15. Grievance Management: Every insurance policy shall necessarily specify the grievance management procedures of an IIO, which shall be in accordance with the principles as specified by the Authority. =============... ... ...

14. : (1) The policyholder of life insurance policy or general insurance policy may surrender or cancel the policy, as the case may be, at any time by giving prior notice to IIO as required under the policy, which shall be processed as per terms and conditions of such policy; (2) Every life and health insurance policy shall provide free look cancellation option to the policyholder along with the timelines for exercising such option and provisions for refund of premium; (3) Every general... ... ...

13. :- (1) An IIO shall inform the Authority it's decision to withdraw an insurance product at least 3 months prior to the scheduled date of withdrawal. (2) In case an IIO transacting general insurance business decides to withdraw an insurance product, it shall inform the existing policy holders at least 3 months prior to the expiry date of such policy, Provided that the policies in force shall be valid till their respective expiry dates. =============... ... ...

CHAPTER III PRODUCT MANAGEMENT 12. : (1) An IIO shall ensure that the insurance product carries the IIO's name and product's name in all pages of all the documents. It is also necessary that separate documents must carry page numbers as that of the total number of pages of each document (i.e. 1 of 30, 2 of 30 and so on if, for example, the total pages in the documents are 30). (2) An IIO shall not market any insurance product without allotting a Unique Identification Number (UIN); ... ... ...

11. Upon receipt of direction of the Authority referred to in regulation 10, the IIO shall forthwith stop marketing and distributing such product either in the same name or under any other name. =============... ... ...

10. If the Authority is of the view that the product is not in conformity with the requirements under these regulations, and/or not in the interest of prospects or policy holders, it may take appropriate action, including suspension, mandating modification or withdrawal of the product. =============... ... ...

9. An IIO shall submit to the Authority requisite information, documents or data relating to a product, as and when sought by the Authority, including justification of the rates, terms and conditions of insurance product offered. =============... ... ...

8. (1) An IIO, before marketing or adapting an insurance product, shall test the product appropriately, including but not limited to, scenario analysis where relevant. (2) Such test shall also be carried out in case of significant change in the target market. =============... ... ...

7. While designing, marketing or distributing an insurance products, the IIO shall: (1) take into account the objectives, interests and needs of the prospect; (2) ensure that the terms and conditions of the product does not adversely affect the interest of prospect; and (3) ensure proper management of conflict of interest, if any, with the intermediary or insurance intermediary involved in distribution of the products. =============... ... ...

6. An IIO shall maintain the documents and records relating to the actions taken by it in relation to product approval process, in line with 'Product Oversight and Governance Policy.' =============... ... ...

5. An IIO shall design and market insurance products considering the understanding of the prospects about the product and ensure that products are compatible with the needs, characteristics and objectives of the prospects including justification of the rates, terms and conditions thereof which shall be duly certified by a qualified actuary. Explanation: Any designing and marketing of such insurance product by an IIO shall also be in compliance with provisions of sub-section (1) of section 3 o... ... ...

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... ... ...

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" or "IFSCA" means the International Financial Services Centres Authority established under sub-section (1) of Section 4 of the Act; (c) "board" means the board of directors of an IIO, or the Board of the Parent Entity of an IIO, in case the IIO is in an unincorporated form; (d) ... ... ...

2. - (1) To provide framework for designing and pricing of insurance products by the International Financial Service Centre Insurance Offices (IIOs). (2) To ensure that the IIOs have put in place effective internal systems and control to- (a) provide adequate capacity to identify and mitigate product related risks and issues from the time of design of the product and throughout the life cycle of the product, including providing appropriate distribution strategies taking into acco... ... ...

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... ... ...