Regulation 13L
Recognition and valuation of liabilities
of Insurance (Lloyd’s Asia Scheme) Regulations
Subsidiary LegislationIn forceProvision 32 of 44
Regulation 13L
Amended byS 839/2018 wef 01/01/2019S 814/2004 wef 01/01/2005S 839/2018 wef 01/01/2019
Subregulation 1
Unless otherwise specified in this Part, a Service Company shall value any liability of an insurance fund in accordance with the Accounting Standards and sound actuarial principles.
Subregulation 1A
Amended byS 839/2018 wef 01/01/2019
Unless otherwise specified in regulation 13M or in any direction issued under the Act, any liability of an insurance fund is to be recognised by a Service Company in accordance with the Accounting Standards.
Subregulation 2
Amended byS 814/2004 wef 01/01/2005
The Authority may, by notice in writing to a Service Company, specify the bases, methodologies and other details of a technical nature to be complied with in relation to the determination of liabilities in respect of a policy and in respect of an insurance fund.