Mataracy
VIP Contributor
Monitoring is very important to every standard insurance company.
Every insurer shall not, later than 30th September of each year, submit to the commission its annual returns which include, a duly audited balance sheet , profit or loss account and revenue account for each class of business a statement of investments.
In addition an insurer transacting life insurance business must submit the following; an abstract of the report of an actuary and valuation report of the insurance business; a summary and valuation of the life policies; a table of premiums, policy reserve values and guaranteed surrender values; abs a certificate of solvency signed by an actuary showing that the value of assets of the company exceeds the value of its liabilities.
The essence of the monitoring of the companies is to detect on time, the companies that are not performing well so that remedial actions could be promptly taken.
Did you think that its necessary for insurance company to monitor the insurer ?
Every insurer shall not, later than 30th September of each year, submit to the commission its annual returns which include, a duly audited balance sheet , profit or loss account and revenue account for each class of business a statement of investments.
In addition an insurer transacting life insurance business must submit the following; an abstract of the report of an actuary and valuation report of the insurance business; a summary and valuation of the life policies; a table of premiums, policy reserve values and guaranteed surrender values; abs a certificate of solvency signed by an actuary showing that the value of assets of the company exceeds the value of its liabilities.
The essence of the monitoring of the companies is to detect on time, the companies that are not performing well so that remedial actions could be promptly taken.
Did you think that its necessary for insurance company to monitor the insurer ?