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)
Application of the Valuation StandardApplication of the Valuation Standard
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Application of the Valuation Standard
The Valuation Standard is made for the purposes of section 114 of the Life Insurance Act 1995.
It applies:
- in respect of all life insurance business (including life insurance business carried on outside Australia) of a registered life company (including a life company which is a friendly society); and
- in respect of the life insurance business of an eligible foreign life insurance company, other than life insurance business carried on outside Australia; and
- to a valuation of the policy liabilities of the company made for the purposes of the Act; and
- for all valuations made in respect of periods ending on or after 31 December 2005 in the case of life insurance companies (other than friendly societies) and on or after 31 May 2006 in the case of friendly societies.
Except for paragraph 1.5, it will continue to apply until replaced. Unless the Valuation Standard is replaced at an earlier date, paragraph 1.5 will cease to apply to valuations made in respect of reporting periods ending on or after 31 December 2009.
The Standard is written in the context of Australian legislation and bases of taxation. Appropriate adjustment should be made, for example to allow for different bases of taxation, where this Standard is being applied to overseas business.