Regulatory Alerts2013-08-16
Added
Interpretation of Aggregate of Insurer's Liabilities Under Unmatured Long-Term Policies
Effective 01 October 2013, the Registrar of Long-Term Insurance requires registered insurers and reinsurers to calculate annual levies strictly based on the aggregate un-matured long-term policy liabilities disclosed in their audited annual financial statements. The calculation must refer only to total in-force policies under the long-term insurance policyholder liabilities category, excluding non-long-term insurance products such as retirement annuities. The Registrar will no longer accept levy payment schedules that differ from these audited disclosures, and insurers must adjust their reporting or include explanatory notes for any variances.