Search Definitions

policy liability means a liability that arises under a life insurance contract or a life investment contract including any asset or liability arising in respect of the management services element of a life investment …

reinsurance assets means a cedant’s net contractual rights under a reinsurance contract …

reinsurance contract means an insurance contract issued by one insurer ( the reinsurer ) to compensate another insurer (the cedant ) for losses on one or more contracts issued by the …

reinsurer means the party that has an obligation under a reinsurance contract to compensate a cedant if an insured event occurs …

separate financial statements are those presented by a parent, an investor in an associate or a venturer in a joint venture, in which the investments are accounted for on the basis of the direct equity interest rather than on the basis of the reported …

statutory fund means a statutory fund under the Life Insurance Act 1995 …

unbundle means to account for the components of a contract as if they were separate contracts …

Government refers to government, government agencies and similar bodies whether local, national or international. …

Government assistance is action by government designed to provide an economic benefit specific to an entity or range of entities qualifying under certain criteria. Government assistance for the purpose of this Standard does not include benefits provided …

Government grants are assistance by government in the form of transfers of resources to an entity in return for past or future compliance with certain conditions relating to the operating activities of the entity. They exclude those forms of government …