Currency Auditorium The Museum Contact Us
Site Map Feedback FAQs

Post 4: February 22, 2021


Catastrophe Reserve Fund and Dismantling of the Statutory Fund

Submitted by forumuser_DMJ on Mon, 02/22/2021 - 3:30 pm

Industry Questions/Comments

Industry Questions/Comments

With the dismantling of the statutory fund and deposit with the new Insurance Act, what will be the process for retrieving assets pledged?  Also, what is the requirement with respect to the setup of the Catastrophe Reserve Fund? Will it function just like the existing statutory fund/deposit or will there be more latitude in terms of the pledging of assets?

Computation of insurance liabilities & Inspector may require actuarial reports

Submitted by forumuser_DMJ on Mon, 02/22/2021 - 2:56 pm

Industry Questions/Comments

Section 212 requires insurers to include in financial statements adequate provisions for policy liabilities including unexpired risks and outstanding claims, together with details on methods and assumptions used to calculate the liabilities while section 215 requires the insurer to have its actuary perform a valuation of the policy liabilities and prepare a valuation report.  Is this not double work if the insurer is doing it independently of the actuary?

Publication of financial statements

Submitted by forumuser_DMJ on Mon, 02/22/2021 - 2:51 pm

Industry Questions/Comments

When will the decision re the use of abridged financial statements be made?  Ideally it would be great if this could be established and the format circulated, even if unofficially, before the proclamation of the Act so that insurers can prepare accordingly, especially since there are several different year ends to consider.

Subscribe to Post 4: February 22, 2021
Top