Description:
General purpose financial reports
Financial reports prepared according to generally accepted accounting principles within the relevant jurisdiction to meet the common financial information needs of a wide range of users including policyholders and investors.
Going-concern basis
A method of considering the financial situation assuming that the company will continue to operate and that future business will be written.
Going-concern capital
Capital which achieves both the objectives of reducing the probability of insolvency by absorbing losses on a going-concern basis, or in run-off, and of_ reducing the loss to policyholders in the event of insolvency or winding-up.
Group-wide internal models
A risk measurement system a group uses to analyse and quantify risks to the group as a whole as well as risks to the various parts of the group, to determine the capital resources needed to cover those risks and to allocate capital resources across the group. Group-wide internal models may include partial models which capture a subset of the risks to the group and/or all the risks of a subset of the group. Group-wide internal models may also include combinations of models in respect of different parts of the group. An insurer's internal model may be part of a broader group-wide model rather than a standalone model.
Group-wide supervision
The supervisory approach to an insurance group which considers the group structure, any regulated or non-regulated entities.
Group-wide supervision framework (GSF)
A supervisory framework for insurance groups that sets out the preconditions for group-wide supervision, group-wide regulatory requirements and group-wide supervisory review and reporting.
Group-wide supervisor
The supervisor(s) responsible for promoting effective and coordinated supervision of an insurance group including coordinating the input of insurance legal entity supervisors in undertaking the supervision of an insurance group on a group-wide basis, as a supplement to insurance legal entity supervision.
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