Regulation 5 Estimated amount of claims outstanding: confirmation by general insurerI1
United Kingdom
For the purposes of regulation 4, the amount of the liabilities in respect of claims outstanding arising from the general insurer’s general business is the amount of those liabilities stated in the general insurer’s accounts for the period if conditions A to C are satisfied.
Condition A is—
that the general insurer gives confirmation in writing that the amount of the liabilities stated in the accounts is not an excessive estimate of the amount of the liabilities, and
the confirmation is founded on or supported by an opinion in writing given to the general insurer by an actuary or other suitably skilled person (which may include a director or employee of the general insurer) stating that the amount is not an excessive estimate of the amount of the liabilities.
Regulation 6 contains provisions supplementing condition A.
Condition B is that the opinion referred to in condition A must reflect the circumstances prevailing at the time at which the technical provisions are adopted by the general insurer.
Condition C is that the amount of the liabilities stated in the accounts is determined in accordance with regulation 8 (provisions supplementing regulations 5 and 7).