9. - (1) On and from the commencement of these regulations, the Insurance Regulatory and Development Authority of India (Assets, Liabilities, and Solvency Margin of Life Insurance Business) Regulations 2016, Insurance Regulatory and Development Authority of India (Actuarial Report and Abstract for Life Insurance Business) Regulations, 2016 and the circulars or guidelines issued thereunder, shall cease to apply in International Financial Services Centres. (2) Notwithstanding anything contai... ... ...

8. (1) In order to remove any difficulty in the application or interpretations of the provisions of these regulations, the Authority may issue clarifications through guidance notes or circulars. (2) On an application received along with the specified non-refundable processing fees, the Authority may, for the reasons to be recorded in writing, relax the strict enforcement of any of the provisions of these regulations. =============... ... ...

7. For the purpose of implementation of these regulations and matters incidental thereto, the Authority may specify norms, procedures, processes and manners to be complied by IIOs. =============... ... ...

CHAPTER - III MISCELLANEOUS PROVISIONS 6. The Authority shall have the power to inspect or investigate the affairs of an IIO including calling for any information from the IIO or the parent entity; and may specify the disclosures to be made by an IIO to the Authority in relation to its activities. =============... ... ...

CHAPTER - II REPORTING REQUIREMENTS 5. (1) An IIO shall prepare and submit to the Authority the following statements with such periodicity as may be specified: (a) A statement of admissible assets in FORM ALSM-L-A, as specified under Schedule- I. (b) A statement of the amount of liabilities in FORM ALSM-L-L, as specified under Schedule- II. (c) A statement of solvency margin in FORM ALSM-L-SM1, FORM ALSM-L-SM2 and FORM ALSM-L-SM3, as specified under Schedule- III... ... ...

4. (1) In these regulations, unless the context otherwise requires- (a) 'Act' means the International Financial Services Centres Authority Act, 2019 (50 of 2019); (b) 'annualised premium' means regular premium (excluding extra premiums which are required to be shown separately) payable by the policyholder to secure the basic benefits under the policy in a policy year; (c) 'Appointed Actuary' shall have the same meaning as assigned to it under clause (c) of sub-regu... ... ...

3. - These regulations aim to specify the requirements related to capital, solvency and submission of abstract of actuarial report by an IIO for undertaking Life Insurance Business. =============... ... ...

CHAPTER - I INTRODUCTION 2. These regulations shall be applicable to International Financial Service Centre Insurance Offices (IIOs), undertaking life insurance business. Provided that for an IIO set up in an unincorporated form, solvency margin and related requirements under these regulations shall not be applicable and such IIO shall comply with related requirement as stipulated under sub-regulation (4) of regulation 17 of the IFSCA (Registration of Insurance Business) Regulations... ... ...

INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY NOTIFICATION Gandhinagar, the 19th April, 2023 International Financial Services Centres Authority (Assets, Liabilities, Solvency Margin and Abstract of Actuarial Report for Life Insurance Business) Regulations, 2023 IFSCA/2022-23/GN/REG039.- In exercise of the powers conferred by sub-section (1) of Section 28 read with sub-section (1) of Section 12 and sub-section (1) of Section 13 of the International Financial Services Centres Auth... ... ...

SCHEDULE- III (refer clause (c) of sub-regulation (1) of regulation 5) STATEMENT OF SOLVENCY MARGIN 1. Interpretation: In this Schedule, (1) 'Available Solvency Margin (ASM)' means the excess of value of assets (as furnished in Form ALSM-GI- A) over the value of liabilities (as furnished in Form ALSM-GI-L) with further adjustments as shown in Table IB of Form ALSM-GI-SM. (2) 'Solvency Ratio' means the ratio of Available Solvency Margin to Required Solvency Margin as sp... ... ...

SCHEDULE- II () DETERMINATION OF AMOUNT OF LIABILITIES 1. Determination of Technical Reserves (1) The technical reserves shall be determined on the Valuation Date separately for each line of business. The representation of reserves for each line of businesses shall be as specified by the Authority. (2) The technical reserves for each line of business shall be determined as the aggregate of Premium Reserves as mentioned in clause 2 herein and Claims Reserves as mentione... ... ...

SCHEDULE- I () 1. VALUATION OF ASSETS (1) The following assets shall be placed with value zero: (a) Movable and Immovable property excluding financial instrument and any other asset as may be specified by the Authority; (b) Agents' and Intermediaries' balances and outstanding premiums to be payable by policyholders from outside India, to the extent they are not realisable; (c) Sundry debts, to the extent they are not realizable; (d) Advances and... ... ...

9. - (1) On and from the commencement of these regulations, the Insurance Regulatory and Development Authority of India (Assets, Liabilities, and Solvency Margin of General Insurance Business) Regulations, 2016, and the circulars or guidelines issued thereunder, shall cease to apply in International Financial Services Centres; (2) Notwithstanding anything contained in sub-regulation (1), anything done or any action taken or purported to have been done or taken under the regulations, circu... ... ...

8. : (1) In order to remove any difficulty in the application or interpretations of the provisions of these regulations, the Authority may issue clarifications through guidance notes or circulars. (2) On an application received along with the specified non-refundable processing fees, the Authority may, for the reasons to be recorded in writing, relax the strict enforcement of any of the provisions of these regulations. =============... ... ...

7. For the purpose of implementation of these regulations and matters incidental thereto, the Authority may specify norms, procedures, processes and manners to be for complied by IIOs. =============... ... ...

CHAPTER - III MISCELLANEOUS PROVISIONS 6. The Authority shall have the power to inspect or investigate the affairs of an IIO including calling for any information from the IIO or the parent entity and may specify the disclosures to be made by an IIO to the Authority in relation to its activities. =============... ... ...

CHAPTER - II REPORTING REQUIREMENTS 5. (1) An IIO shall prepare and submit to the Authority the following statements with such periodicity as may be specified: (a) A statement of admissible assets in FORM ALSM-GI-A, as specified under Schedule- I. (b) A statement of the amount of liabilities in FORM ALSM-GI-L, as specified under Schedule- II. (c) A statement of solvency margin in FORM ALSM-GI-SM, as specified under Schedule- III. (2) An IIO shall submit - ... ... ...

4. (1) In these regulations, unless the context otherwise requires- (a) 'Act' means the International Financial Services Centres Authority Act, 2019 (50 of 2019); (b) 'allocated loss adjustment expenses' mean the expenses which are directly attributable to a specific claim; (c) 'Appointed Actuary' shall have the same meaning as assigned to it under clause (c) of sub-regulation 1 of regulation 3 of the International Financial Services Centres Authority (Appointed Ac... ... ...

3. - These regulations aim to specify the requirements related to capital and solvency for undertaking general, health, or re-insurance business by IIOs. =============... ... ...

CHAPTER - I INTRODUCTION 2. These regulations shall be applicable to International Financial Service Centre Insurance Offices (IIOs) undertaking general, health, or re-insurance business. Provided that for an IIO set up in an unincorporated form, solvency margin and related requirements under these regulations shall not be applicable and such IIO shall comply with related requirement as stipulated under sub-regulation (4) of regulation 17 of the IFSCA (Registration of Insurance Busi... ... ...