Valuation Valuation of Assets and Liabilities
Application provision
1.1 Unless otherwise stated, this Part applies to:
- (1) a UK Solvency II firm;
- (2) in accordance with Insurance General Application 3, the Society; and
- (3) in accordance with Insurance General Application 3, managing agents.
2.1
01/01/2016
A firm must, except where otherwise provided, value:
- (1) assets at the amount for which they could be exchanged between knowledgeable willing parties in an arm’s length transaction; and
- (2) liabilities at the amount for which they could be transferred, or settled, between knowledgeable willing parties in an arm’s length transaction.