The Insurance Regulatory and Development Authority of India (IRDAI) on October 20, 2022, issued the draft of the Insurance Regulatory and Development Authority of India (Actuarial Report and Abstract for Life Business) (First Amendment) Regulations, 2022 to further amend the IRDAI (Actuarial Report and Abstract for Life Insurance Business) Regulations, 2016.
The main objective of regulation is to facilitate the insurers’ inefficient utilization of capital and hence to increase insurance penetration.
The following amendments have been proposed:
• The second factor for calculation of the Required Solvency Margin (RSM) in respect of PMJJBY is reduced to 0.05%.
• The first factor for calculation of the Required Solvency Margin (RSM) in respect of Linked Business (Without Guarantees) is reduced to 0.60%.
The draft of the said regulation is annexed as Annexure A1.
The views/comments of the various stakeholders and the general public are invited to the exposure draft. The comments/suggestions, if any, may be sent on or before November 11, 2022, to [email protected] with a copy to [email protected] in the format as per Annexure B1.
Disclaimer – Kindly find all the Annexures in the Provided Link/Document.
