LIC update on compliance to financial regulation in UAE

4 Nov 2022 , 03:39 PM

Life Insurance Corporation of India announced that LIC (International) B.S.C (c) is an Overseas Subsidiary with a shareholding of 99.66% and is processing to transfer assets to Munich Re in terms of an agreement – Life Reinsurance Agreement – Quota Share Reinsurance entered into with Munich Re to address the Risk Based Solvency Capital requirement of UAE branches of the Company and to comply with the Financial Regulations in UAE. In this regard LIC (International) B.S.C (c) has issued instructions to their bankers for transfer of assets with a book value of approximately USD 462.52 Million (which constitutes 34.21% of the total assets in the books of the Company in UAE) from their account to the custodian account of Munich Re and the transfer of assets is accordingly being carried out. Powered by Capital Market – Live News