The International Financial Services Centres Authority (IFSCA) on December 20, 2023, issued a notification regarding the Invitation for public comments on proposed IFSCA (Assets, Liabilities, and Solvency Margin) Guidelines, 2023.
To facilitate the growth of the insurance & reinsurance sector and to provide an in-class regulatory framework, that is at par with top international jurisdictions, IFSCA has already notified relevant regulations dealing with the aspects of assets, liabilities, and solvency margin of the insurance business. IFSCA proposes to notify the following guidelines:
(i)Guidelines on International Financial Services Centres Authority (Assets, Liabilities, and Solvency Margin of Life insurance business) Regulations, 2023 and
(ii)Guidelines on International Financial Services Centres Authority (Assets, Liabilities, and Solvency Margin of General, Health and Re-insurance business) Regulations, 2023.
These guidelines further specify the regulatory requirements towards the maintenance of capital and solvency margins for transacting insurance business by IIOs registered with the Authority whether set up in an incorporated or in unincorporated form in the IFSC.
Public Consultation inviting comments from the general public and stakeholders on the draft guidelines to be received by the Authority, on or before January 10, 2024.
