INSURANCE (GENERAL PROVISIONS AND EXEMPTIONS FOR MARINE MUTUAL INSURERS) REGULATIONS
FORM 1
NAME OF INSURER: __________________________________
ANNUAL ANALYSIS OF CALLS, PREMIUMS AND CLAIMS
Co Code
Year
Month
Source of Business: SIF/OIF*
Class of Business: _______________________________________
Policy Year Ended
Row No.
Calls Made/ Refunded in Financial Year
Anticipated Future Calls/ Refunds
Reinsurance Premiums Paid/Payable in Financial Year
Outstanding Net Claims Reserve b/f (including IBNR)
Net Payments Made in Financial Year
Outstanding Net Claims Reserve c/f (including IBNR)
Gross Payments Made in Financial Year
Estimate of Gross Payments Remaining on Reported Claims
Estimate of Gross Payments for IBNR Claims
Month
Year
1
2
3
4
5
6
7
8
9
1
2
3
4
5
6
7
8
9
Prior years
10
Total (1 to 10)
11
*Delete whichever is inapplicable.
Premiums in respect of:
SIF
OIF
Fixed Premium Business:
$_________
$_________
INSURANCE ACT (CHAPTER 142)
INSURANCE (GENERAL PROVISIONS AND EXEMPTIONS FOR MARINE MUTUAL INSURERS) REGULATIONS
FORM 2
STATEMENT ON ADEQUACY OF CLAIM LIABILITIES FOR FINANCIAL YEAR ENDED ___________________
To the best of my knowledge and belief, I, Chief Executive of _____________________, do state that the amounts of claim liabilities as shown in the books of accounts of the company/branch* and in Form 1 : Fund Balance-Sheet are adequate to meet all ultimate claim payouts under each insurance fund established in accordance with section 17(1) of the Insurance Act (Cap. 142).
The claim liabilities referred to in this Statement include the expected future payments in relation to all claims incurred prior to the valuation date (other than payments which have fallen due for payment before the valuation date), whether or not they have been reported to the company/branch*, including any expense expected to be incurred in settling those claims and any provision for any adverse deviation from the expected experience. In attesting to the adequacy of claim liabilities, I have satisfied myself that —
(a)
the company/branch* has in place proper systems and records to properly assess the claim liabilities set up in the books of accounts;
(b)
the claim liabilities have been estimated using a proper and consistent method based on properly collated claims statistics. Particular attention has been paid to ‘long-tail’ business and large or catastrophic losses;
(c)
the claim liabilities have been set up using a conservative approach in order to ensure that the claim liabilities maintained will be adequate to meet all ultimate claim payouts; and
(d)
the reinsurance arrangements of the company/branch* have been examined and the impact arising from any of the reinsurance arrangements being rendered inadequate or ineffective has been taken into account in determining the amount of claim liabilities; except*
* Delete whichever is inapplicable.
Name and signature of Chief Executive: _____________________________