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 Offices: capital, solvency, governance, compliance, and reporting obligations govern registration and ongoing IFSC operations. IIOs must maintain applicable Net Owned Funds, assigned capital, paid-up equity capital and solvency margins throughout registration. Assigned capital ... Summary
Referred In :
International Financial Services Centres Authority (Registration of Insurance Business) Regulations, 2021
Insurance International Offices: capital, solvency, governance, compliance, and reporting obligations govern registration and ongoing IFSC operations.
IIOs must maintain applicable Net Owned Funds, assigned capital, paid-up equity capital and solvency margins throughout registration. Assigned capital must be held and invested in accordance with home-country requirements, while solvency backing assets must remain unencumbered and be supported by quarterly actuarial certification where applicable. IIOs must commence registered business within the prescribed period, appoint eligible resident officers or key managerial persons, comply with regulatory, KYC, AML, record-keeping and reporting obligations, and follow applicable prudential norms.
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