Regulatory Alerts2008-01-03
Added
Guidelines on Valuation of Policy Liabilities of General Business
The Monetary Authority of Singapore issued these guidelines to provide technical guidance on the valuation of general insurance policy liabilities and the preparation of actuarial investigation reports. The document mandates that approved actuaries calculate unexpired risk reserves and claims liabilities using realistic best estimates and provisions for adverse deviation based on specific data and business profile considerations. It further prescribes detailed disclosure requirements for actuarial reports, including methodologies, assumptions, and comparisons with previous valuations to ensure regulatory compliance and transparency.
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