The International Financial Services Centres Authority (IFSCA) October 27, 2023, issued the International Financial Services Centres Authority (Investment by International Financial Services Centre Insurance Office) (Amendment) Regulations, 2023, to further amend the International Financial Services Centres Authority (Investment by International Financial Services Centre Insurance Office) Regulations, 2022.
The following has been amended namely: -
• Regulation 5 which states “Investments by IIO” the following has been amended
1. In sub-regulation 7(b):
The words “on Foreign Portfolio Investment,” shall be omitted
2. After sub-regulation (8) the following shall be inserted, namely –
“(9) Nothing contained in Regulations 10, 11, 12 and 13 of these regulations shall be applicable to an IIO investing its retained premium in DTA, if the investment is done to comply with the condition specified under sub-clause (b) of clause (A) of sub-regulation (2) of regulation 5 of the IRDAI (Re-insurance) Regulation, 2018.
Explanation – The mode and manner for such investments shall be in accordance with these regulations;”
• In regulation 20, the words “Repeals and Savings:” shall be substituted with the words “Non-applicability of certain regulations and savings:”
They shall come into force from October 27, 2023
[Notification No. IFSCA/2023-24/GN/REG042]
