25 May 2017 in National Assembly:
Hon. Temporary Deputy Chairman, I beg to move:
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25 May 2017 in National Assembly:
THAT, the principal Act is amended by inserting the following new section- Admitted 43A (1) For purposes of this Act, a reference to admitted liabilities liabilities of an insurer in computing available capital means liabilities shown as current, contingent and prospective liabilities in the accounts of an insurer, and includes, in the case of long term insurance business, the liabilities in respect of policies of long term insurance business.
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25 May 2017 in National Assembly:
THAT, the principal Act is amended by inserting the following new section- Admitted 43A (1) For purposes of this Act, a reference to admitted liabilities liabilities of an insurer in computing available capital means liabilities shown as current, contingent and prospective liabilities in the accounts of an insurer, and includes, in the case of long term insurance business, the liabilities in respect of policies of long term insurance business.
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25 May 2017 in National Assembly:
(2) For purposes of this Act, a reference to admitted liabilities does not include - (a) liability in respect of a share capital or reserve in lieu of The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor.
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25 May 2017 in National Assembly:
(2) For purposes of this Act, a reference to admitted liabilities does not include - (a) liability in respect of a share capital or reserve in lieu of The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor.
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25 May 2017 in National Assembly:
capital approved by the Commissioner; (b) liability in respect of such matters as the Commissioner may by notice in writing direct; (c) tax liability arising from an un-appropriated or undistributed surplus of a statutory fund; such other liability as may be prescribed.
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25 May 2017 in National Assembly:
capital approved by the Commissioner; (b) liability in respect of such matters as the Commissioner may by notice in writing direct; (c) tax liability arising from an un-appropriated or undistributed surplus of a statutory fund; such other liability as may be prescribed.
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25 May 2017 in National Assembly:
(3) An insurer shall make adequate provision in the accounts for liabilities in respect of unexpired risks and outstanding or incurred claims including provision for claims incurred but not reported which shall be computed in accordance with a method approved by the Commissioner.
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25 May 2017 in National Assembly:
(3) An insurer shall make adequate provision in the accounts for liabilities in respect of unexpired risks and outstanding or incurred claims including provision for claims incurred but not reported which shall be computed in accordance with a method approved by the Commissioner.
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25 May 2017 in National Assembly:
The import of this is to define ―admitted liabilities‖ which the Act has not defined and they include liability in respect of share capital or reserve in lieu of capital approved by the commissioner; liability in respect of such matters as the Commissioner may by notice in writing direct; and, tax liability arising from the un-appropriated or undistributed surplus of a statutory fund.
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