IFSCA Prescribes Reporting Requirements for ‘IFSC Insurance Offices’

Notification No. IFSCA/2022-23/GN/REG039., Dated 19.04.2023

The IFSCA has notified the IFSCA (Assets, Liabilities, Solvency Margin and Abstract of Actuarial Report for Life Insurance Business) Regulations, 2023. The aim of these regulations is to specify the requirements related to capital, solvency and submission of an abstract of an actuarial report by an IFSC Insurance Office (IIO) for undertaking Life Insurance Business.

As per the new norms, an IIO must prepare and submit to the Authority, the statements of admissible assets, liabilities, solvency margin etc. in the prescribed forms.

In addition, an IIO shall submit an annual actuarial report prepared by the appointed actuary to the Authority in accordance with the specified manner, which includes the valuation of assets & liabilities and the computation of solvency margin duly certified by appointed actuary and any other reports as may be directed by the Authority.

Further, the Authority shall have the power to inspect or investigate the affairs of an IIO including calling for any information from the IIO or the parent entity. The Authority may also specify the disclosures to be made by an IIO to the Authority in relation to its activities.

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