CA-6.1.7
The currency of an
(a) Where the 'liabilities' are not expressed as 'liabilities' in terms of a particular currency, they must be treated as 'liabilities' in the currency of the country in which the risk is situated or, if the insurance firm on reasonable grounds so decides, in the currency in which the premium payable under the contract is expressed;
(b) Where a claim has been notified to an insurance firm and the insurance firm's 'liability' in respect of that claim is payable in a currency other than one which would result from the application of the above provisions, the insurance firm must regard its 'liability' as a 'liability' in the currency in which the insurance firm is actually obliged to pay it;
(c) Where a claim is assessed in a currency that is known to the insurance firm in advance but which is different from a currency that would result from the application of the above provisions, the insurance firm may regard its 'liability' as a 'liability' in that currency.
Amended: January 2007