Annex. 1.14. Calculation of Premium Risk Component
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CALCULATION OF PREMIUM RISK COMPONENT |
INS350 |
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Name: |
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Period Ending: |
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(All amounts rounded to nearest [USD]’000) |
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Category |
Line No |
Net Premium Liability ('000) |
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Direct |
Reinsurance: |
Reinsurance: |
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insurance |
proportional |
non-proportional |
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A |
B |
C |
D |
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Accident |
1 |
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Sickness |
2 |
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Land vehicles |
3 |
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Railway rolling stock |
4 |
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Aircraft |
5 |
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Ships |
6 |
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Goods in transit |
7 |
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Fire and natural forces |
8 |
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Damage to property |
9 |
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Motor vehicle liability |
10 |
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Aircraft liability |
11 |
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Liability of ships |
12 |
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General liability |
13 |
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Credit |
14 |
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Suretyship |
15 |
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Miscellaneous financial loss |
16 |
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Legal expenses |
17 |
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Assistance |
18 |
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Space |
19 |
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Space liabilities |
20 |
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Life and annuity |
21 |
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Marriage and birth |
22 |
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Linked long-term |
23 |
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Permanent health |
24 |
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Category |
Line No |
Amount of Premium Risk Components |
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Direct |
Reinsurance: |
Reinsurance: |
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insurance |
proportional |
non-proportional |
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A |
B |
C |
D |
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Accident |
25 |
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Sickness |
26 |
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Land vehicles |
27 |
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Railway rolling stock |
28 |
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Aircraft |
29 |
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Ships |
30 |
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Goods in transit |
31 |
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Fire and natural forces |
32 |
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Damage to property |
33 |
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Motor vehicle liability |
34 |
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Aircraft liability |
35 |
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Liability of ships |
36 |
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General liability |
37 |
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Credit |
38 |
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Suretyship |
39 |
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Miscellaneous financial loss |
40 |
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Legal expenses |
41 |
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Assistance |
42 |
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Space |
43 |
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Space liabilities |
44 |
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Life and annuity |
45 |
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Marriage and birth |
46 |
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Linked long-term |
47 |
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Permanent health |
48 |
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premium risk |
49 |
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Line no. |
A |
B |
C |
D |
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TOTAL PREMIUM RISK COMPONENT |
50 |
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Name/ Position |
Signature |
Date |
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Name/ Position |
Signature |
Date |
Instructions on Annex 1.14. template on Calculation of Premium Risk Component to the Manual is aimed at reporting on calculation of premium risk component of Insurance Risk Requirement.
The Calculation of Premium Risk Component of Insurance Risk Requirement must be recorded and reported in compliance with the International Financial Reporting Standards and requirements of the AIFC.
Line 50. Total Premium Risk Component – is the total of columns A., B., C. at line 49. Premium risk.
Line 49. Premium risk – is the total of lines 25 – 48. that are calculated by multiplication of its Net Premium Liabilities and Premium Risk Factors (see para. 7.2 Premium Risk Component of Schedule 5. Calculation of Prescribed Capital Requirements (PCR) of PINS) by Categories for column A. Direct Insurance, column B. Re-Insurance Proportional and column C. Re-Insurance Non-Proportional.