PD-3 PD-3 Further Guidance and Best Practice
PD-3.1 PD-3.1 Introduction
PD-3.1.1
This Chapter provides references to sources of additional guidance issued by international bodies. The CBB encourages
insurance licensees to go beyond the minimum disclosure standards contained in this Module, and to refer to guidance issued by international bodies on best practice.Amended: January 2007PD-3.1.2
Should any guidance referred to in this Chapter conflict with specific CBB requirements, then the CBB requirements will prevail.
Amended: January 2007PD-3.2 PD-3.2 Guidance Provided by Other International Bodies
International Association of Insurance Supervisors: 'Guidance Paper on Public Disclosure by Insurers'
PD-3.2.1
This paper provides guidance on the public disclosure of reliable and timely information, involving both the quality of disclosure by insurers and the nature of the information being disclosed. Disclosure improves the understanding of
policyholders and market participants of the financial position of insurers. The CBB encouragesinsurance licensees to refer to this document and to apply the disclosure principles it contains (see www.iaisweb.org).Amended: January 2007
Amended: October 2007AAOIFI Financial Accounting Standard 12 (General Presentation and Disclosure in the Financial Statements of Islamic Insurance Companies)
PD-3.2.2
The CBB requires takaful companies to follow Financial Accounting Standard 12 (General Presentation and Disclosure in the Financial Statements of Islamic Insurance Companies) published by the Accounting and Auditing Organisation for Islamic Financial Institutions — www.aaoifi.com (refer to Section BC-3.4).
Amended: January 2007
