CTHRepealedLegislation
Life Insurance (prudential standard) determination No. 1 of 2011 - Prudential Standard LPS 600 - Statutory Funds
Meaning of “aggregate retained profits”Meaning of “aggregate retained profits”
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Meaning of “aggregate retained profits”
- The “aggregate retained profits” of a category of business of a statutory fund is an amount worked out in accordance with the following formula:
net assets of category policy liabilities of category
where:
“net assets of category” means the net assets of the category determined in accordance with paragraph 35;
“policy liabilities of category” means the policy liabilities of the category as at the starting date determined in accordance with actuarial standard AS1.01 issued October 1996 by the Life Insurance Actuarial Standards Board.