIO must maintain a board-approved Product Oversight and Governance Policy covering insurance product design, approval, monitoring, review and distribution. The policy must prescribe corrective action for products detrimental to prospects or policyholders. It governs all aspects of products marketed and distributed by an IIO, without separate product approval unless specifically mandated. Final policy wording for a non-reinsurance product, including any modified or revised product, must be submitted before marketing.

Regulation 3 identifies the Authority, board, International Financial Services Centre Insurance Office, insurance intermediary, insurance product, insurance policy, inspection and return. An insurance policy evidences an insurance contract issued by an IIO, and an insurance product includes any insurance contract sold or proposed for sale. A return comprises periodic non-exempt information required from regulated entities, excluding information specifically called for through regulatory powers. It also defines electronic accounts, electronic proposals and electronically issued, digitally signed insurance policies.

Insurance product design and pricing by International Financial Service Centre Insurance Offices must operate within a defined framework. Internal systems and controls must identify and mitigate product-related risks throughout the product life cycle, including through distribution strategies suited to target-market characteristics. Product design and pricing must also protect policyholders' interests.

The requirements take effect on publication in the Official Gazette and apply to IIOs conducting direct insurance business in an International Financial Services Centre. IIOs engaged solely in reinsurance business are excluded. Where an IIO conducts both direct insurance and reinsurance, the requirements govern only its direct insurance operations, with reinsurance activities outside their scope.

Additional or penal interest charged on a transaction covered by the specified exemption entry is not subject to GST because it falls within the applicable exemption notification. The correction removes inconsistent wording suggesting that the interest was outside the notification's coverage. The taxable value of the underlying mobile supply remains unchanged for GST levy, notwithstanding the exempt treatment of the separately charged penal interest.

From commencement of the International Financial Services Centres Authority (Appointed Actuary) Regulations, 2022, the earlier appointed actuary regulations and related circulars or guidelines cease to apply within an IFSC. IIOs already operating in an IFSC must comply with any additional requirements under the new framework within one month of commencement, unless an extended period is specified.

The Authority may issue guidance notes or circulars to clarify difficulties arising in the application or interpretation of the Appointed Actuary Regulations. It may also relax strict enforcement of any provision on a fee-supported application, provided it records the reasons for granting the relaxation in writing.

The Authority may prescribe norms, procedures, processes and manners for compliance by IIOs to implement, facilitate and regulate the functions of the Appointed Actuary and matters incidental to those functions.

Actuarial reports must comply with regulatory guidelines and applicable professional standards. The appointed actuary must provide, where applicable, a certificate concerning the parent entity's asset and liability valuation and capital adequacy, together with an IIO valuation report on reserve methodology, capital requirements, estimate variability, and qualifications. Investment-value certification and a statement of admissible assets, liabilities, and capital adequacy are also required. Requisite forms must be filed quarterly or at another specified periodicity.

Appointed actuaries of an IIO must maintain solvency, advise on product design, pricing, investments and reinsurance, ensure fair premiums and adequate reinsurance, and support risk management. They must certify actuarial reports, assets, liabilities and mathematical reserves, while ensuring appropriate methodologies, assumptions and data for reserve calculations. They must inform the Board of unreliable or inadequate reserves and matters requiring action, and directly report legal, regulatory or professional-practice non-compliance. Additional duties address life insurance bonuses and surplus distribution, and actuarial liabilities and reserves for general and health insurance.

The appointed actuary may access relevant information and documents held or controlled by an IIO, or by its Parent Entity where the IIO is unincorporated. This access covers matters requiring actuarial advice, affecting solvency, or affecting the IIO's ability to meet policyholders' reasonable expectations. The appointed actuary may also request information and documents from any officer or employee of an IIO, who must provide them.

Appointment of an Appointed Actuary requires fellowship, a valid practising certificate, relevant post-fellowship insurance experience, and freedom from professional or financial misconduct and conflicts of interest. The Board must authorise direct reporting of legal or regulatory non-compliance. An unincorporated IIO may appoint the Parent Entity's appointed actuary under the applicable home-country framework. The IIO must notify the Authority of the appointment and changes, provide adequate resources and support, and ensure reporting to the relevant top executive.

Regulation 3 defines the Act, Authority, appointed actuary, board, International Financial Service Centre Insurance Office, and professional standards for actuarial regulation. An IIO's meaning is aligned with the Registration of Insurance Business Regulations, while professional standards include relevant international and European actuarial standards and standards specified by the International Actuarial Association. Undefined terms adopt meanings assigned under the governing Act, related enactments, and applicable subordinate legislation.

Regulation 2 sets the objective of establishing a regulatory framework for persons engaged by IIOs as Appointed Actuaries. The framework concerns persons appointed to perform the roles and discharge the functions attached to an Appointed Actuary position for IIOs.

Regulation 1 provides that the International Financial Services Centres Authority (Appointed Actuary) Regulations, 2022 enter into force upon publication in the Official Gazette and apply to International Financial Services Centres Insurance Offices (IIOs). It identifies IIOs as the regulated insurance offices for the appointed-actuary framework and makes Gazette publication the operative trigger for commencement.

Earlier insurance record-maintenance and investigation-and-inspection information requirements cease to apply in the IFSC from commencement of the 2022 framework. IIOs and IIIOs operating in the IFSC before commencement must comply with the additional requirements within six months. The Authority may permit an extended period for compliance, creating a transitional obligation for existing insurance offices and insurance intermediary offices.

The Authority may issue guidance notes or circulars to clarify difficulties in applying or interpreting insurance-record maintenance and information-submission requirements. On an application accompanied by the specified non-refundable processing fee, it may relax strict enforcement of any requirement, provided reasons for the relaxation are recorded in writing.

Regulation 11 empowers the Authority to specify norms, procedures, processes and manners of compliance for IIOs and IIIOs. The power supports implementation and facilitation of insurance-record maintenance and submission of requisite information for investigation and inspection, including matters incidental to those purposes.

IIOs and IIIOs must maintain prescribed insurance records for at least seven years under the Insurance Rules, 1939, unless other applicable legal requirements impose a longer retention period. The period runs from the later of the last transaction or policy expiry; for claim-related records, it runs from claim settlement.