IFSCA prescribes framework for IFSC Insurance Office’s Asset Investment

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  • Last Updated on 18 January, 2023

Investment by IFSC Insurance Office

Notification No. IFSCA/2022-23/GN/REG030, Dated 12.01.2023

The IFSCA has notified the IFSCA (Investment by IFSC Insurance Office) Regulations, 2022. These regulations aim to put in place the regulatory framework and processes related to an investment of assets by an IFSC Insurance Office (IIO). Now, the IIO shall have a Board approved Investment Policy which shall provide for situations of breaches, action plans to address breaches etc.

An IIO may invest not more than 5% of the assets by value, in a company or body corporate which is owned or controlled by the promoters subject to conditions specified in the regulations.

Further, investments by an IIO shall be made only in Assets rated as ‘Investment Grade’ under Insurance Capital Standards Rating Categories (ICS-RC) by international rating agencies recognized by the International Association of Insurance Supervisors. Also, Bond Exposures by Sovereign Credit Ratings has also been prescribed in addition to various other provisions.

Click Here To Read The Full Notification

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