CIB 7.3.6

This report must provide details of, in respect of each Class of Business:

(a) the product range (including details of any significant changes in products during the period to which the report relates);
(b) any discretionary charges and benefits, options and guarantees, and reversionary bonus entitlements, where such features are included in a product;
(c) reinsurance arrangements;
(d) significant aspects of the recent experience of the Insurer, including, where relevant, a commentary on significant deviations of actual experience compared to the assumptions made in the previous valuation;
(e) the Actuary's estimate of the value of Long-Term Insurance liabilities, determined in accordance with Chapter 6;
(f) the method and assumptions used by the Actuary in the valuation process, including, where relevant, a commentary on significant differences between the assumptions used and recent actual experience of the Insurer and a description of any non- standard method;
(g) any expense reserves, mismatching reserves and any other special reserves included by the Actuary in the value of the Long-Term Insurance liabilities, or recommended by the Actuary to be maintained, although not included in the valuation;
(h) a determination of the value of surplus in the Long-Term Insurance Fund, before any distribution of such surplus;
(i) a description of the Invested Assets used to determine the risk-adjusted yield on which the discount rate used in the valuation was based;
(j) the adequacy and appropriateness of data made available to the Actuary by the Captive Insurer;
(k) procedures undertaken by the Actuary to assess the reliability of the data;
(l) the model or models used by the Actuary;
(m) the approach taken to estimate the variability of the estimate;
(n) the sensitivity analyses undertaken;
(o) any significant changes to the matters reported on during the period since the previous valuation, including in the case of the matters referred to in (f), and otherwise where relevant, an estimate of the effect of these changes on the Long- Term Insurance liabilities as at the Reference Date; and
(p) commentary on any other factors affecting the valuation.