Regulatory Alerts2018-01-01
Captive Insurance (Pure Captive Insurance Business) (Amendment) Rules 2018
The Financial Services Commission issued the Captive Insurance (Pure Captive Insurance Business) (Amendment) Rules 2018 to amend the principal 2016 rules by introducing new substance requirements for captive insurers. Under the newly inserted Rule 23A, captive insurers must maintain an adequate number of suitably qualified personnel and incur minimum expenditure proportionate to their core income-generating activities at all times. These amendment rules came into operation on 1 October 2018, directly modifying the regulatory framework governing pure captive insurance business.
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