REPORTING REQUIREMENTSInternational Financial Services Centres Authority (Assets, Liabilities, and Solvency Margin of General, Health and Re-Insurance Business) Regulations, 2023
REPORTING REQUIREMENTSInternational Financial Services Centres Authority (Assets, Liabilities, and Solvency Margin of General, Health and Re-Insurance Business) Regulations, 2023
Schedule - II - refer clause (b) of sub-regulation (1) of regulation 5
International Financial Services Centres Authority (Assets, Liabilities, and Solvency Margin of General, Health and Re-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
Technical reserve valuation requires line-of-business premium and claims reserves, prescribed liability reporting, and multi-officer certification. Technical reserves must be valued separately for each line of business and comprise premium reserves and claims reserves. Premium reserves include UPR, ... Summary
International Financial Services Centres Authority (Assets, Liabilities, and Solvency Margin of General, Health and Re-Insurance Business) Regulations, 2023
International Financial Services Centres Authority (Assets, Liabilities, and Solvency Margin of General, Health and Re-Insurance Business) Regulations, 2023
Technical reserve valuation requires line-of-business premium and claims reserves, prescribed liability reporting, and multi-officer certification.
Technical reserves must be valued separately for each line of business and comprise premium reserves and claims reserves. Premium reserves include UPR, PDR and their aggregate, URR; claims reserves comprise OCR and IBNR. Known outstanding claims require full provision, while estimated claims may be valued case by case or, where appropriate, through actuarially certified statistical methods. Insurers must also value specified other liabilities and submit Form ALSM-GI-L showing gross and net reserves. The statement requires certifications by the Statutory Auditor, Appointed Actuary, Principal Officer and Chief Financial Officer.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.