The International Financial Services Centres Authority (IFSCA) on December 20, 2023, issued the Consultation paper on proposed Guidelines on IFSCA(Assets, Liabilities, and Solvency Margin of General, Health and Re-insurance business) Regulations, 2023.
The following has been stated namely: -
• The Guidelines aim to put in place a framework to address operational issues for the requirements related to capital and solvency for undertaking general, health or re-insurance business by International Financial Service Centre Insurance Offices (IIOs).
• These guidelines specify, inter alia, the format and contents of Annual Actuarial Report, Determination of Amount of Liabilities and Quarterly Certificate of Solvency and Capital Compliance
• The guidelines shall be applicable to International Financial Service Centre Insurance Offices (IIOs) registered with the Authority under International Financial Services Centres Authority (Registration of Insurance Business) Regulations, 2021 and falling under applicability provisions of International Financial Services Centres Authority (Assets, Liabilities, and Solvency Margin of General, Health and Re-insurance business).
• Stakeholders may send their comments/suggestions through e-mail to Insurance Dept. at [email protected] with copy to Mrs. Riddhi Bhandari, General Manager, at [email protected] and Nitin Gupta, Assistant Manager, at [email protected] by January 10, 2024, in the attached format. It is further requested to provide comments in MS Word or MS Excel format only.
