THE INSURANCE Commission (IC) is looking to set standards for the computation of mutual benefit associations’ (MBA) policy reserves.
“Every MBA supervised by the Insurance Commission shall value their policy reserves for Basic Life Insurance and Optional Life Insurance coverages at the end of each valuation period in accordance with this set of Valuation Standards,” the industry regulator said in a draft circular dated Dec. 26 and posted on its website.
The MBA sector can send their comments on the proposal to the IC’s Actuarial Division until Jan. 6.
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