| SECOND SCHEDULE |
| Regulations 6(4)(a) and 7(2)(a) |
| Insurance Act (Chapter 142)Insurance (Accounts and Statements) RegulationsMatters to be Stated in Abstract of Actuary’s Report |
1. The following matters are to be stated in the abstract of an actuary’s report on policy liabilities relating to life business for the purposes of regulation 6(4)(a):
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2. The following matters are to be stated in the abstract of an actuary’s report on policy liabilities relating to general business for the purposes of regulation 7(2)(a):
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| 1. Under the column named “Line of Business”, the name of each line of business underwritten by the registered insurer shall be stated. |
| 2. Under the column named “Unearned Premium Reserves”, the unearned premium reserves for each line of business and for the insurance fund as a whole calculated for regulation 19(1)(a)(i) of the Insurance (Valuation and Capital) Regulations 2004 (G.N. No. S 498/2004) shall be stated. |
| 3. Under the column named “Best Estimate of Unexpired Risk Reserves (URR)”, the part of the unexpired risk reserves for each line of business and for the insurance fund as a whole calculated for regulation 19(1)(a)(ii)(A) of the Insurance (Valuation and Capital) Regulations 2004 shall be stated. |
| 4. “PAD” means any provision made for any adverse deviation from the expected experience. |
| 5. Under the column named “Provision for Adverse Deviations (PAD) of URR without Diversification”, the part of the unexpired risk reserves for each line of business calculated for regulation 19(1)(a)(ii)(B) of the Insurance (Valuation and Capital) Regulations 2004 shall be stated in the respective rows. For the row named “Fund Total”, it shall show the aggregate of values in the preceding rows that relate to individual lines of business. |
| 6. Under the column named “Fund PAD of URR”, the part of the unexpired risk reserves for the fund calculated for regulation 19(1)(a)(ii)(B) of the Insurance (Valuation and Capital) Regulations 2004 shall be stated in the row named “Fund Total”. For other rows relating to individual lines of business, the value shown in each line of business shall be derived by attributing the “Fund Total” value to each line of business. The value attributed to each line shall, however, not be less than zero. |
| 7. Under the column named “URR”, each entry shall be the sum of the entries in the columns named “Best Estimate of Unexpired Risk Reserves (URR)” and “Fund PAD of URR”. |
8. Under the column named “Premium Liabilities” and for the row named “Fund Total”, it shall reflect a value which is the higher of the value in the column named “Unearned Premium Reserves” or the column named “URR” for the same row. For other rows relating to individual lines of business, the value shown in each line of business shall be derived by attributing the “Fund Total” value to each line of business. The value attributed to each line shall, however, not be less than the value stated in the preceding column named “URR”.
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| 1. Under the column named “Line of Business”, the name of each line of business underwritten by the registered insurer shall be stated. |
| 2. Under the column named “Best Estimate of Claim Liabilities”, the part of the claim liabilities relating to the best estimate portion for each line of business and for the insurance fund as a whole, calculated for regulation 19(1)(b)(i) of the Insurance (Valuation and Capital) Regulations 2004 (G.N. No. S 498/2004) shall be stated. |
| 3. “PAD” means any provision made for any adverse deviation from the expected experience. |
| 4. Under the column named “Provision for Adverse Deviations (PAD) of Claim Liabilities without Diversification”, the part of the claim liabilities for each line of business calculated for regulation 19(1)(b)(ii) of the Insurance (Valuation and Capital) Regulations 2004 shall be stated in the respective rows. For the row named “Fund Total”, it shall show the aggregate of values in preceding rows that relate to the individual lines of business. |
| 5. Under the column named “Fund PAD of Claim Liabilities”, the part of the claim liabilities for the fund calculated for regulation 19(1)(b)(ii) of the Insurance (Valuation and Capital) Regulations 2004 shall be stated in the row named “Fund Total”. For other rows relating to individual lines of business, the value shown in each line of business shall be derived by attributing the “Fund Total” value to each line of business. The value attributed to each line shall, however, not be less than zero. |
| 6. Under the column named “Claim Liabilities”, each entry shall be the sum of the entries in the columns named “Best Estimate of Claim Liabilities” and “Fund PAD of Claim Liabilities”. |