S 467/2002, wef 01/10/2002
Regulation 4A (2)
RETURNS ON ACTUARIAL INVESTIGATIONS OF INSURANCE POLICY LIABILITIES IN RESPECT OF GENERAL BUSINESS
Matters to be stated in abstract of actuary's report
1. The date to which the investigation relates.
2. The name of the actuary and, where the actuary is an employee of the insurer or a related company, the capacity in which the actuary is acting.
3. That the purpose of the report is to value the insurance policy liabilities of the insurer in compliance with section 37 (1) (b) of the Act.
4. Confirmation that all requirements specified by the Authority for the valuation of insurance policy liabilities of an insurer in Singapore have been complied with, or if any requirements have not been complied with, the reasons for such non-compliance.
5. The general principles and full details of the methods adopted in the valuation of premium liabilities and claims liabilities of each line of business, including statements on the following matters:
(a) the assumptions used in the valuation process;
(b) the definitions of terms and expressions used in the report that may be ambiguous or subject to wide interpretation;
(c) the data available, a view as to its appropriateness, steps taken by the actuary to validate the data and material adjustment to the data;
(d) the manner of grouping of risks into lines of business and divisions of lines of business; and
(e) the methods used, and if these are different from the preceding accounting period, justification for the change in methods and quantification of the financial implications arising from the change in methods.
6. The best estimate and provision for adverse deviation in respect of premium liabilities and claims liabilities must be reported separately for each line of business.
S 467/2002, wef 01/10/2002
