【法规名称】
【法规编号】 82473 什么是编号？
【正 文】
第2页 CAP 41E INSURANCE COMPANIES (DETERMINATION OF LONG TERM LIABILITIES) REGULATION
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[接上页] (5) The method of calculation of the amount of the liabilities and the assumptions used shall not be subject to discontinuities from year to year arising from arbitrary changes and shall be such as to recognise the distribution of profits in an appropriate way over the duration of each policy. (Enacted 1995) Cap 41E s 6 Currency matching Where the liabilities of an insurer in any particular currency are not matched by assets expressed in or capable of being realised without any exchange risk into that currency, a prudent provision shall be included in the liabilities of the insurer against the effects of changes in exchange rates on the adequacy of the assets. (Enacted 1995. 80 of 1997 s. 102) Cap 41E s 7 Avoidance of future valuation strain The amount of the liability determined in respect of a group of contracts of insurance shall not be less than such amount as, if the assumptions adopted for the valuation were to remain unaltered and were fulfilled in practice, would enable liabilities similarly determined at all times in the future to be covered from resources arising solely from the contracts and the assets covering the amount of the liability determined at the current valuation. (Enacted 1995) Cap 41E s 8 Rates of interest (1) The rates of interest to be used in calculating the present value of future payments by or to an insurer shall be no greater than the rates of interest determined from a prudent assessment of the yields on existing assets attributed to the long term business and, to the extent appropriate, the yields which it is expected will be obtained on sums to be invested in the future. (2) For the purposes of subsection (1), the assumed yield on an asset attributed to the long term business, before any adjustment to take account of the effect of taxation, shall not exceed the yield on that asset calculated in accordance with subsections (3), (4) and (5), reduced by 2.5% of that yield. (3) For the purposes of calculating the yield on an asset, the asset shall be valued in accordance with section 8(4) of the Ordinance. (4) The yield on an asset, subject to subsection (5), shall be- (a) in the case of fixed interest investments (that is to say, investments which are fixed interest securities), that annual rate of interest which, if used to calculate the present value of future payments of interest before the deduction of tax and the present value of repayments of capital, would result in the sum of these amounts being equal to the value of the asset; (b) in the case of variable interest investments (that is to say, investments which are not fixed interest securities) that are equity shares or land, the ratio to the value of the asset of the income before the deduction of tax which would most likely be expected to be received in the 12 months following the valuation date on the assumption that the asset will be held throughout that period; (c) in the case of variable interest investments (that is to say, investments which are not fixed interest securities) other than equity shares or land, that annual rate of interest which, if used to calculate the present value of future payments of interest, before deduction of tax, and the present value of repayments of capital, where applicable, would result in the sum of these amounts being equal to the value of the asset.(5) In calculating the yield on an asset under this section- (a) if the asset does not consist of equity shares or land- (i) a prudent adjustment shall be made to exclude that part of the yield estimated to represent compensation for the risk that the income from the asset might not be maintained or that capital repayments might not be received as they fall due; and (ii) in making that adjustment, regard shall be had wherever possible to the yields on risk-free investments of a similar term in the same currency;(b) for assets which are equity shares or land, adjustments to yields shall be made as appropriate to exclude that part, if any, of the yield from each category of asset that is needed to compensate for the risk that the aggregate income from that category of asset, taking one year with another, might not be maintained; for the purposes of this paragraph, a "category of asset" comprises assets of a similar nature, type and degree of risk.(6) To the extent that it is necessary to make an assumption about the yields which will be obtained on sums to be invested in future, the yield shall be determined in accordance with subsections (7) and (8). (7) The yield assumed, before any adjustment to take account of the effect of taxation- (a) on any investment to be made more than 3 years after the valuation date shall not exceed the lowest of- (i) a prudent assessment of the yield, current on the valuation date, of long term fixed interest securities issued by the national government of the country in which currency the liabilities are denominated; or (ii) 6% per annum, increased by one quarter of the excess, if any, of the yield referred to in subparagraph (i) over 6% per annum; or |
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