Capital and net-worth compliance requires Insurance Web Aggregators to maintain unencumbered owned funds and promptly cure shortfalls. Registration of an Insurance Web Aggregator requires minimum paid-up capital or contribution of USD 30,000 and net worth equal to that amount. Branch ... Summary
Capital and net-worth compliance requires Insurance Web Aggregators to maintain unencumbered owned funds and promptly cure shortfalls.
Registration of an Insurance Web Aggregator requires minimum paid-up capital or contribution of USD 30,000 and net worth equal to that amount. Branch applicants must maintain earmarked capital in their country of incorporation. Capital investments must derive from owned funds, excluding borrowings or debt-creating arrangements, and remain free from encumbrances. Net-worth shortfalls must be immediately restored and reported. Half-yearly certification of compliance with paid-up capital and net-worth requirements must be submitted by an eligible statutory auditor or practising professional.
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