Returns on actuarial investigation of life business
12.—(1) For the purposes of section 36(3) of the Act, a captive insurer licensed to carry on life business shall lodge for each accounting period —
(a)
in respect of the actuarial investigation under section 37(1) of the Act of its life business, and separately for each insurance fund established and maintained under the Act —
(i)
a statement in Form 14, giving an abstract of valuation results in respect of its life business; and
(ii)
a statement in Form 16, giving an analysis of experience of the insurance fund;
(b)
in respect of the actuarial investigation under section 37(1) of the Act of participating fund allocations to policies and to the surplus account in accordance with section 17(6) of the Act —
(i)
a statement in Form 18, giving particulars of participating fund allocations; and
(ii)
an actuary’s certificate in Form 19, which shall state the actuary’s opinion on the allocations to participating policies and to the surplus account; and
(c)
an actuary’s report on the actuarial investigation under section 37(1) of the Act of policy liabilities relating to its life business, which shall be signed by the actuary.
[S 242/2013 wef 18/04/2013]
(2) For the purposes of section 37(1) of the Act, a captive insurer licensed to carry on life business shall lodge for each accounting period, in respect of the actuarial investigation of policy liabilities relating to its life business —
(a)
an abstract of the actuary’s report on policy liabilities relating to its life business, which shall include the matters specified in paragraph 1 of the Second Schedule to the Insurance (Accounts and Statements) Regulations 2004 (G.N. No. S 494/2004); and
(b)
an actuary’s certificate in Form 17, which shall —
(i)
state the actuary’s opinion on policy liabilities relating to the life business of the insurer; and
(ii)
certify that the valuation was done in accordance with any applicable requirement stipulated under the Act or a direction issued under the Act.