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
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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Solvency margin reporting requires IIOs to calculate required margins from premiums and claims, and available margins from assets and liabilities. IIOs must calculate Available Solvency Margin from available assets less prescribed liabilities and adjustments, and determine the solvency ratio by ... Summary
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International Financial Services Centres Authority (Assets, Liabilities, and Solvency Margin of General, Health and Re-Insurance Business) Regulations, 2023
Solvency margin reporting requires IIOs to calculate required margins from premiums and claims, and available margins from assets and liabilities.
IIOs must calculate Available Solvency Margin from available assets less prescribed liabilities and adjustments, and determine the solvency ratio by dividing ASM by Required Solvency Margin. RSM is the higher of the premium-based and incurred-claims-based requirements, calculated using prescribed gross and net premium and claims measures. A minimum solvency ratio of 150% is the control level of solvency. Reporting requires separate disclosure of policyholder and shareholder funds, statutory auditor certification, and countersignature by specified officers.
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