refer clause (b) of sub-regulation (1) of regulation 5

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....of Premium Reserves as mentioned in clause 2 herein and Claims Reserves as mentioned in clause 3 herein. 2. Premium Reserves (1) Unearned Premium Reserve (UPR): UPR will be estimated as per the extant provisions and shall be certified by the Chief Financial Officer and the Statutory Auditor of the IIO. (2) Premium Deficiency Reserve (PDR): The PDR shall be calculated using sound actuarial principles and maintained at the level of insurer. The insurer shall continuously monitor the PDR on segmental basis for the segments as may specified by the Authority. (3) Unexpired Risk Reserve (URR): Unexpired Risk Reserve shall mean the sum total of UPR and PDR. 3. Claims Reserve (1) ....

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....oreign exchange reserve. 5. Statement of Liabilities (1) Every insurer shall prepare a statement of liabilities in FORM ALSM-GI-L certified by the Appointed Actuary and the Statutory Auditor in accordance with Section 64V of the Insurance Act, 1938. (2) The statement shall be furnished to the Authority along with the returns mentioned in section 15 of the Insurance Act, 1938. FORM ALSM-GI-L STATEMENT OF LIABILITIES As on 31st March 20XX Name of IIO: Registration Number: ll amounts in USD mn) Reserve Gross Reserve Net Reserve Unearned Premium Reserve (UPR) .... (a)     Premium Deficiency Reserve (PDR)....(b)     Unexpired Risk Reserve (URR)....(c)=(a) +(....

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....ples and in the manner prescribed in the International Financial Services Centres Authority (Assets, Liabilities, and Solvency Margin of General, Health and Re-insurance business) Regulations, 2023. These reserves, estimated as on the 31st day of March of (year of investigation) represent, in my opinion, a fair reflection of the expected future experience. Qualifications, if any: Name of the Insurer: Place: Date: Name and Signature of the Appointed Actuary (3) Certification by Principal Officer: I certify that (a) Full and accurate particulars of every policy and claim have been furnished to the Appointed Actuary: for the purpose of the determination of Technical Reserves as on the 31st Day of March of 20XX. ....