Insurance (Long-Term Insurance Business Solvency) (Amendment) Rules 2022

Vinit/Imac05/Govt Notices/2022/XXXXX - xx.xx.2022 - 1st Proof Government Notices 2022 2831 Vinit/Imac05/Govt Notices/2022/The Insurance (Long-Term Insurance Business Solvency) (Amd) Rules 2022 - 30.08.2022 - 1st Proof Government Notice No. 238 of 2022 THE INSURANCE ACT FSC Rules made by the Financial Services Commission under
Section 93 of the Financial Services Act and Sections 23 and
130 of the Insurance Act

1. Citation
   These rules may be cited as the Insurance (Long-Term Insurance Business Solvency) (Amendment) Rules 2022.
2. Interpretation
   In these rules –
   “principal rules” means the Insurance (Long-Term Insurance Business Solvency) Rules 2007.
3. The principal rules are amended –
   (a) in rule 2, by inserting, in the appropriate alphabetical order, the following new definitions – “custodian” has the same meaning as in the Act; “structured investment-linked insurance business” has the same meaning as in the Act; (b) in rule 12 – (i) by deleting paragraph (10) and replacing it by the following new paragraph – (10) “Assets of the insurer” for the purposes of this rule shall not include assets backing linked long term insurance business and structured investment-linked insurance business.

2832 Government Notices 2022
Vinit/Imac05/Govt Notices/2022/The Insurance (Long-Term Insurance Business Solvency) (Amd) Rules 2022 - 30.08.2022 - 1st Proof (ii) by deleting paragraph (11) and replacing it by the following new paragraph – (11) This rule shall not apply to an investment in a collective investment scheme and investment held with a custodian in respect of structured investment￾linked insurance policies.
4. Commencement
These rules shall come into operation on 3 September 2022. Made by the Financial Services Commission on 25 May 2022.