International Financial Services Centres Authority (Assets, Liabilities, Solvency Margin and Abstract of Actuarial Report for Life Insurance Business) Regulations, 2023 Chapter I INTRODUCTION
Contents
Acts
Rules & Regulations
Summary
Note
Bookmark
Share
✓ Copied successfully !
Print
Print Options
For full text, please login
Login to TaxTMI
Verification Pending
The Email Id has not been verified. Click on the link we have sent on
Life insurance solvency definitions establish consistent treatment of premiums, reserves, policy participation, riders, and sum at risk. Life insurance terminology standardises the treatment of annualised and extra premiums, group and individual business, policy participation, guarantees, ... Summary
International Financial Services Centres Authority Act, 2019
Life insurance solvency definitions establish consistent treatment of premiums, reserves, policy participation, riders, and sum at risk.
Life insurance terminology standardises the treatment of annualised and extra premiums, group and individual business, policy participation, guarantees, options and riders. Mathematical reserves cover life insurance policy liabilities, including provisions for adverse deviations in mortality, morbidity, interest and expense assumptions, while excluding liabilities already due and specified deposit-back arrangement liabilities. Sum at risk is calculated by deducting mathematical reserves from the amount payable, or from the present value of periodic or other benefit payments.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.