Section 8 in The Insurance Regulatory And Development Authority (Actuarial Report And Abstract) Regulations, 2000
8. Statement of composition of surplus and distribution of surplus in respect of policy-holders' funds
.-(1) A statement showing total amount of surplus arising during the inter-valuation period, and the allocation of such surplus, shall be furnished separately for participating business and for non-participating business, with the particulars as mentioned below:-Composition of surplus:(a)Surplus shown under Form I;(b)Interim bonuses paid during the inter-valuation period;(c)Terminal bonuses paid during the inter-valuation period;(d)Loyalty additions or other forms of bonuses, if any, paid during the inter-valuation period;(e)Sum transferred from share-holders' funds during the inter-valuation period;(f)Amount of surplus, from policy-holders' funds, brought forward from preceding valuation;(g)Total surplus [total of the items (a) to (f).Distribution of surplus:Policy-holders' fund:(a)To interim bonuses paid;(b)To terminal bonuses;(c)To loyalty additions or any other forms of bonuses, if any;(d)Among policy-holders with immediate participation giving the number of policies which participated and the sums assured thereunder (excluding bonuses);(e)Among policy-holders with deferred participation, giving the number of policies which participated and the sums assured thereunder (excluding bonuses);(f)Among policy-holders in the discounted bonus class giving the number of policies which participated and the sums assured thereunder (excluding bonuses);(g)To every reserve fund or other fund or account (any such sums passed through the accounts during the inter-valuation period to be separately stated);(h)As carried forward un-appropriated; Share-holders' fund:(i)To the share-holders' funds (any such sums passed through the accounts during the inter-valuation period to be separately stated);Totals:(j)Total surplus allocated [total of the items (a) to (i).(2)Specimen of bonuses allotted to policies for one thousand rupees together with the amounts apportioned under the various manners in which the bonus is receivable, for each type of participating product, shall be furnished.
