The International Financial Services Centres Authority (IFSCA) on December 21, 2023, issued a Consultation Paper on proposed Guidelines on IFSCA (Assets, Liabilities, and Solvency Margin of Life Insurance Business) Regulations, 2023.
To facilitate the growth of the insurance & reinsurance sector and to provide a 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. Now, accompanying the notified regulations, IFSCA proposes to notify the proposed guidelines.
These guidelines specify, inter alia, the format and contents of the Abstract of Actuarial Report and Quarterly Certificate of Solvency and Capital Compliance.
The general public and stakeholders are requested to forward their comments/suggestions through e-mail to the Insurance Dept. at [email protected] with a 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.
The draft guidelines are attached to the document below.
