Record of resolutions of the Life Insurance Actuarial Standards Board: actuarial standards - incorporating actuarial standards 1.04, 2.04, 3.04, 6.03 and 7.02 (05/12/2005)
16Statement Relating to the Valuation
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SECTION 16 Statement Relating to the Valuation
Overview
In order to provide transparency of the company’s financial statements, it is required that full disclosure be made by the Actuary in respect of the processes employed in accordance with this Standard.
Regard must be had for the disclosure requirements prescribed in the standards of the Australian Accounting Standard Board that are relevant to life insurance business (in particular AASB 1038) and the relevant requirements of APRA through Prudential Rules under the Life Act.
Financial Statements
16.1 At each reporting date the Actuary must provide for inclusion in the regulatory financial statements a summary of the significant elements of the calculation processes and significant assumptions used in deriving the results.
Financial Condition Report
16.2 As at each reporting date the Actuary must provide in the investigation report required by section 113 or 115 of the Act, details of the calculation processes and the assumptions used in deriving the results.