Regulatory Alerts2022-05-25
Added · Updated
Insurance (Long-Term Insurance Business Solvency) (Amendment) Rules 2022
The Financial Services Commission issued the Insurance (Long-Term Insurance Business Solvency) (Amendment) Rules 2022 to update solvency calculations for long-term insurers. The amendment introduces definitions for "custodian" and "structured investment-linked insurance business," while revising rule 12 to exclude assets backing linked and structured policies from an insurer's total assets. These revised provisions exempt specific collective investment scheme investments and custodian-held assets from the rule, taking effect on 3 September 2022.