Key Points
Three state-owned insurance companies are failing to meet regulatory solvency requirements and 24 debt schemes out of 299 mutual fund schemes have shown stress under tests, the Reserve Bank of India said in its latest Financial Stability Report...
The solvency ratio for public sector non-life insurers group is sub-optimal with three of the four PSU insurers recording the ratio below the baseline prescription, the RBI said in its report released on Thursday...
The minimum solvency ratio requirement set by the Insurance Regulatory and Development Authority of India (IRDAI) for insurance companies in India is 150 per cent..
The report also noted that the solvency ratio for life insurance companies has been above the prescribed threshold for both public sector and private sector at an aggregate level...
The assets under management (AUM) of the open-ended debt schemes, which were found to have experienced stress, amounted to Rs 1.7 lakh crore as against the total AUM of Rs 12.4 lakh crore for all schemes for which the stress testing was conducted .. Gross receivables of insurance companies was Rs 8.81 lakh crore and gross payables at Rs 0.58 lakh crore and were the second largest net providers of funds to the financial system as at end-September...
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