The amendment is confined to the entry in column (3) against serial number 4 and operates by substitution. The substituted goods entry expressly covers fly ash bricks, fly ash aggregates and fly ash blocks. This revised entry takes effect on 18 July 2022, replacing the previously applicable column (3) entry for that serial number.

Available Solvency Margin is the excess of assets over life insurance liabilities and other liabilities in policyholders' and shareholders' funds. The Solvency Ratio is ASM divided by Required Solvency Margin, with a minimum control-level ratio of 150%. Required Solvency Margin combines RSM1 for reserve and sum-at-risk exposure with RSM2 for investment risk on admissible assets. The solvency ratio reconciles admissible assets, mathematical reserves and other liabilities, and requires certification by specified financial, actuarial, audit and principal officers.

Life insurance mathematical reserves must be determined policy-by-policy through prospective valuation using prudent assumptions and an appropriate Margin for Adverse Deviations. Gross Premium Valuation is the prescribed method, subject to specified exceptions and alternative methods that produce no lower reserve. Valuation must capture future premiums, benefits, bonuses, expenses, tax, options, guarantees and relevant shareholder-profit allocations. Unit-linked, variable linked and variable non-linked business require separate account-based and general-fund reserve components. Reinsurance credit is restricted where borrowing-like arrangements lack prior approval, and aggregate provisions are required where policy-level reserves cannot be calculated.

IIOs must value specified unrealisable, overdue and prescribed assets at zero for solvency purposes, while valuing remaining assets under applicable regulations and instructions. Form ALSM-L-A requires separate reporting of policyholders' and shareholders' assets, investments, fixed and current assets, policy loans, inadmissible assets, liabilities and provisions. Total inadmissible assets are deducted from total assets, followed by current liabilities and provisions, to determine total admissible assets for solvency.

Regulation 9 disapplies, in International Financial Services Centres, the 2016 life insurance requirements on assets, liabilities, solvency margins, actuarial reports and abstracts, together with circulars and guidelines issued under them. Prior actions taken or purportedly taken under those instruments are deemed taken under corresponding applicable provisions. IIOs operating at commencement must meet any additional requirements within six months, subject to an Authority-specified extension.

The Authority may issue clarifications through guidance notes or circulars to address difficulties in applying or interpreting the regulations. Strict enforcement of any regulatory provision may be relaxed on an application accompanied by specified non-refundable processing fees, provided the reasons are recorded in writing.

Implementation of life-insurance asset, liability, solvency-margin and actuarial-report requirements may be supported by norms, procedures, processes and compliance methods specified by the Authority for Insurance Intermediary Offices (IIOs), including matters incidental to implementation of the regulatory framework.

Regulation 6 establishes inspection, investigation, information-gathering and disclosure powers for life insurance business carried on by an IIO. The Authority may inspect or investigate an IIO's affairs and call for information from the IIO or its parent entity. It may specify activity-related disclosures an IIO must make to the Authority about its activities.

Life insurance IIOs must prepare and submit, at specified intervals, prescribed statements of admissible assets, liabilities and solvency margin. They must also submit an annual actuarial report prepared by the Appointed Actuary, together with valuation of assets and liabilities and a certified computation of solvency margin. Additional reports may be directed by the Authority. The reporting obligations apply even where capital is maintained under home-country regulations.

Life insurance terminology standardises the treatment of annualised and extra premiums, group and individual business, policy participation, guarantees, options and riders. Mathematical reserves cover life insurance policy liabilities, including provisions for adverse deviations in mortality, morbidity, interest and expense assumptions, while excluding liabilities already due and specified deposit-back arrangement liabilities. Sum at risk is calculated by deducting mathematical reserves from the amount payable, or from the present value of periodic or other benefit payments.

Regulation 3 governs capital, solvency and submission of an abstract of actuarial report by an IIO undertaking life insurance business.

International Financial Service Centre Insurance Offices undertaking life insurance business fall within the framework governing assets, liabilities, solvency margin and abstracts of actuarial reports. Insurance Offices established in an unincorporated form are excluded from solvency-margin and related requirements, but must comply with the related registration requirement. Prescribed reporting formats continue to apply to such unincorporated Insurance Offices.

Life insurance business within International Financial Services Centres is governed by a regulatory scheme concerning assets, liabilities, solvency margin and abstracts of actuarial reports. The scheme is made under the International Financial Services Centres Authority Act, 2019, and the Insurance Act, 1938. It enters into force upon publication in the Official Gazette.

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.

Technical reserves must be determined separately for each line of business and comprise premium reserves and claims reserves. Premium reserves include UPR, PDR and URR, while claims reserves include OCR and IBNR reserves. Known outstanding claims must be provided in full; estimated claims may be valued case by case or, where appropriate, through actuarial statistical methods. Every insurer must prepare Form ALSM-GI-L and obtain certifications from the statutory auditor, Appointed Actuary, Principal Officer and Chief Financial Officer concerning liability valuation, data reliability, reconciliation, and UPR determination.

Specified unrealisable or non-qualifying assets must be valued at zero for insurer solvency purposes, including certain outstanding co-insurer and re-insurer balances, aged unutilised Goods and Services Tax credit, fixed assets, deferred expenses and fictitious assets. Insurers must prepare Form ALSM-GI-A, identifying audited balance-sheet assets, inadmissible assets, current liabilities and provisions. Admissible assets for solvency are calculated by deducting inadmissible assets and current liabilities and provisions from total audited balance-sheet assets.

Regulation 9 disapplies, from commencement, the 2016 framework on assets, liabilities and solvency margin, including related circulars and guidelines, within International Financial Services Centres. Prior actions under that framework are preserved and deemed taken under corresponding provisions. An IIO already operating in an International Financial Services Centre must satisfy any additional applicable requirements within six months of commencement or within an extended period specified by the Authority.

The Authority may issue guidance notes or circulars to clarify difficulties in the application or interpretation of the regulations. It may also relax strict enforcement of any provision on an application accompanied by the specified non-refundable processing fee, with reasons recorded in writing.

Regulation 7 empowers the Authority to specify norms, procedures, processes and manners of compliance for IIOs, for implementation of the assets, liabilities and solvency margin requirements and incidental matters. It supplies the procedural mechanism through which IIOs comply with specified measures for the regulatory framework governing general, health and re-insurance business.

Inspection, investigation, information and disclosure powers enable the Authority to examine the affairs of an IIO. Information may be required from the IIO or its parent entity, and the Authority may prescribe disclosures that an IIO must make regarding its activities.