Adequacy Verification of reserves and contingency reserves
Adequacy Verification of the allocation and processing of surplus and the insurance contractor’s dividends
Adequacy Evaluation of guaranteed reserves, Reserve for outstanding claims and future loss adjustment expenses which are reserves for evaluation
Verification of whether the insurance risk amount and interest rates risk amount meet RBC(Risk-Based Capital)
Review of verification opinions by the lead actuary
Execution method
Full inspection using the verification system for reserves and sample contracts
For interest sensitive product, the deposit and withdrawal details and Interest Rate Disclosure information are used to support a system that verifies premium reserves of all cases.
After verification of reserves based on the cash flow method, a full inspection is carried out for products that are out of the margin of error.
Verification of detailed items to check whether overall assumptions and the assessment of reserves are calculated according to regulations.
Provide work manuals for internal control and work practice. Assign expert personnel with rich experience in verifying reserves.
