This Annex applies with respect to the determination of the amount of liabilities of insurance undertakings for the purposes of any investigation to which Article 15 of these Regulations applies and for all other purposes of the Insurance Acts and Regulations.
2. Actuarial principles applicable to the calculation of life assurance business liabilities
The amount of life assurance liabilities (other than liabilities which have fallen due before the valuation date) shall be calculated on the following actuarial principles.
(a) Proper provision shall be made for all liabilities on prudent assumptions having regard to the relevant factors and using a sufficiently prudent prospective actuarial valuation and taking account of the liabilities as determined by the policy conditions for each existing contract, including:
- all guaranteed benefits, including guaranteed surrender values,
- bonuses to which policyholders are already either collectively or individually entitl
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