IFSCA on 19th April, 2023 issued International Financial Services Centres Authority (Assets, Liabilities, Solvency Margin and Abstract of Actuarial Report for Life Insurance Business) Regulations, 2023. These regulations shall be applicable to International Financial Service Centre Insurance Offices (IIOs), undertaking life insurance business.
These regulations aim to specify the requirements related to capital, solvency and submission of abstract of actuarial report by an IIO for undertaking Life Insurance Business.
An IIO shall prepare and submit to the Authority the following statements with such periodicity as may be specified:
(a) A statement of admissible assets in FORM ALSM-L-A, as specified under Schedule- I.
(b) A statement of the amount of liabilities in FORM ALSM-L-L, as specified under Schedule- II.
(c) A statement of solvency margin in FORM ALSM-L-SM1, FORM ALSM-L-SM2 and FORM ALSM-L-SM3, as specified under Schedule- III.