Returns on actuarial investigation of life business
4.—(1)  The forms mentioned in this regulation are those set out in the Fifth Schedule.
(2)  A form prescribed by this regulation shall be completed in accordance with such directions as may be specified in the form or by the Authority.
(3)  For the purpose of section 37(1)(c) of the Act, an insurer registered to carry on life business shall prepare, for each accounting period, an abstract of the report of the investigation into the financial condition of the insurer which shall include —
(a)the matters set out in Part I of the Fifth Schedule;
(b)a summary and valuation of policies —
(i)in the case of a direct insurer, in Form 13; or
(ii)in the case of a reinsurer, in Form 13A,
in respect of the insurer’s life business as at the end of that accounting period for —
(A)the aggregate of all insurance funds established and maintained in respect of Singapore policies; and
(B)the aggregate of all insurance funds established and maintained in respect of offshore policies; and
(c)a valuation result and distribution of surplus in Form 14 for —
(i)each insurance fund established and maintained by the insurer under the Act; and
(ii)the aggregate of all insurance funds established and maintained in respect of non-investment-linked policies that are Singapore policies,
as at the end of that accounting period.
(4)  For the purpose of section 37(1)(c) of the Act, the actuary making the investigation shall, in the certificate relating to the abstract —
(a)state that he is satisfied as to the accuracy of the valuations of the liabilities in respect of insurance policies made for the purposes of the investigation;
(b)where the actuary is in the direct employment of the insurer, state that he has satisfied himself as to the accuracy of the data on which the valuations are based;
(c)state that he is satisfied that the values of liabilities in respect of insurance policies determined in the investigation adequately represent the obligations of the insurer; and
(d)state and quantify the financial impact of any material event which occurs after the end of the accounting period but before the date the certificate is lodged to the Authority.
(5)  An insurer registered to carry on life business who had an investigation made to it in accordance with section 37(1)(a) of the Act shall lodge, for each accounting period —
(a)statements as to policies and premiums as at the end of that accounting period set out in Part III of the Fifth Schedule;
(b)where the actuary making the investigation referred to in section 37(1)(a) of the Act is not in the direct employment of the insurer but is acting under an arrangement with the insurer, a separate certification signed by or on behalf of the principal officer of the insurer stating the precaution taken by the insurer to ensure the accuracy of the data on which the valuations are based; and
(c)where the insurer is a direct insurer, an actuary’s report, signed by the actuary, based on the solvency testing carried out by the actuary under the Insurance (Duties of Actuary) Regulations (Rg 3).
[S 31/2004 wef 21/01/2004]