58
CAP. 41]
Insurance Companies
[1988 Ed.
(m) Goodwill, patents, and trade marks.
(n) Other assets, to be separately specified if material.
With regard to assets where a provision is made for depreciation, amortization, renewal or diminution in value, the amount so provided shall be recorded in respect of each asset.
(o) Long term business liabilities-
(i) long term business funds;
(ii) claims admitted but not paid;
Liabilities
for each type of business specified in paragraph 25.
(p) Liabilities other than long term business--
(i) unearned premiums;
(ii) any additional amount for unexpired risks;
(iii) claims outstanding before and after deducting amounts recoverable from reinsurers--
(A) reported claims;
(B) claims incurred but not reported;
(iv) expenses of settling claims outstanding, if not included under (iii) above;
(v) funds;
(vi) others.
(q) Other insurance liabilities-
(i) amounts due in respect of direct insurance except amounts which must be included in
(o) or (p) above;
(ii) amounts due to insurers and intermediaries under reinsurance treaties accepted,
except amounts which must be included in (o) or (p) above;
(iii) amounts due to reinsurers and intermediaries under reinsurance contracts ceded.
(r) Other liabilities-
(i) secured loans;
(ii) unsecured loans;
(iii) subordinated loan stock;
(iv) taxation;
(v) recommended dividend;
(vi) accrued cumulative preference share dividend;
(vii) other creditors.
17. The aggregate amounts respectively of reserves and provisions (other than provisions for depreciation, amortization, renewal or diminution in value of assets) shall be stated under separate headings.
18. There shall also be shown (unless it is shown in the profit and loss account or a statement or report annexed thereto, or the amount involved is not material) ---
(a) where the amount of the reserves or of the provisions (other than provisions for depreciation, amortization, renewal or diminution in value of assets) shows an increase as compared with the amount at the end of the immediately preceding financial year, the source from which the amount of the increase has been derived; and
(b) where-
(i) the amount of the reserves shows a decrease as compared with the amount at the end of the immediately preceding financial year; or
(ii) at the end of the immediately preceding financial year the amount of the provisions (other than provisions for depreciation, amortization, renewal or diminution in value of assets) exceeded the aggregate of the sum since applied and amounts still retained for the purposes thereof,
the application of the amounts derived from the difference.
19. If provision is made for claims equalization or to accommodate fluctuations in taxation, or for
any other purpose,
it shall be stated. If any of the sum so set aside has been used during the financial year for another purpose, the amount thereof and the purpose for which it has been so used shall be stated.
20. Where any liability of the insurer is secured otherwise than by operation of law on any assets of the insurer, the fact that the liability is so secured shall be stated.
21. Where any of the insurer's debentures are held by a nominee of or trustee for the insurer, the nominal amount of the debentures and the amount at which they are stated in the books of the insurer shall be stated.