Insurance (Valuation and Capital) Regulations 2004
Table of Contents
Enacting Formula
Part I PRELIMINARY
1 Citation and commencement
2 Definitions
Part II FINANCIAL REQUIREMENT BEFORE LICENSING, FUND SOLVENCY REQUIREMENT AND CAPITAL ADEQUACY REQUIREMENT
3 Paid-up capital requirement
4 Fund solvency requirement and capital adequacy requirement
Part III OTHER FINANCIAL REQUIREMENTS
5 Reduction in paid-up ordinary share capital or redemption of preference shares
6 (Deleted)
Part IV RECOGNITION AND VALUATION OF ASSETS
7 Application of this Part
8 Recognition and valuation of assets generally
9 Equity securities
10 Debt securities
11 Land and buildings
12 Loans
13 Cash and deposits
14 Outstanding premiums and agents’ balances
15 Deposits withheld by cedants
16 Reinsurance recoverables
16A Reinsurers’ share of policy liabilities
Part V RECOGNITION AND VALUATION OF LIABILITIES
17 Application of this Part
18 Recognition and valuation of liabilities generally
19 Valuation of liabilities of general business (net of reinsurance)
19A Recognition and valuation of liabilities of general business (gross of reinsurance)
20 Valuation of liabilities of life business (net of reinsurance)
20A Recognition and valuation of liabilities of life business (gross of reinsurance)
21 Treatment in relation to reinsurance arrangement with head office and branch
21A Treatment in relation to reinsurance arrangement with subsidiary of insurer
Part VI MISCELLANEOUS PROVISIONS
22 Surplus account
22A Contingency reserves
23 Revocation
24 (Deleted)
FIRST SCHEDULE Total risk requirement
SECOND SCHEDULE Types of insurance business
THIRD SCHEDULE Contingency reserves
FOURTH SCHEDULE Repealed
FIFTH SCHEDULE Repealed
SIXTH SCHEDULE Repealed
SEVENTH SCHEDULE Repealed