IFSCA has issued a Consultation Paper dated December 21, 2023 on the proposed Guidelines on International Financial Services…

IFSCA has issued a Consultation Paper dated December 21, 2023 on the proposed Guidelines on International Financial Services Centres Authority (Assets, Liabilities, and Solvency Margin of General, Health and Re-insurance business) Regulations, 2023 (Proposed Guidelines) which inter alia specifies the format and contents of Annual Actuarial Report, Determination of Amount of Liabilities and Quarterly Certificate of Solvency and Capital Compliance.

The key provisions as mentioned under the Proposed Guidelines are as follows:

1. Objective : These Guidelines aim to put in place a framework to address operational issues for requirements related to capital and solvency for undertaking general, health or re-insurance business by International Financial Service Centre Insurance Offices (IIOs).

2. Applicability : IIOs registered with the Authority under IFSCA (Registration of Insurance Business) Regulations, 2021 and falling under applicability provisions of IFSCA (Assets, Liabilities, and Solvency Margin of General, Health and Re-insurance business) Regulations, 2023 (“ALSM GI Regulations”) notified on April 20, 2023

3. IIOs shall ensure the below submissions to the Authority within a time period of 45 days from the end of reporting period:

• Statement of admissible assets in Form ALSM-GI-A, statement of the amount of liabilities in Form ALSM-GI-L and statement of solvency margin in Form ALSM-GI-SM under the ALSM GI Regulations on a quarterly basis.
• Quarterly Certificate of Solvency and Capital Compliance in the prescribed format in Annexure II signed by the appointed/signing actuary or the principal officer of the parent entity
• Annual Actuarial report (only by IIOs set up in IFSC in incorporated form)

4. Principal Officer of IIOs shall submit the duly certified copy of any returns or submissions made to the home regulator in relation to the IIO to the Authority within 45 days from the date of such submission.

A copy of the Proposed Guidelines along with the prescribed format for sharing comments / suggestions on or before January 10, 2024 is attached herewith for your ready reference.

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