The International Financial Services Centres Authority (IFSCA) on December 29, 2022, has invited public comments on proposed IFSCA (Assets, Liabilities, and Solvency Margin) Regulations, 2022. The Comments/suggestions from the general public and stakeholders on the draft regulations to be received by the Authority, on or before January 19, 2023.
In addition to the existing regulations, IFSCA proposes to notify the following regulations:
(i) IFSCA (Assets, Liabilities, and Solvency Margin of Life Insurance business) Regulations, 2022.
(ii) IFSCA (Assets, Liabilities, and Solvency Margin of General Insurance and Re-insurance business) Regulations, 2022.
These regulations provide for 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 the unincorporated form in the IFSC.