The International Financial Services Centres Authority (IFSCA) on April 20, 2023, notified the International Financial Services Centres Authority (Assets, Liabilities, Solvency Margin and Abstract of Actuarial Report for Life Insurance Business) Regulations, 2023.
These regulations specify the requirements related to capital, solvency, and submission of an abstract of an actuarial report by an IIO for undertaking a Life Insurance Business.
The following has been stated-
•These regulations shall be applicable to International Financial Service Centre Insurance Offices (IIOs), undertaking life insurance business. Provided that for an IIO set up in an unincorporated form, solvency margin, and related requirements under these regulations shall not be applicable and such IIO shall comply with related requirements as stipulated under sub-regulation (4) of regulation 17 of the IFSCA (Registration of Insurance Business) Regulations, 2021 Provided however that the reporting formats specified under these regulations shall continue to be applicable for such IIOs.
•An IIO shall prepare and submit to the Authority the statements with such periodicity as may be specified are mentioned in the document.
(a) A statement of admissible assets in FORM ALSM-L-A, as specified under Schedule- I.
(b) A statement of the amount of liabilities in FORM ALSM-L-L, as specified under Schedule- II.
(c) A statement of solvency margin in FORM ALSM-L-SM1, FORM ALSM-L-SM2 and FORM ALSM-L-SM3, as specified under Schedule- III.
[Notification No. IFSCA/2022-23/GN/REG039]
