Regulation 17 - An IIO shall follow following basic regulatory requirements or such other requirements...
International Financial Services Centres Authority (Registration of Insurance Business) Regulations, 2021 Chapter V BASIC REGULATORY AND GOVERNANCE REQUIREMENTS
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Insurance International Office governance requires capital, solvency, resident fit-and-proper management, timely operations, reporting, and compliance. Insurance International Offices must continuously satisfy applicable capital, solvency, governance and compliance conditions. Assigned capital must be ... Summary
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International Financial Services Centres Authority (Registration of Insurance Business) Regulations, 2021
Insurance International Office governance requires capital, solvency, resident fit-and-proper management, timely operations, reporting, and compliance.
Insurance International Offices must continuously satisfy applicable capital, solvency, governance and compliance conditions. Assigned capital must be maintained in freely convertible foreign currency and, for relevant branches and places of business, held and invested under home-country regulatory requirements. Solvency backing assets must remain unencumbered, supported by quarterly actuarial certification. IIOs must commence approved business within the prescribed period, appoint resident and fit-and-proper officers or key managerial personnel, maintain records, meet KYC and AML obligations, report operational information and financial data as required, and comply with shareholding approval and prudential requirements.
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