CA-A.2.3
A list of recent changes made to this Module is detailed in the table below:
Module Ref. | Change Date | Description of Changes |
CA-1.2 | 01/07/05 | Changes made to the definitions of Tier 1 and Tier 2. |
CA-4.1 | 01/07/05 | Correction to cross-reference. |
CA-4.2 | 01/07/05 | Clarified valuation of amounts receivable. |
CA-7.1 | 01/07/05 | Minor correction to list. |
CA-8.2 | 01/07/05 | Minor correction. |
CA-8.3 | 01/07/05 | Minor correction. |
CA-8.4 | 01/07/05 | Minor correction. |
CA-8.5 | 01/07/05 | Minor correction. |
CA-1.2 | 01/10/05 | Amended requirement for minimum paid-in capital to minimum Tier 1 capital and related transition rules; clarified the definition of Tier 1 capital with respect to reserves and appropriations; clarified definition of Tier 2 in relation to the investment fair value reserve; amended determination of capital available chart in line with other changes in Section CA-1.2. |
CA-2.1 | 01/10/05 | Added class of short term medical for solvency calculation of premiums basis and claims basis. |
CA-4.2 | 01/10/05 | Clarified the treatment of unlisted equity shares and deleted the reference to managed funds. |
CA-7.1 | 01/10/05 | Corrected reference to Group Insurance Firm Return. |
CA-3.1 | 01/01/06 | Clarified that rule applies to related parties, as defined in Glossary. |
CA-2.1.14 | 01/04/06 | Clarified the calculation of the average gross claims incurred. |
CA-4.2.25 | 01/04/06 | Corrected that receivables from contracts of insurance are also included under general asset valuation regulations. |
CA-6.1.6 | 01/04/06 | Clarified the definitions of 'assets' and 'liabilities' for purposes of currency matching and localisation requirements. |
CA-1.2.8 and CA-1.2.21 | 01/07/06 | Added minority interest as part of the components of Tier 1 and clarified excess tier 2 capital. |
CA-2.1.14 | 01/07/06 | Clarified calculation of required solvency margin on the Claims basis. |
CA-4.3.2 | 01/07/06 | Clarified category limits for assets linked to long-term liabilities. |
CA-8.4.3 | 01/07/06 | Clarified definition of capital available for a takaful fund. |
CA-A.1.4 | 01/2007 | New Rule introduced, categorising this Module as a Directive. |
CA-1.2.8 and 1.2.21 | 01/2007 | Minority interest was deleted as part of Tier 1 capital as solvency test is performed on an unconsolidated basis. |
CA-1.2.21 | 01/2007 | Deleted reference to negative reserves as no discounting is permitted that would give rise to negative reserves. Clarified that there should be a deduction for solvency margin deduction required for branches in other jurisdictions. Added a deduction for assets pledged or provided as collateral. |
CA-2.1.8A | 01/2007 | The required solvency margin for pure reinsurers, other than for the reinsurance of linked business, is to be calculated in accordance with Paragraph CA-2.1.12. |
CA-2.1.15 | 01/2007 | The reference period for the calculation of average gross claims and met claims incurred is now limited to 3 years. The 7-year option has been deleted. |
CA-4.2.25 | 01/2007 | Clarified that all amounts due under contracts of insurance and reinsurance that have been due for more than 6 months must be valued at nil. |
CA-1.2.1 and 1.2.2 |
10/2007 | Minimum Tier 1 capital only applies to |
CA-4.2.25A | 10/2008 | Added a Paragraph to deal with the valuation of unearned reinsurance premiums. |
CA-8.4.6A | 10/2008 | Clarified treatment of income generated from the assets forming part of the free loan to the Takaful fund. |
CA-8.4.13 | 10/2008 | Introduced Rules for transition period for newly established Takaful funds. |
CA-6.1.1 | 04/2009 | Clarified non-application of localisation requirements to unit-linked products. |
CA-8.4.8 | 04/2009 | Paragraph 8.4.8 deleted on funding of deficit for Family Takaful funds |
CA-1.2.4 | 10/2009 | Paragraph amended to allow for the zillmer adjustment as outlined in Paragraph CA-5.1.24 |
CA-3.1 | 10/2009 | Section amended to reemphasize the need for separate accounting funds for different lines of business and different funds. |
CA-5.1 | 10/2009 | Various amendments in line with consultation document issued in July 2009. |
CA-A.1.4 | 01/2011 | Clarified legal basis |
CA-1.3.1 and CA-1.3.1A | 04/2012 | Updated capital requirements for insurance brokers. |
CA-1.2.3, CA-1.2.23, CA-4.2.25, CA-8.2, CA-8.3, CA-8.4, CA-8.4A, CA-8.5 |
04/2014 | Various amendments to reflect consultation undertaken on the enhanced operational and solvency framework. Some changes are applicable to all insurance firms and some only applicable to Takaful firms. |
CA-1.3.1B | 04/2023 | Added a new Paragraph on minimum capital and liquid funds required for insurance aggregators. |