【法规名称】
【法规编号】 82473 什么是编号？
【正 文】
第3页 CAP 41E INSURANCE COMPANIES (DETERMINATION OF LONG TERM LIABILITIES) REGULATION
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[接上页] (iii) 7.5% per annum;(b) on any investment to be made at any time not more than 3 years after the valuation date shall not exceed the assumed yield determined under subsection (2) adjusted linearly over the said 3 years to the yield determined in accordance with paragraph (a).(8) In no case shall a rate of interest determined for the purposes of subsection (1) exceed the adjusted overall yield on assets calculated as the weighted average of the reduced yields on the individual assets arrived at under subsection (2); and when that weighted average is calculated- (a) the weight given to each investment shall be its value as an asset determined in accordance with section 8(4) of the Ordinance; and (b) except in relation to the rate of interest used in valuing payments of property linked benefits, both the yield and the value of any linked assets shall be omitted from the calculation.(9) For the purpose of determining the rates of interest to be used in valuing a particular category of contracts the assets may, where appropriate, be notionally apportioned between different categories of contracts. (Enacted 1995) Cap 41E s 9 Contracts not to be treated as assets No contract for long term business shall be treated as an asset. (Enacted 1995) Cap 41E s 10 Options and guarantees (1) Provision shall be made on prudent assumptions to cover any increase in liabilities caused- (a) by policy holders exercising options under their contracts; and (b) by the operation of any guarantee included in a contract.(2) Where a contract includes an option whereby the policy holder could secure a guaranteed cash payment within 12 months following the valuation date, the provision for that option shall be such as to ensure that the value placed on the contract is not less than the amount required to provide for the payments that would have to be made if the option were exercised. (Enacted 1995) Cap 41E s 11 Rates of mortality and disability The amount of the liability in respect of any category of contract shall, where relevant, be determined on the basis of prudent rates of mortality and disability. (Enacted 1995) Cap 41E s 12 Expenses (1) Provision for expenses, whether implicit or explicit, shall be not less than the amount required, on prudent assumptions, to meet the total net cost, after taking account of the effect of taxation, that would be likely to be incurred in fulfilling contracts if the insurer were to cease to transact new business 12 months after the valuation date. (2) The provision mentioned in subsection (1) shall have regard to, among other things, the insurer's actual expenses in the last 12 months before the valuation date and to the effects of inflation on future expenses on prudent assumptions as to the future rates of increase in prices and earnings. (Enacted 1995) Cap 41E s 13 No credit for profits from voluntary discontinuance Allowance shall not be made in the valuation for the voluntary discontinuance of any contract if the amount of the liability so determined would thereby be reduced. (Enacted 1995) Cap 41E s 14 Valuation of future premiums (1) Where further specified premiums are payable by the policy holder under a contract (not being a linked long term contract) under which benefits (other than benefits arising from a distribution of profits) are determined from the outset in relation to the total premiums payable thereunder, then, subject to section 15- (a) where the premiums under the contract are at a uniform rate throughout the period for which they are payable, the premiums to be valued shall be not greater than such level premiums as, if payable for the same period as the actual premiums under the contract and calculated according to the rates of interest and rates of mortality or disability which are to be employed in calculating the liability under the contract, would have been sufficient at the outset to provide for the benefits under the contract according to the contingencies upon which they are payable, exclusive of any additions for profits, expenses or other charges; (b) where the premiums under the contract are not at a uniform rate throughout the period for which they are payable, the premiums to be valued shall be not greater than such premiums as would be determined on the principles set out in paragraph (a) modified as appropriate to take account of the variations in the premiums payable by the policy holder in each year,save that a premium to be valued shall in no year be greater than the amount of the premium payable by the policy holder. (2) Where the terms of the contract have changed since the contract was first made (the terms of the contract being taken to change for the purposes of this section if the change is indicated in an endorsement on the policy but not if a new policy is issued), then, for the purposes of subsection (1) it shall be assumed that those changes from the time they occurred were provided for in the contract at the time it was made. |
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