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GR-3.2.1

Overseas insurance licensee must comply with the following when repatriating of profits to Head Office:

(a) The Required Solvency Margin and minimum fund, as defined in Chapter CA-2;
(b) Satisfy the CBB of the adequacy of impairment provisions during the CBB’s review of the annual financial statements;
(c) Ensure that any unrealised gains arising from assets or liabilities fair value assessment are excluded from net income in the determination of the repatriation;
(d) Ensure that the amount of realised profits included in the retained earnings (unremitted profits due to head office) as at the year-end is sufficient to cover the proposed profit repatriation amount; and
(e) Ensure that any negative fair value on assets held at amortised cost do not have any material adverse impact on the capital and liquidity positions where such assets may need to be liquidated before maturity to satisfy any financial obligations, including Claims Payments.
Added: January 2024