IRDAI vide ref. no. IRDAI/Reg/7/186/2022, dated December 5, 2022 has issued “IRDAI (Assets, Liabilities and Solvency Margin of General Insurance Business) (Amendment) Regulations, 2022” (Amendment Regulations).
Major highlights of the Amendment Regulations are as under:
Premiums receivable relating to State/Central Government sponsored schemes, to the extent they are not realized within a period of 365 days shall be placed with value zero against the earlier timeline of 180 days.
Calculation of Required Solvency Margin (RSM) in respect of Crop Insurance Business will be shown as separate item and the RSM Factor- A and Factor-B will be 0.50.
The Amendment Regulations shall come into force on the date of its publication in the Official Gazette.
Source category: IRDAI
Attachments
- /2022/127_IRDAI(~1.PDF
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