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Regulations 6 and 7
1. A statement showing the amount by which the assets are expected to exceed liabilities at the date of authorisation (after application of Parts VI and VII of these Regulations) and how calculated.
2. Particulars of the classes of long term business which the society wishes to be included in the authorisation.
3. The sources of business (for example, insurance brokers, agents, own employees or direct selling), and the approximate percentage expected from each source.
4. The nature of the commitments which the society proposes to take on and the general and special policy conditions which it proposes to use.
5. The technical bases that the actuary who will be appointed by the society for the purposes of these Regulations proposes to employ for each class of business, including the data needed to calculate premium rates and mathematical reserves.
6. The guiding principles as to reinsurance including the society’s maximum retention per risk or event after all reinsurance ceded and the names of the principal reinsurers.
7. The assets which represent or will represent the minimum guarantee fund being assets admissible under and valued in accordance with Part VI of these Regulations.
8. The estimated cost of installing the administrative services and organisation for securing business, and the financial resources intended to cover those costs.
9. For each of the first three years of account following authorisation–
(a)a forecast balance sheet (on both optimistic and pessimistic bases);
(b)a plan (on both optimistic an pessimistic bases) setting out detailed estimates of income and expenditure in respect of direct business and reinsurance cessions; and
(c)estimates relating to the financial resources intended to cover underwriting liabilities and the margin of solvency.
10. A statement showing the types of investments which are expected to represent the insurance funds and the estimated proportion which will be represented by each type of investment.
11. Copies or drafts of reinsurance treaties.
12. Copies or drafts of any standard agreements with brokers or agents.
13. Copies or drafts of any agreements with persons (other than employees of the society) who manage or will manage the business of the society.
14. A certificate by the actuary appointed for the purposes of these Regulations that–
(a)he considers the premium rates to be suitable,
(b)he considers the financing of the society to be sufficient to cover both technical reserves and the required margin of solvency during the first three years of account following authorisation, and
(c)he agrees with the information provided under paragraphs 6 and 9 above.
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