Notice 319 Valuation of Policy Liabilities of Life Business [Cancelled with effect from 31 Mar 2020]
Requirements and guidelines on the valuation and reporting of policy liabilities.
This notice applies to all insurers licensed to carry on life business, except captive insurers.
It sets out:
- Mandatory requirements on the valuation of policy liabilities relating to the life business.
- Guidelines on valuation of policy liabilities relating to the life business.
Informs licensed insurers on new guidelines on the preparation of the actuarial investigation report and changes to Notice 133
To provide guidance on the information that should be disclosed when an actuary prepares a report referred to in section 37(1)(b) of the Act (an “actuarial investigation report”).
Sets out the requirements under the risk-based capital framework for all licensed insurers, including the way in which assets and liabilities are to be valued.
Guidelines for insurers seeking exemption to use internal models to determine the regulatory liability and capital requirements for life insurance products with investment guarantees which have non-linear payouts.
Applies to all licensed insurers, except for captive insurers, marine mutual insurers and Special Purpose Reinsurance Vehicles. It sets out the requirements for insurers to submit returns to MAS.
Sets out the roles and responsibilities of appointed and certifying actuaries, and MAS' expectations on the appointment process and notification of engagements in equivalent roles in other jurisdictions.