【法规名称】
【法规编号】 82469 什么是编号？
【正 文】
第3页 CAP 41G INSURANCE COMPANIES (GENERAL BUSINESS) (VALUATION) REGULATION
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[接上页] AAA A-1+ (2) The value of a listed share, listed security, holding of a unit, or other beneficial interest, in a unit trust or mutual fund with the following credit rating must be not greater than 90% of the middle market quotation of the share or security or, as the case may be, 90% of the market value of the holding of the unit, or other beneficial interest, in the unit trust or mutual fund, on the relevant date- (a) a current credit rating appraised by a credit rating agency set out in column 1 of Table 2 which is not lower than- (i) in the case of long term rating, the rating specified in column 2 in relation to that credit rating agency; and (ii) in the case of short term rating, the rating specified in column 3 in relation to that credit rating agency; or(b) a current credit rating appraised by a credit rating agency approved by the Insurance Authority and considered by him to be a rating equivalent to a rating in Table 2. TABLE 2 Column 1 Credit rating agency Column 2 Long term rating Column 3 Short term rating Moody's Investors Service, Inc. Aa3 or aa3 Prime-2 Standard and Poor's Corporation AA- A-1 (3) The value of any other listed share, listed security, holding of a unit, or other beneficial interest, in any other unit trust or mutual fund must be not greater than 75% of the middle market quotation of the share or security or, as the case may be, 75% of the market value of the holding of the unit, or other beneficial interest, in the unit trust or mutual fund, on the relevant date. (Enacted 1995) Cap 41G s 5 Shares in investment subsidiaries (1) Where an insurer is the holding company of another company whose principal business is investment in lands or buildings, listed shares or securities, unlisted shares or securities, unit trusts or mutual funds, or any combination of these investments, the value of the holding of the shares held by the insurer in such a subsidiary must be determined and reported in accordance with the following provisions of this section and not in accordance with section 4 or 7. (2) The assets and liabilities of such a subsidiary must be classified into classes in accordance with this Regulation and in accordance with the classification of the assets and liabilities of the insurer and of any other subsidiary of the insurer to which this section applies, where applicable, and valued on the same date as the assets and liabilities of the insurer are valued. (3) Subject to subsections (4) and (5), the value of each item of asset or liability of the subsidiary in each class must be determined in accordance with this Regulation (excluding section 14) and the total value of the assets or liabilities in each class attributable to the shares in the subsidiary held by the insurer must be consolidated with the total value of the same class of assets or liabilities held by the insurer itself or by another subsidiary of the insurer to which this section applies or by both, and where there is no corresponding class of assets or liabilities held by the insurer itself or by another subsidiary of the insurer to which this section applies, the value of that class of assets or liabilities of the subsidiary must be shown as a separate class. (4) The value of each class of assets or liabilities of each subsidiary, whether or not it has been consolidated under subsection (3) with the assets or liabilities of the same class of the insurer or another subsidiary, must also be disclosed- (a) where it has been so consolidated, either in a separate note or following the consolidated sum; or (b) where it has not been so consolidated, in a separate note or following the value of that class of assets or liabilities.(5) The value of any sum owing by the insurer to the subsidiary or vice versa, so far as it is attributable to the shares in the subsidiary held by the insurer, must be deducted from the value of that class of assets or liabilities held by the insurer and the subsidiary. (6) For each subsidiary the values of whose assets and liabilities have been determined and reported under this section, the following must be disclosed- (a) the name of the subsidiary; (b) the proportion of the nominal value of the issued shares of each class of shares held by the insurer; (c) the nature of business of the subsidiary; and (d) the place of incorporation of the subsidiary. (Enacted 1995) Cap 41G s 6 Shares in other insurers (1) Where an insurer is the holding company of another company whose principal business is insurance business, the value of the holding of the shares held by the insurer in such a subsidiary must be determined in accordance with the following provisions of this section and not in accordance with section 4 or 7. (2) Subject to subsections (3) and (4), the value of the holding of the shares held by the insurer in such a subsidiary must be not greater than that part of the net tangible assets of the subsidiary, which would be payable in respect of the shares in the subsidiary held by the insurer if the subsidiary were in liquidation and that net tangible assets were the amount distributable to the shareholders in the winding up. |
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