PINS 8.4.3 Assumptions and methods on which valuations depend

An insurer must, where the valuation of an asset or liability is dependent upon the adoption of assumptions or the adoption of a calculation method, ensure that any change in the assumptions or methods adopted is reflected immediately in the value attributed to the asset or liability concerned. The recognition of the effects of changes in assumptions or methods may not be deferred to future reporting periods.

Amended by QFCRA RM/2015-3 (as from 1st January 2016).