The International Financial Services Centres Authority (IFSCA) on October 17, 2024, notified International Financial Services Centres Authority (Investment by International Financial Services Centre Insurance Office) (Amendment) Regulations, 2024 to amend the International Financial Services Centres Authority (Investment by International Financial Services Centre Insurance Office) Regulations, 2022.
The following has been stated: -
•Sub-regulation (9) of regulation 5 shall be substituted as follows –
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 by regulation 9B of these regulations.
•Note:6 of Matrix-1 under regulation 9 shall be substituted by the following –
For Unit Linked Insurance Products (ULIP), the pattern of investments as specified in regulation 9A of these regulations shall be followed.
•After regulation 9, the following shall be inserted –
9A Unit Linked Insurance Product
They shall come into force from October 21, 2024.
The detailed regulations are given in the document below.
[Notification No. F. No. IFSCA/GN/2024/008]
