Section 35, The Insurance Act, 2016

(1) The solvency margin of an insurer shall be as follows:- (a) in the case of an insurer carrying on life insurance business the liabilities of the insurer shall not exceed the amount of the life insurance fund of the insurer; and (b) in the case of any other class of insurance business, the assets of the insurer shall exceed its liabilities by a minimum of one tenth of the premium income. (2) The Minister may, on the advice of the Commission prescribe– (a) the standard of solvency margin for insurers; (b) the method for calculating the assets and liabilities of an insurer for the purposes of this section.