• PIN 7.2 PIN 7.2 The requirement for an actuarial report on General Insurance Business

    • PIN 7.2.1

      Subject to Rule 7.2.2, this section applies to Insurers conducting General Insurance Business.

    • PIN 7.2.2

      Where an Insurer attributes General Insurance Business to a Long-Term Insurance Fund in accordance with Rule 3.3.2, this section does not apply to that business.

    • PIN 7.2.3

      Every Insurer must provide to the Regulator as at each reporting date a written report relating to its General Insurance Business, prepared by an Actuary who has the qualifications set out in Rule 7.5.

    • PIN 7.2.4

      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's estimate of the value of General Insurance Liabilities and of assets arising in respect of those liabilities, determined in accordance with 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 Liabilities and assets arising in respect of those liabilities, as at the reporting date;
      (d) the adequacy and appropriateness of data made available to the Actuary by the Insurer;
      (e) procedures undertaken by the Actuary to assess the reliability of the data;
      (f) the model or models used by the Actuary;
      (g) the assumptions used by the Actuary in 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.