Regulatory Alerts2024-01-01
Insurance (Long-Term Insurance Business Solvency) Rules 2024
The Financial Services Commission has issued the Insurance (Long-Term Insurance Business Solvency) Rules 2024 to establish comprehensive solvency requirements for long-term insurers. The rules mandate precise liability and asset valuation methods using best-estimate assumptions, risk adjustments, and fair value measurements, while imposing strict investment concentration limits of up to 10 percent on listed shares and 5 percent on other assets. Insurers must maintain a solvency margin of at least 100 percent of their minimum capital requirement and submit detailed actuarial reports certifying compliance with these valuation and capital standards.
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