| Valuation of liabilities of life business |
| Valuation of liabilities of life business (net of reinsurance) |
| 20.—(1) Subject to paragraph (4), a licensed insurer shall value the liability (net of reinsurance) in respect of a non-participating policy as the value of expected future payments arising from the policy, including any expense that the insurer expects to incur in administering the policy and settling any relevant claims and any provision made for any adverse deviation from the expected experience, less expected future receipts arising from the policy. [S 233/2013 wef 18/04/2013] [S 845/2018 wef 01/01/2019]
[S 845/2018 wef 01/01/2019] |