(1) Without limiting the generality of PIN Rule 4.2.2, an
Insurer that effects
Direct Long-Term Insurance contracts must ensure that:
(a) premiums for any
Direct Long-Term Insurance contracts it effects are sufficient at that time for the formation of technical provisions relating to future Policy Benefits in accordance with the applicable valuation rules; and
Long-Term Insurance Fund to which Direct Long-Term Insurance contracts are attributed holds at all times Invested Assets of appropriate safety, yield and marketability adequate to provide the future Policy Benefits under those contracts that are attributed to the Fund.
(2) For the purposes of (1)(b), assets of the type described in PIN Rule A3.4.3 must be excluded.
[Added] RM46/2007 (Made 5th July 2007). [VER6/07-07]