7.3.1. Separate identification of assets, liabilities, revenues and expenses

An Insurer that is required under PINS 7.1.1 (Long-Term Insurance Funds to be established) to establish and maintain one or more Long-Term Insurance Funds, or has attributed Contracts of Insurance in General Insurance Category 1 (Accident) or General Insurance Category 2 (Sickness) to a Long-Term Insurance Fund under PINS 7.2.2(2) (Attribution of General Insurance Contracts), must:

• (a) identify separately in its books and records the assets, liabilities, revenues and expenses attributable to that business; and
• (b) ensure those assets, liabilities, revenues and expenses are recorded separately and accounted for as Long-Term Insurance Fund.

7.3.2. Recording of assets, liabilities, revenues and expenses

An Insurer must record all assets, liabilities, revenues and expenses in respect of a Contract of Insurance that is attributed to a Long-Term Insurance Fund as assets, liabilities, revenues and expenses of that Long-Term Insurance Fund.

7.3.3. Attribution of assets not already attributed

An Insurer may at any time attribute any of its assets to a Long-Term Insurance Fund that were not previously attributed to such a Long-Term Insurance Fund.

7.3.4. Recording of revenues and expenses

All revenues and expenses arising by way of earnings, revaluation or other change to the assets and liabilities of a Long-Term Insurance Fund must be recorded as revenues and expenses, or movements in capital, of that Long-Term Insurance Fund.