MISCELLANEOUS PROVISIONSInternational Financial Services Centres Authority (Assets, Liabilities, and Solvency Margin of General, Health and Re-Insurance Business) Regulations, 2023
MISCELLANEOUS PROVISIONSInternational Financial Services Centres Authority (Assets, Liabilities, and Solvency Margin of General, Health and Re-Insurance Business) Regulations, 2023
Schedule - I - refer clause (a) of sub-regulation (1) of regulation 5
International Financial Services Centres Authority (Assets, Liabilities, and Solvency Margin of General, Health and Re-Insurance Business) Regulations, 2023 Schedules SCH SCHEDULE
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Asset admissibility for solvency requires zero valuation of specified non-realisable assets and certified reporting of admissible asset totals. Insurers must value specified inadmissible assets at zero for solvency, including unrealisable receivables, certain outstanding co-insurer and re-insurer ... Summary
International Financial Services Centres Authority (Assets, Liabilities, and Solvency Margin of General, Health and Re-Insurance Business) Regulations, 2023
International Financial Services Centres Authority (Assets, Liabilities, and Solvency Margin of General, Health and Re-Insurance Business) Regulations, 2023
Asset admissibility for solvency requires zero valuation of specified non-realisable assets and certified reporting of admissible asset totals.
Insurers must value specified inadmissible assets at zero for solvency, including unrealisable receivables, certain outstanding co-insurer and re-insurer balances, deferred expenses, fixed operational assets, fictitious assets and unutilised Goods and Services Tax credit beyond the prescribed period. The ALSM-GI-A statement must reconcile audited-balance-sheet assets, separately identify inadmissible assets, and calculate admissible assets after deducting inadmissible assets, current liabilities and provisions. It requires certification by the appointed actuary, statutory auditor and chief executive officer.
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