Regulation 15 - Distribution of Surplus to Policyholders
International Financial Services Centres Authority (Management Control, Administrative Control and Market Conduct of Insurance Business) Regulations, 2023 Chapter IV MARKET CONDUCT
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Surplus distribution governance requires life insurers to segregate policyholder funds, adopt board-approved policies, disclose terms, and maintain accounting provisions. Life insurance IIOs must maintain separate funds for participating and non-participating policyholders and adopt a Board-approved policy governing surplus ... Summary
Surplus distribution governance requires life insurers to segregate policyholder funds, adopt board-approved policies, disclose terms, and maintain accounting provisions.
Life insurance IIOs must maintain separate funds for participating and non-participating policyholders and adopt a Board-approved policy governing surplus distribution. Relevant surplus-distribution provisions must be disclosed to policyholders and reflected in the IIO's books of account. The approved policy must be furnished to the Authority whenever directed.
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