23. - (1) On and from the commencement of these regulations, following regulations, circulars or guidelines issued thereunder shall cease to apply in International Financial Services Centres. (i) the Insurance Regulatory and Development Authority (Distributions of Surplus) Regulations, 2002; (ii) the Insurance Regulatory and Development Authority (Scheme of Amalgamation and Transfer of General Insurance Business) Regulations, 2011; (iii) the Insurance Regulatory an... ... ...

Government of Goa Department of Commercial Taxes Vikrikar Bhavan, Panaji - Goa - 403001 CCT/26-4/2017-2018/C/1884 Dated: 20th October, 2019 CIRCULAR (No. 18 / 2019-20 - GST) Subject: Several registered persons have inadvertently filed a NIL refund claim for a certain period under a particular category on the common portal in FORM GST RFD-01A/RFD-01 in spite of the fact that they had a genuine claim for refund for that period under the said category. Once a NIL refund cla... ... ...

22. : (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. =============... ... ...

21. - For the purpose of implementation of these regulations and matters incidental thereto, the Authority may specify norms, procedures, processes and manners for compliance by the IIOs or IIIOs, as the case may be. =============... ... ...

CHAPTER - V MISCELLANEOUS 20. - (1) Every IIO shall furnish information relating to the requirements under these regulations to the Authority or policyholders in such manner, interval and forms as may be specified by the Authority; (2) Every IIO shall be guided by norms of fairness to the policyholder, international best practices and transparency to build trust in the insurance mechanism and to build insurance awareness and insurance literacy. =============... ... ...

19. Policyholders' Protection:- (1) The provisions of this regulation shall be applicable to every IIO for all their direct insurance businesses. (2) Every IIO and IIIO shall formulate a policy, duly approved by its Board, for protection of interest of the policyholders; (3) Such policy shall, inter-alia, include the following - (a) steps to be taken for enhancing insurance awareness so as to educate policyholders about insurance products, benefits and their rights and responsi... ... ...

18. : - (1) Every IIO and IIIO, as the case may be, shall adopt fair, honest and transparent practices while issuing advertisements and avoid practices that tend to impair the confidence of the general public; (2) All advertisements issued by an IIO and IIIO, as the case may be, through any mode or medium shall - (a) be relevant, fair and be in simple language, enabling informed decision making by prospect; (b) contain truthful and honest representation; (c) cont... ... ...

17. : - (1) Every IIO permitted to transact life insurance business and dealing with pension and annuities product, shall design such products in such a way that it addresses the actual need of the policyholder and should not be merely symbolic; (2) An IIO dealing with pension and annuities products shall not pay or undertake to pay amounts less than the amount as may be specified by the Authority. =============... ... ...

16. - (1) Every IIO permitted to transact life insurance business, shall disclose to the policyholders about the conditions under which a Life Insurance Policy would acquire a Surrender Value, and the formula to be used for computing the Surrender Value from the Paid-Up Value. (2) Every IIO shall maintain provisions for making timely payments of Surrender Value of Linked and Non-Linked Life Insurance policies based on the Paid-up Values. =============... ... ...

CHAPTER - IV MARKET CONDUCT 15. - (1) Every IIO permitted to transact life insurance business shall separately maintain - (a) a life insurance fund for participating policy holders; and (b) a life insurance fund for non-participating policy holders; (2) Every IIO permitted to transact life insurance business shall have a Board approved policy regarding of Participating or Non-Participating Policies; (3) Every IIO shall disclose the relevant provisions in this r... ... ...

14. - (1) Disclosure of information related to a regulated entity shall be subject to the following - (a) The disclosure of information can be made only on receipt of a written request from the requesting authority for the sole purpose of the lawful performance of its duties; (b) The IFSCA shall appoint an official as Custodian of Information to preserve, protect and maintain the confidentiality of information received from requested authority; (c) Where IFSCA has ... ... ...

13. - (1) Every IIO shall ensure - (a) that it follows prudent practices on management of risks arising out of outsourcing with a view to preventing negative systemic impact and to protect the interests of the policyholders; (b) that sound and responsive management practices are followed for effective oversight and adequate due diligence is maintained while outsourcing the activities; (c) the privacy of data in respect of all policyholders. (2) Every IIO shall, ... ... ...

12. - (1) Every IIO shall formulate a policy, duly approved by its Board, for procedures to be followed for opening or closing of a place of business; (2) Every IIO shall obtain prior approval of the Authority before opening or closing of a place of business; (3) Every IIO, while closing a place of business, shall mitigate the risks involved on account of such closure, including but not limited to, providing alternate facilities to existing policyholders ensuring uninterrupted access t... ... ...

11. - (1) Every IIO shall formulate a policy, duly approved by its Board, for payment of commissions to insurance agents, intermediary or insurance intermediary. (2) Such policy shall consider the interests of policyholders and inter-alia include the following - (a) specify the services that qualify for commissions and/ or incentives, including the minimum and maximum entitlements payable to the insurance agents, intermediaries or insurance intermediaries; and (b) cost e... ... ...

CHAPTER - III INTERNAL ADMINISTRATIVE CONTROLS 10. - (1) Every IIO shall formulate a policy, duly approved by its Board, for allocation of direct expenses and apportionment of indirect expenses of management under respective insurance segments; (2) Such policy shall, inter-alia, include the following - (a) the expenses that shall be allocated and the basis thereof; (b) the expenses which shall be apportioned and the basis thereof; (c) the expenses of acqui... ... ...

9. In case of a merger, amalgamation or transfer involving an IIO, such IIO shall obtain prior approval of the Authority and shall also ensure that - (a) the available solvency margin of the proposed merged entity will not be lower than the required solvency margin; (b) the scheme is compliant with all applicable laws and regulations; and (c) the scheme does not compromise on the best interests of the policyholders. =============... ... ...

Regulation 8 empowers the Authority to issue guidelines concerning the issuance and allocation of capital of IIOs. This authority operates within the regulatory framework for management control, administrative control and market conduct of insurance business in International Financial Services Centres. Capital issuance and allocation requirements may therefore be prescribed through guidelines.

Regulation 7 authorises the Authority to specify hair-cut norms for different types of instruments when computing the Available Solvency Margin. Instrument-specific hair-cut parameters fall within the Authority's regulatory discretion for solvency-margin computation in insurance business.

6. In case of any proposed change in shareholding pattern or management control, an IIO shall- (1) inform the Authority of the proposal that could lead to change in control; (2) not issue and allot capital in any form, without obtaining prior approval of the Authority; (3) inform the Authority about proposed change of portfolios; Provided that in case the proposed change is beyond the limit specified by the Authority, prior approval from the Authority shall be obtained by the IIO. ... ... ...

5. An IIO shall endeavour to prevent any entity from exercising control over it, directly or indirectly, by acquiring significant ownership or interest in the IIO, through portfolio transfers, leading to change in shareholding pattern. =============... ... ...