The International Financial Services Centres Authority (IFSCA) on September 04, 2024, issued a consultation paper on proposed IFSCA (Investment by IFSC Insurance Office) (Amendment) Regulations, 2024, to further amend the International Financial Services Authority (Investment by International Financial Service Centre Insurance Office) Regulations, 2022.
The following has been stated namely: -
• Regulation 5 (9) shall be substituted with “An IIO investing its retained premium in DTA in adherence 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, shall invest only in accordance with regulation 9B of these regulations.”
• Note:6 of Matrix-1 under regulation 9 shall be substitute with “For Unit Linked Insurance Products (ULIP), the pattern of investments as specified in regulation 9A of these regulations shall be followed”.
• After Regulation 9A, a new Regulation shall be inserted “9B Admissible pattern of investment – The investments by an IIOs in DTA as per category specified in sub-regulation (2), clause (A) of Regulation 5 of the Insurance Regulatory and Development Authority of India (Re-insurance) Regulations, 2018 shall be in accordance with the Matrix 1A: Investment Asset Exposure Pattern Matrix for certain IIOs.”
General public and stakeholders shall forward their comments / suggestions through e-mail to Insurance Dept. at [email protected] with copy to Mr. Bhaskar Khadakbhavi at [email protected] and Rishi Kale at [email protected] by September 23, 2024.
Kindly refer to the attached document for detailed notification.
