Schedule - II - refer clause (b) of sub-regulation (1) of regulation 5
International Financial Services Centres Authority (Assets, Liabilities, Solvency Margin and Abstract of Actuarial Report for Life Insurance Business) Regulations, 2023 Schedules SCH SCHEDULE
Contents
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
Mathematical reserve valuation requires prudent prospective assumptions, gross premium valuation, and specialised reserves for linked insurance business. Life insurance mathematical reserves must be determined policy-by-policy through prospective valuation using prudent assumptions and an appropriate Margin ... Summary
Referred In :
International Financial Services Centres Authority (Assets, Liabilities, Solvency Margin and Abstract of Actuarial Report for Life Insurance Business)...
Mathematical reserve valuation requires prudent prospective assumptions, gross premium valuation, and specialised reserves for linked insurance business.
Life insurance mathematical reserves must be determined policy-by-policy through prospective valuation using prudent assumptions and an appropriate Margin for Adverse Deviations. Gross Premium Valuation is the prescribed method, subject to specified exceptions and alternative methods that produce no lower reserve. Valuation must capture future premiums, benefits, bonuses, expenses, tax, options, guarantees and relevant shareholder-profit allocations. Unit-linked, variable linked and variable non-linked business require separate account-based and general-fund reserve components. Reinsurance credit is restricted where borrowing-like arrangements lack prior approval, and aggregate provisions are required where policy-level reserves cannot be calculated.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.