Section 4(3) in The Insurance Regulatory And Development Authority (Actuarial Report And Abstract) Regulations, 2000

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Union of India - Subsection

Section 4(3) in The Insurance Regulatory And Development Authority (Actuarial Report And Abstract) Regulations, 2000

(3)Each Abstract shall show-

(a)The Valuation Date .-The date on which valuation (investigation) is done;

(b)New Products .-A brief description of new products introduced during the inter-valuation period giving salient features;

(c)Foreign Operations .-A brief description of the foreign operations of the insurer, during the inter-valuation period;

(d)Valuation Method .-A brief description of-

(i)the methods adopted in the determination of mathematical reserves in respect of insurance products;

(ii)the method by which age at entry, premium term, maturity date, valuation age, period from the valuation date to the maturity date, have been treated for the purpose of valuation;

(iii)the method of allowing for-

(I)incidence of premium income; and

(II)premiums payable otherwise than annually;

(e)Valuation Bases .-(i) Valuation parameters used in the valuation shall be furnished in the manner as specified in the table hereunder:-

Description	Mortality basis used	Morbidity basis used	Inflation rate	Interest rate	Expenses	Future bonuses, if any	Others, please specify	Remarks
(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)
(a) Insurance Product
(i)Regular premium
(ii)Single premium and fully paid up
(iii)Reduced paid up
(b) Insurance Product
(i)Regular premium
(ii) Single premium and fully paid up
(iii)Reduced paid up

(ii)Expenses related to premiums, sum assured, annuity, etc., and per policy shall be specified separately under column (5) of the table;

(iii)Items such as terminal bonus, in case of with profit contracts, management charges, etc., in respect of linked business, shall be specified under column (8) of the table;

(f)Other Adjustments (Provisions).-The methods by which provision, if any, has been made for the following matters, including a statement of bases wherever necessary:-

(i)Policies in respect of which extra premiums have been charged on account of underwriting of under-average lives that are subject to extra risks such as occupation hazard, over-weight, under-weight, smoking history, health, climatic or geographical conditions;

(ii)Lapsed policies not included in the valuation but under which a liability exists or may arise;

(iii)Options available under individual and group insurance policies;

(iv)Guarantees available to individual and group insurance policies;

(v)The rates of exchange at which benefits in respect of policies issued in foreign currencies have been converted into Indian Rupees and what provision has been made for possible increase of mathematical reserves arising from future variations in rates of exchange;

(g)Further Information .-The following information shall be appended:-

(i)Returns on assets as specified under regulation 5;

(ii)Distribution of surplus as specified under regulation 6;

(iii)Principles adopted in distribution of surplus as specified under regulation 7;

(iv)Negative reserves of guaranteed surrender value deficiency reserves as specified under regulation 9;

(v)Miscellaneous, if any.

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Union of India - Subsection

Section 4(3) in The Insurance Regulatory And Development Authority (Actuarial Report And Abstract) Regulations, 2000