On 1 June 2021, TAI FSC implemented the proposed amendments to the regulations.

• Content of the application form was revised in line with amendments to regulations.

Background

 

• In March 2021, TAI FSC proposed amendments to regulations governing foreign investments by insurance companies, regarding relaxation of foreign currency insurance policy limits.

Amendments

• In the formula for calculating foreign investment quotas, reserves for non-investment personal insurance in the insurance industry will be increased from 35% to 40%.
• In line with amendments on Sukuk rules,  deduct the total amount of foreign currency policy reserves invested in Sukuk from the calculation formula.
• Consequential changes relating to increase in reserves for non-investment personal insurance, will be made to incentive standards and contents of the application form.
• Insurance firms should provide exchange rate risk brochures when making sales, and include highest, average and lowest exchange rate scenarios in the last 10 years.
• Sales agents must participate in a one-hour forex risk training course every year.