Insurance (Valuation and Capital) Regulations 2004 · As enacted · Part V · Recognition and Valuation of Liabilities
18. Recognition and valuation of liabilities generally
Feedback & supportLast amended by an amending law of 2018. 2 amendments in all.
Unless otherwise specified in this Part or in any direction issued under the Act —
a liability of an insurance fund is to be recognised by a licensed insurer in accordance with the Accounting Standards; and
a liability of an insurance fund is to be valued by a licensed insurer in accordance with the Accounting Standards and sound actuarial principles.
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.
Subregulation 1
Unless otherwise specified in this Part or in any direction issued under the Act —
a liability of an insurance fund is to be recognised by a licensed insurer in accordance with the Accounting Standards; and
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
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.