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  • Other Assets

    • CA-4.2.24

      Deposits and current account balances with approved financial institutions must be valued at their full face value. The admissible value of these assets is their face value.

    • CA-4.2.25

      Amounts due under contracts of insurance and reinsurance (either ceded or accepted), including salvage and subrogation rights, must be valued at the amounts that can reasonably be expected to be recovered. The exceptions being:

      (a) All debts (net of provisions) which have been due for more than 6 months, in which case they must be valued at nil;
      (b) Advance commission paid to intermediaries which must be valued at nil; and
      (c) Amounts that pertain to a subsidiary or associate of the insurance firm must be valued in accordance with Paragraph CA-4.2.4 above.
      Amended: April 2014
      Amended: October 2007
      Amended: January 2007

    • CA-4.2.25A

      The value of unearned reinsurance premiums is the value as determined in accordance with generally accepted accounting concepts, bases and policies or other generally accepted methods appropriate to insurance firms.

      Inserted: October 2008

    • CA-4.2.26

      In the case of general insurance business, the value of deferred acquisition costs is the value as determined in accordance with generally accepted accounting concepts, bases and policies or other generally accepted methods appropriate to insurance firms.

      Amended: January 2007

    • CA-4.2.27

      The admissible value of any cash holding is its face value.

    • CA-4.2.28

      Office machinery, furniture, motor vehicles, computer and other equipment belonging to the company must be valued at an amount not greater than its book value. If the value of office machinery, furniture, motor vehicles computer and other equipment exceeds 3% of the insurance business amount the admissible value of the said assets for the purpose of this Chapter must be restricted to 3% of the insurance business amount.

      Amended: January 2007

    • CA-4.2.29

      Life interests, reversionary interests and similar interests in property must be valued as the amount which would reasonably be paid by way of consideration for an immediate transfer or assignment thereof.

    • CA-4.2.30

      Investments, except investments that are specifically covered above, must be valued in accordance with this Paragraph:

      (a) If the investment is due, or will become due, within twelve months from the date at which the investment is being valued at (or would become so due if the company exercised some right), the amount which can reasonably be expected to be recovered in respect of the investment, taking due account of any security held in respect thereof;
      (b) Otherwise, the amount that would reasonably be paid by way of consideration for an immediate assignment of the debt together with the benefit of any security held in respect thereof.
      Amended: January 2007

    • CA-4.2.31

      Where Paragraph CA-4.2.30 applies to an investment in any one individual or unincorporated body of persons and the aggregate value of those investments (for that individual or unincorporated body of persons valued in accordance with Paragraph CA-4.2.30) exceeds 1% of the insurance business amount, the admissible value of those investments for the purpose of this Chapter must be restricted to 1% of the insurance business amount.

      Amended: January 2007

    • CA-4.2.32

      Where Paragraph CA-4.2.30 applies to an investment in any one company and the aggregate value of those investments (for that company valued in accordance with Paragraph CA-4.2.30) exceeds 2.5% of the insurance business amount the admissible value of those investments for the purpose of this Chapter must be restricted to 2.5% of the insurance business amount.

      Amended: January 2007