MAINTENANCE OF BOOKS OF ACCOUNTS, RECORDS AND DOCUMENTSInternational Financial Services Centres Authority (Preparation and Presentation of Financial Statements of International Financial Service Centre Insurance Offices) Regulations, 2022
MAINTENANCE OF BOOKS OF ACCOUNTS, RECORDS AND DOCUMENTSInternational Financial Services Centres Authority (Preparation and Presentation of Financial Statements of International Financial Service Centre Insurance Offices) Regulations, 2022
International Financial Services Centres Authority (Preparation and Presentation of Financial Statements of International Financial Service Centre Insurance Offices) Regulations, 2022 Chapter I PRELIMINARY
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International Financial Services Centres Authority (Preparation and Presentation of Financial Statements of International Financial Service Centre Ins...
Financial statement definitions establish accounting-year rules and distinguish policyholder liabilities from shareholder funds for insurance offices.
Policyholders' Fund comprises estimated outstanding-claims liabilities, including IBNR, IBNER, unexpired-risk, premium-deficiency and catastrophe reserves, and other liabilities net of other assets. Shareholders' Funds comprise share capital and eligible reserves and surplus, after accumulated losses and unwritten miscellaneous expenditure, excluding revaluation reserve and fair-value change account. An unincorporated office substitutes assigned capital for share capital. Accounting year follows the parent entity for an unincorporated office and ends on 31 March for an incorporated office.
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