MISCELLANEOUS PROVISIONSInternational Financial Services Centres Authority (Assets, Liabilities, and Solvency Margin of General, Health and Re-Insurance Business) Regulations, 2023
MISCELLANEOUS PROVISIONSInternational 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
Insurance liability valuation requires line-wise technical reserves, actuarial claim estimates, prescribed reporting, and multi-level certification. Technical reserves must be determined separately for each line of business and comprise premium reserves and claims reserves. Premium reserves include ... 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 reserves must be determined separately for each line of business and comprise premium reserves and claims reserves. Premium reserves include UPR, PDR and URR, while claims reserves include OCR and IBNR reserves. Known outstanding claims must be provided in full; estimated claims may be valued case by case or, where appropriate, through actuarial statistical methods. Every insurer must prepare Form ALSM-GI-L and obtain certifications from the statutory auditor, Appointed Actuary, Principal Officer and Chief Financial Officer concerning liability valuation, data reliability, reconciliation, and UPR determination.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.