Capital and net-worth compliance requires unencumbered owned-fund investment, immediate restoration of shortfalls, and half-yearly professional certification. Registration as an Insurance Web Aggregator requires minimum paid-up capital or contribution and net worth equal to the minimum capital. Branch capital ... Summary
Capital and net-worth compliance requires unencumbered owned-fund investment, immediate restoration of shortfalls, and half-yearly professional certification.
Registration as an Insurance Web Aggregator requires minimum paid-up capital or contribution and net worth equal to the minimum capital. Branch capital must be earmarked, held in the country of incorporation, and invested under home-country requirements. Capital investment must be from owned funds and remain free from encumbrances; borrowings or arrangements creating future debt are excluded. Net-worth shortfalls must be immediately restored and reported. Half-yearly certification of paid-up capital and net worth by a statutory auditor or specified professional is required.
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