1 The Eighth Meeting of the Asian Association of Insurance Commissioners held in 1976, determined that arrangements be introduced for the regular collection of statistics on the numbers of life insurance policies issued and discontinued by death. The Committee on Mortality Studies of Assured Lives (COMSAL) was thus formed. The statistics submitted by companies to the Authority since 1978 has enabled COMSAL to determine the experience of insured lives and to prepare mortality tables for Singapore.
2 The ASEAN Insurance Commissioners, who now oversee COMSAL, approved at their Fifteenth Meeting in 1989 the extension of the mortality investigations to include the rates of mortality attributable to accidental deaths and the rates of occurrence of claims for benefits under total permanent disability riders.
3 Instructions have been provided by COMSAL for the preparation of the annual returns from life insurance companies to provide the data required for these investigations. These are in MAS 303 Appendix A (PDF, 42.2KB) outlined as follows:
|
Part |
Subject |
|
1 |
The Definitions |
|
2 |
Preparation of Returns Relating to Deaths from all Causes |
|
3 |
Preparation of Returns Relating to Accidental Deaths and Permanent Total Disability Claims |
4 With regard to Part 3, the preferred method for investigating the incidence of accidental deaths is to base the studies on the experience as to accidental deaths occurring under all life insurance policies issued by the company instead of under Accident Riders only. Therefore, all companies must use Option B for the preparation of returns relating to accidental deaths and permanent total disability claims.
5 Companies are required to take all possible steps to ensure the accuracy of the information contained in the annual statements. Where possible, the totals of each Form should be reconciled with the annual statutory returns to be submitted to the Authority.
6 The annual returns should be submitted on 3' inch or 5'-inch diskette according to the specifications at MAS 303 Appendix B (PDF, 18.7KB). These should be submitted within six months after the end of each calendar year.
Appendix A
(42.2KB)
Appendix B
(18.7KB)
Appendix C: Preparation of Mortality Studies Data using dBASE III plus
(7.4KB)
Appendix D: Computer Codes
(4.65KB)
