SCHEDULEInternational Financial Services Centres Authority (Assets, Liabilities, Solvency Margin and Abstract of Actuarial Report for Life Insurance Business) Regulations, 2023
SCHEDULEInternational Financial Services Centres Authority (Assets, Liabilities, Solvency Margin and Abstract of Actuarial Report for Life Insurance Business) Regulations, 2023
International Financial Services Centres Authority (Assets, Liabilities, Solvency Margin and Abstract of Actuarial Report for Life Insurance Business) Regulations, 2023 Chapter I INTRODUCTION
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Life insurance valuation definitions standardise reserves, sum at risk, policy categories, and imported statutory meanings. Regulation 4 establishes definitions governing life insurance business, including annualised and extra premiums, group and individual business, ... Summary
International Financial Services Centres Authority Act, 2019
Life insurance valuation definitions standardise reserves, sum at risk, policy categories, and imported statutory meanings.
Regulation 4 establishes definitions governing life insurance business, including annualised and extra premiums, group and individual business, participating and non-participating policies, guarantees, options, riders, premium term and maturity date. Mathematical reserves cover provisions for life insurance liabilities and adverse valuation deviations, subject to stated exclusions. Sum at risk is the relevant benefit amount or present value of periodic benefits less mathematical reserves. Undefined expressions adopt meanings assigned under the Act and related laws, rules and regulations.
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