9. :- The investments by an IIO in various assets shall be in accordance with the following matrix: Matrix 1: Investment Asset Exposure Pattern Matrix Sr. No. Type of Investment Asset Exposure (per cent.) Maximum Buffer 1 Listed/ to be listed Bonds, Debentures and equivalent fixed income instruments including Asset Backed Securities (ABS), Mortgage Backed Securities (MBS); and Debt Mutual Funds subject to Note 3. 80 20 2 Debts (other than specified in (1) a... ... ...

8. : - (1) Investments in Government bonds / debt instruments issued at the Central Government level of a country shall be admissible only in respect of the countries having Investment Grade Sovereign Credit Ratings (SCR) from one of the international rating agencies recognized by the International Association of Insurance Supervisors (IAIS), unless otherwise specified by the Authority. Explanation: Securities issued by entities other than Central Governments, such as State Governments, re... ... ...

7. :- For the purpose of these regulations, including that of sub-regulation (1) to (4) of Reg. 17 of the International Financial Services Centres Authority (Registration of Insurance Business) Regulations, 2021, investments by an IIO shall be made only in Assets rated as 'Investment Grade' under Insurance Capital Standards - Rating Categories (ICS-RC) by international rating agencies recognized by the International Association of Insurance Supervisors (IAIS), unless otherwise specified by th... ... ...

6. 'Investible Funds' or 'Investment Assets' means investments made out of the following funds: (1) in case of IIO, transacting Life Insurance Business - (a) Shareholders' Funds, to the extent they represent Solvency Margin; (b) Policyholders' Funds in respect of: (i) Participating and Non-Participating Funds of Policyholders, (ii) Funds of Variable Insurance Products including One Year Renewable Pure Group Term Assurance Business (OYRGTA) at their carrying... ... ...

HONOURABLE THE CHIEF JUSTICE MS. JUSTICE SONIA GOKANI AND HONOURABLE MS. JUSTICE NISHA M. THAKORE For the Petitioner : Ld Sr Adv. Mr. J.V. Niranjan With Mr Chetan K Pandya(1973) For the Respondent : Ld Asg Mr Devang Vyas(2794) Assisted By Ms Maithili Mehta Ld. Sr. Standing Counsel, Mr Nikunt K Raval(5558) Notice Served CAV JUDGMENT (PER : HONOURABLE THE CHIEF JUSTICE MS. JUSTICE SONIA GOKANI) 1. This is a petition preferred under Article 226 of the Constitution of India. The petit... ... ...

5. - (1) The IIO shall have a Board approved Investment Policy, which shall, inter-alia provide for situations of breaches, action plans to address breaches, provisions for providing Economic Capital, if required. (2) IIOs shall value all of its assets and liabilities, and maintain solvency margin in accordance with the regulations notified by the Authority in this regard. (3) Every IIO, in order to meet its liabilities, shall earmark, invest and at all times keep earmarked and investe... ... ...

4. - (1) In these regulations, unless the context otherwise requires - (a) 'Act' means the International Financial Services Centres Authority Act, 2019 (50 of 2019); (b) 'accounting standard' means- (i) In respect of Indian Insurers/ Re-insurers, the applicable Accounting Standard or Indian Accounting Standard (Ind AS) notified by the Central Government under Section 133 of the Indian Companies Act, 2013, and regulations pertaining to Preparation of Financial State... ... ...

3. - These regulations aim to put in place the regulatory framework and processes related to investment of assets by an IIO. =============... ... ...

2. : (1) An IIO incorporated in an IFSC shall undertake investment of assets in accordance with the provisions of these regulations; (2) An IIO not incorporated in an IFSC may either chose to follow norms related to investment of assets as applicable to its parent entity or as specified under these regulations; (3) An IIO established as a branch of Foreign insurer or Lloyd's India, registered with the Insurance Regulatory Development Authority of India (IRDAI), may either chose to follo... ... ...

INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY NOTIFICATION Gandhinagar, the 12th January, 2023 International Financial Services Centres Authority (Investment by International Financial Service Centre Insurance Office) Regulations, 2022 No. IFSCA/2022-23/GN/REG030.-In exercise of the powers conferred by Section 28 read with Sections 12 and 13 of the International Financial Services Centres Authority Act, 2019, and clause (i) of sub-section (2) of Section 114A read with Section 27... ... ...

SCHEDULE- B [Refer Regulation 6 (2)] PART- I 1. Notwithstanding anything contained in the applicable Accounting Standards as specified in Reg. 5, IIOs shall adhere to the general accounting principles specified in this Part while preparing Financial Statements 2. Segmental Reporting IIO engaged in general insurance, health insurance or re-insurance business shall prepare a detailed breakup of the revenue accounts on segmental basis in the manner as may be specified by the Auth... ... ...

SCHEDULE- A [Refer Regulation 6(1)] PART- I 1. IIOs shall adhere to the following general accounting principles while preparing financial statements: (1) Premium: Premium shall be recognised as income when due. For linked business, the due date for payment may be taken as the date when the associated units are created. (2) Acquisition costs: Acquisition costs, if any, directly attributable to the policy shall be expensed over the contract period or period of risk o... ... ...

21. : (1) On and from the commencement of these regulations, IRDA (Preparation of Financial Statements and Auditors Report of Insurance Companies) Regulations, 2002 and guidelines/circulars issued thereunder, shall cease to apply in International Financial Services Centres. (2) On and from the commencement of these regulations, Chapter - 4 of International Financial Services Centres Authority (Operations of International Financial Services Centres Insurance Offices) Guidelines, 2021, shall... ... ...

20. : (1) The Authority may inspect or investigate the affairs of the IIO including calling for any information from the IIO or its Parent Entity, so far as it relates to its activities as an IIO. (2) The IIO shall make disclosures, in such form and manner as may be specified by the Authority. =============... ... ...

19. : (1) In order to remove any difficulty in the application or interpretations of the provisions of these regulations, the Authority may issue clarifications through guidance notes or circulars. (2) On an application, received along with the specified non-refundable processing fees, the Authority, may for the reasons to be recorded in writing, relax the strict enforcement of any of the provisions of these regulations. =============... ... ...

New Delhi, Sep 21 (PTI) The India-New Zealand Free Trade Agreement will come into force on October 20, Commerce and Industry Minister Piyush Goyal said on Monday. The two countries had on April 27 signed the Free Trade Agreement (FTA) to boost two-way commerce in goods and services and promote investments. The agreement will come into force on Dussehra, which is on Oct 20, Goyal said. The FTA provides duty-free access for 100 per cent of India's exports to New Zealand. Currently,... ... ...

For composite supplies of electronic software development and integrated-circuit design to recipients in non-taxable territory, prototype hardware testing that only validates or improves the core software or design remains ancillary. Place of supply is determined by the service recipient's location under section 13(2) of the IGST Act. The physical-availability rule for services concerning goods does not separately govern that ancillary testing, and the contractual supply must be characterised on its facts.

ITeS supplied on the supplier's own account to an overseas client or its customer do not constitute intermediary services, even if rendered on the client's behalf. A supplier is an intermediary where it merely arranges or facilitates the overseas client's supply to customers. Mixed supplies of own-account ITeS and facilitation support require a fact-specific assessment of the principal or main supply. A non-intermediary supplier may qualify for export of services treatment if the supplier is in India, the recipient and place of supply are outside India, payment is in convertible foreign exchange, and the parties are not merely establishments of a distinct person.

The Authority may specify norms, procedures, processes and the manner of compliance by IIOs to implement and facilitate financial-statement requirements applicable to International Financial Service Centre Insurance Offices. The power includes matters incidental to implementation and facilitation, permitting operational compliance requirements within the framework governing preparation and presentation of financial statements.

Maintenance of books of accounts, documents, statements, contract notes and related materials by an IIO is subject to the retention requirements governing insurance records and submission of requisite information for investigation and inspection. The obligation requires preservation of all materials referred to in the financial-statement regulations.