Regulation 18
Recognition and valuation of liabilities generally
of Insurance (Valuation and Capital) Regulations 2004
Subsidiary LegislationIn forceProvision 4 of 25
Regulation 18
Amended byS 845/2018 wef 01/01/2019S 233/2013 wef 18/04/2013S 845/2018 wef 01/01/2019
Subregulation 1
Amended byS 845/2018 wef 01/01/2019
Unless otherwise specified in this Part or in any direction issued under the Act —
(a)
a liability of an insurance fund is to be recognised by a licensed insurer in accordance with the Accounting Standards; and
(b)
a liability of an insurance fund is to be valued by a licensed insurer in accordance with the Accounting Standards and sound actuarial principles.
Subregulation 2
Amended byS 233/2013 wef 18/04/2013
The Authority may, by notice in writing to a licensed insurer, 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.