Short-Term Insurance Act, 1998 (Act No. 53 of 1998)

Prescribed requirements for the calculation of the value of the assets, liabilities and capital adequacy requirement of short-term insurers

Purchase

2.1	Except if these Requirements or the Act specifically directs otherwise:

a)	assets must be valued in accordance with financial reporting standards; and

b)	the liabilities of an insurer must be determined in accordance with financial reporting standards.

2.2	Where the insurer applies materiality guidelines in the valuation of its assets or liabilities, they may not be less conservative than the materiality guidelines applied by its external auditors.