CA-6.1.6
For the purposes of the Rules in this Chapter:
(a) Assets means admissible assets valued in accordance with Chapter CA-4 General Assets Valuation Rules;
(b) Liabilities means provision, net of reinsurance recoveries, made by an insurance firm to cover liabilities arising under (or in connection with) contracts of insurance , excluding those liabilities exempted by Paragraph CA-6.1.1;
(c) References to assets in a currency (or similar expressions) are construed as references to 'assets' expressed in or capable of being realised (without exchange risk) in that currency; and
(d) An 'asset' is capable of being realised (without exchange risk) in a currency if it is reasonably capable of being realised in that currency without risk that changes in exchange rates would reduce the cover of 'liabilities' in that currency.
Amended: January 2007
Amended: October 2007
Amended: October 2007