PIN 7.2 PIN 7.2 The requirement for an actuarial report on general insurance business
Subject to PIN Rule 7.2.2, this section applies to
Insurersconducting General Insurance Business.
Insurerattributes General Insurance Businessto a Long-Term Insurance Fundin accordance with PIN Rule 3.3.4, this section does not apply to that business.
PIN 7.2.3(1) An
Insurer, other than a Captive Insurer, must provide to the DFSAas at each reporting date a written report relating to its General Insurance Business, prepared by an Actuarywho has the qualifications set out in PIN section 7.5.(2) Notwithstanding (1), the DFSA may by written notice require a Captive Insurer to provide, for the period specified in the notice, a written report relating to its General Insurance Business, prepared by an Actuary who has the qualifications set out in PIN section 7.5.
This report must provide details in respect of each
Class of Business, of:(a) significant aspects of the recent experience of the Insurer;(b) the Actuary'sestimate of the value of General Insurance Liabilitiesand of assets arising in respect of those liabilities, determined in accordance with PIN chapter 5;(c) where there has been a change in the assumptions or in valuation method from that adopted at the previous valuation, the effect of these changes on the General Insurance Liabilitiesand assets arising in respect of those liabilities, as at the reporting date;(d) the adequacy and appropriateness of data made available to the Actuaryby the Insurer;(e) procedures undertaken by the Actuaryto assess the reliability of the data;(f) the model or models used by the Actuary;(g) the assumptions used by the Actuaryin the valuation process including, without limitation, assumptions made as to inflation and discount rates, future expense rates and, where relevant, future investment income;(h) the approach taken to estimate the variability of the estimate; and(i) the nature and findings of sensitivity analyses undertaken.