IFSCA vide notification dated 19th April, 2023 has issued an International Financial Services Centres Authority (Assets, Liabilities, and Solvency Margin of General, Health and Re-insurance business) Regulations, 2023.
These regulations shall be applicable to International Financial Service Centre Insurance Offices (IIOs) undertaking general, health, or re-insurance business. These regulations aim to specify the requirements related to capital and solvency for undertaking general, health, or re-insurance business by IIOs.
An IIO shall submit –
(a) Annual Actuarial Report prepared by the Appointed Actuary to the Authority in accordance with and in such manner as may be specified;
(b) Valuation of Assets & Liabilities and the computation of solvency margin duly certified by Appointed Actuary,
(c) such other reports as may be directed by the Authority.