Close menu

Application provision

1.1 Unless otherwise stated, this Part applies to a non-directive insurer which carries on long-term insurance business, other than a non-directive friendly society.



A firm must make, and retain for an appropriate period, a record of:

  1. (1) the methods and assumptions used in establishing its mathematical reserves, including the margins for adverse deviation, and the reasons for their use; and
  2. (2) the nature of, reasons for, and effect of, any change in approach, including the amount by which the change in approach increases or decreases its mathematical reserves.