References to statutory valuation of life policies
27.—(1) Any reference in these Regulations to a statutory valuation of an insurer’s liabilities shall be read as a reference to a valuation made for the purposes of section 37 of the Act.
[S 466/2002 wef 01/10/2002]
(2) Where by these Regulations the liabilities of an insurer in respect of a Singapore policy or offshore policy belonging to the insurer’s life business are required to be valued on a specified basis as for a statutory valuation, the liabilities shall be valued on that basis with the like deduction (if any) for any reinsurance of those liabilities as would be made on a statutory valuation.
(3) For the purpose of paragraph (2), the total deduction that may be made against a reinsurer’s deposit in respect of the reinsurances secured thereby shall (if the case requires) be apportioned rateably between those reinsurances according to the value of the liabilities reinsured.