CHAPTER II PRODUCT APPROVAL PROCESS 4. An IIO shall have a board approved policy known as 'Product Oversight and Governance Policy' prepared in accordance with applicable regulatory framework, which shall inter-alia contain the provisions related to - (1) methods and processes for designing of the insurance product; (2) approval, monitoring, reviewing and distribution of insurance products; and (3) corrective steps to be taken for insurance products that are detr... ... ...

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.

INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY NOTIFICATION Gandhinagar, the 12th January, 2023 International Financial Services Centres Authority (Insurance Products and Pricing) Regulations, 2022 IFSCA/2022-23/GN/REG029. - In exercise of the powers conferred by Section 28 read with sections 3, 12 and 13 of the International Financial Services Centres Authority Act, 2019, the International Financial Services Centres Authority hereby makes the following regulations, namely - C... ... ...

Government of Goa Department of Commercial Taxes Vikrikar Bhavan, Panaji - Goa - 403001 CCT/ 26-4/2017-2018/C/1103 Dated: 26th July, 2019 CORRIGENDUM TO CIRCULAR NO. 10/2019-20-GST Subject: Corrigendum to Circular No. 10/2019-20-GST dated 15th July 2019, issued vide F. No. CCT/26-4/2017-2018/C 985 - reg. In para 5 of the Circular No. 10/2019-20-GST dated 15th July, 2019, for "Case 2: The additional / penal interest is charged for a transaction between Y and M/s A... ... ...

10. : (1) On and from the commencement of these regulations, the Insurance Regulatory and Development Authority of India (Appointed Actuary) Regulations, 2022 and any Circulars, Guidelines issued thereunder from time to time, shall cease to apply in an International Financial Services Centre. (2) IIOs operating in an IFSC prior to the commencement of these regulations, shall comply with the additional requirements specified in these regulations, if any, within a period of one month from th... ... ...

9. : (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. =============... ... ...

8. : For the purpose of implementation, facilitation and regulation of the functions of the Appointed Actuary and matters incidental thereto, the Authority may specify norms, procedures, processes and manners for compliance by IIOs. =============... ... ...

7. - (1) shall be in accordance with the guidelines issued by the Authority and in compliance with applicable Professional Standards mentioned under clause (f) of sub-regulation (1) of regulation 3 of these regulations, practice standards and guidance notes issued by the Actuarial Association of which the AA is a member. Provided that in respect of an unincorporated IIO, the applicable Professional Standards for AAs shall be as specified by home country regulatory or supervisory authorit... ... ...

6. :- In particular and without prejudice to the generality of the foregoing matters, and in the interests of the insurance sector and the policyholders of an IIO, the duties and obligations of an AA shall include the following:- (1) Rendering actuarial advice to the IIO, in particular in the areas of product design and pricing, insurance contract wording, investments and reinsurance; (2) Ensuring the solvency of the IIO at all times and maintaining the required control level of solvenc... ... ...

5. - (1) The AA shall have access to all relevant information and documents in possession or under control of the IIO; or where the IIO is in an unincorporated form, of the Parent Entity, in respect of the following matters - (a) on which it is necessary to give actuarial advice to the IIO or its directors; (b) which may affect solvency of IIO; or (c) which may affect the ability to meet the reasonable expectations of policyholders. (2) The AA may seek any infor... ... ...

4. - (1) The Board of an IIO shall appoint a person having the necessary qualification, competency, experience and professional status to carry out the functions of an 'Appointed Actuary' (AA). (2) To be eligible for appointment as an AA, one shall be a Fellow Member of any Full Member Association of the IAA and shall - (a) hold a valid certificate of practice issued by such Full Member Association; (b) have a minimum of 2 years post-fellowship experience in the ... ... ...

3. - (1) In these regulations, unless the context otherwise requires - (a) 'Act' means the International Financial Services Centres Authority Act, 2019 (50 of 2019); (b) 'Authority' means the International Financial Services Centres Authority established under sub-section (1) of Section 4 of the Act; (c) 'appointed actuary' means an actuary appointed in terms of regulation 4 of these regulations; (d) 'board' means the board of directors of an IIO, or the B... ... ...

2. - These regulations aim to lay down the regulatory framework for the persons who are engaged by the IIOs to perform the roles and discharge the functions as 'Appointed Actuary'. =============... ... ...

INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY NOTIFICATION Gandhinagar, the 12th January, 2023 International Financial Services Centres Authority (Appointed Actuary) Regulations, 2022 No. IFSCA/2022-23/GN/REG028.- 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 (zd) of sub-section (2) of section 114A of the Insurance Act, 1938, the International Financial Services Centr... ... ...

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.

Insurance information, data and documents maintained by IIOs and IIIOs must, where relevant, be reconciled with audited financial statements and comply with other applicable legal and regulatory requirements. Records may be maintained in physical or electronic form, with access provided to personnel authorised by the Authority for verification, investigation and inspection purposes.