Singapore legislation
Regulation 11
Regulation 11
Financial condition investigation
Subregulation 1
For the purposes of section 37 of the Act, an investigation by the appointed actuary or certifying actuary, as the case may be, of a licensed insurer into the financial condition of each class of business that it carries on for an accounting period of the insurer shall consist of —
valuing the liabilities of the insurer with respect to its policies for that class of business;
where the insurer is a direct insurer, assessing its financial soundness by conducting, at the end of the accounting period, such prospective test of the financial condition of each insurance fund established and maintained by it under the Act for that class of business, under such economic and business conditions as the Authority may specify in a direction to the insurer; and
such other investigation of such of its liabilities as the Authority may specify in a direction to the insurer.
Subregulation 2
For the purposes of paragraph (1)(a), the actuary shall verify, for each inward and outward reinsurance arrangement that the insurer has entered into, whether the arrangement involves significant insurance risk transfer between the insurer and the counterparty of the arrangement.
Subregulation 3
The actuary shall submit to the board of directors of the insurer all reports on and all relevant documents relating to the investigation and shall, when required by the board of directors, explain any report or document to the board.