{"id":333625,"date":"2024-10-23T10:00:25","date_gmt":"2024-10-23T04:30:25","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=333625"},"modified":"2024-10-23T09:38:09","modified_gmt":"2024-10-23T04:08:09","slug":"ifsca-investment-by-iio-amendment-regulations-legal-news","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2024\/10\/23\/ifsca-investment-by-iio-amendment-regulations-legal-news\/","title":{"rendered":"IFSCA lays down maximum exposure limits for Investment Assets in which IIO can invest"},"content":{"rendered":"
\n

On 14-10-2024, the International Financial Services Centres Authority (‘IFSCA’)<\/span> notified the International Financial Services Centres Authority (Investment by International Financial Services Centre Insurance Office) (Amendment) Regulations, 2024.<\/span> The provisions came into force on 17-10-2024.<\/p>\n

Key Points:<\/h3>\n
    \n
  1. \n

    Regulation 9A<\/span> relating to “Unit Linked Insurance Products”<\/span> has been inserted.<\/p>\n

      \n
    • \n

      Every International Financial Services Centre Insurance Office (‘IIO’)<\/span> should invest and always keep invested its funds of unit linked business as per the pattern of investment subscribed by the policy holders, where the units linked are both marketable and readily realizable.<\/p>\n<\/li>\n

    • \n

      Limits of exposure:<\/span> Investment Asset Exposure Matrix to Equity, Group and Industry for investment of unit linked business assets:<\/p>\n\n\n\n\n\n<\/colgroup>\n\n\n\n\n\n\n
      \n

      S. No.<\/p>\n<\/td>\n

      		\n

      Overall Exposure by an insurer<\/p>\n<\/td>\n

      		\n

      Maximum Investment by an insurer as a % of the total unit linked business assets<\/p>\n<\/td>\n<\/tr>\n

      \n

      a<\/p>\n<\/td>\n

      		\n

      A Single Entity (Investee)<\/p>\n<\/td>\n

      		\n

      10<\/p>\n<\/td>\n<\/tr>\n

      \n

      b<\/p>\n<\/td>\n

      		\n

      Within the IIO’s Own 5 Group<\/p>\n<\/td>\n

      		\n

      5<\/p>\n<\/td>\n<\/tr>\n

      \n

      c<\/p>\n<\/td>\n

      		\n

      To any other single Group<\/p>\n<\/td>\n

      		\n

      15<\/p>\n<\/td>\n<\/tr>\n

      \n

      d<\/p>\n<\/td>\n

      		\n

      To a particular Industrial Sector<\/p>\n<\/td>\n

      		\n

      15<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/li>\n

    • \n

      In case of investment in passively managed\/ index- based Mutual Funds and Exchange Traded Funds, exposure norms a, b and d will apply only after-<\/p>\n

        \n
      • \n

        3 years from the date of launch of individual segregated unit linked fund;<\/p>\n<\/li>\n

      • \n

        Asset Under Management of an individual segregated unit linked fund becomes equal to\/ more than 25 Million USD.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n

      • \n

        Regulation 9B<\/span> relating to “Admissible pattern of investment”<\/span> has been inserted which lays down maximum exposure limits for certain types of Investment Asset in which the IIO can invest:<\/p>\n

          \n
        • \n

          Securities of Central Government of India- 10 %<\/p>\n<\/li>\n

        • \n

          Corporate Bonds- 15%<\/p>\n<\/li>\n

        • \n

          SEBI approved Alternative Investment Funds- category 1 and 2- 10%<\/p>\n<\/li>\n

        • \n

          Immovable Property including Real Estate Investment Trusts- 5%<\/p>\n<\/li>\n

        • \n

          Infrastructure including Infrastructure Investment Trusts and instruments for financing Infrastructure Assets- 5%<\/p>\n<\/li>\n

        • \n

          Money markets instruments for short period- 90%<\/p>\n<\/li>\n

        • \n

          Investment in ‘Equity’, Preference Shares, Convertible Debentures- 25%<\/p>\n<\/li>\n

        • \n

          Investment in Debt (incl. Commercial Papers)- 90%<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

          The Amendment Regulations insert Unit Linked Insurance Products and Admissible pattern of investment” has been inserted.<\/p>\n","protected":false},"author":67515,"featured_media":324062,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,15],"tags":[74364,74365,44463,74366,74363],"class_list":["post-333625","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-rules_regulations","tag-admissiblepatternofinvestment","tag-exposurelimits","tag-ifsca","tag-iio","tag-unitlinkedinsuranceproducts"],"yoast_head":"\nIFSCA (Investment by IIO) (Amendment) Regulations, 2024 | SCC Times<\/title>\n<meta name=\"description\" content=\"IFSCA notified IFSCA (Investment by International Financial Services Centre Insurance Office) (Amendment) Regulations, 2024 introducing provisions for Unit 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This Amendment seeks to amend International Financial Services Centres Authority (Finance Company) Regulations, 2021, with the aim of defining the certification process and updating activities permitted to be carried out by\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"IFSCA","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/05\/MicrosoftTeams-image-234.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/05\/MicrosoftTeams-image-234.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/05\/MicrosoftTeams-image-234.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/05\/MicrosoftTeams-image-234.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/05\/MicrosoftTeams-image-234.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":281791,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/01\/17\/international-financial-services-centres-authority-notified-international-financial-services-centres-authority-appointed-actuary-regulations-2022-legal-research-legal-update-news\/","url_meta":{"origin":333625,"position":4},"title":"IFSCA notifies IFSCA (Appointed Actuary) Regulations, 2022","author":"Editor","date":"January 17, 2023","format":false,"excerpt":"On 12-1-2023, the International Financial Services Centres Authority notified International Financial Services Centres Authority (Appointed Actuary) Regulations, 2022. The regulations lay down regulatory framework for the persons who are engaged by the Insurance Officers(\u2018IOs') to perform the roles and discharge the functions as Appointed Actuary (\u2018AA'). Applicability: International Financial Services\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"IFSCA","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/01\/MicrosoftTeams-image-100.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":240623,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/12\/14\/ifsca-notifies-international-financial-services-centres-authority-bullion-exchange-regulations-2020\/","url_meta":{"origin":333625,"position":5},"title":"IFSCA notifies International Financial Services Centres Authority (Bullion Exchange) Regulations, 2020","author":"Bhumika Indulia","date":"December 14, 2020","format":false,"excerpt":"In the Union Budget 2020, Union Minister of Finance Corporate Affairs Nirmala Sitharaman had made an announcement for setting up an International Bullion Exchange at the International Financial Services Centre in GIFT City, Gandhinagar, Gujarat. Subsequently, the Government of India had notified the bullion spot delivery contract and bullion depository\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/333625","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/67515"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=333625"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/333625\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/324062"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=333625"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=333625"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=333625"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}