Hong Kong Regulations

INSURANCE COMPANIES (DETERMINATION OF LONG TERM LIABILITIES) REGULATION - SECT 2

Interpretation

In this Regulation, unless the context otherwise requires-

"asset" (資產) includes part of an asset;

"deposit back arrangement" (回存安排), in relation to any contract of
reinsurance, means an arrangement whereby an amount is deposited by the
reinsurer with the cedant;

"equity share" (權益股) means a share of equity share capital;

"equity share capital" (權益股本) means, in relation to a company, its
issued share capital excluding any part thereof which, neither as respects
dividends nor as respects capital, carries any right to participate beyond a
specified amount in a distribution;

"fixed interest securities" (定息證券) means securities which under their
terms of issue provide for fixed amounts of interest;

"index linked benefits" (與指數相連的利益) means benefits-

   (a)  provided for under any contract the effecting of which constitutes the
        carrying on of long term business; and

   (b)  determined by reference to fluctuations in any index of the value of
        property (whether specified in the contract or not);

"linked assets" (相連資產) means long term business assets of an insurer
which are, for the time being, identified in the records of the insurer as
being assets by reference to the value of which property linked benefits are
to be determined;

"long term business assets" (長期業務資產) means assets of an insurer
which are, for the time being, identified as representing the long term fund
or funds maintained by the insurer in respect of its long term business;

"long term liabilities" (長期負債) means liabilities of an insurer arising
under or in connection with contracts for long term business, including
liabilities arising from deposit back arrangements;

"property linked benefits" (與財產相連的利益) means benefits (other
than index  linked benefits)-

   (a)  provided for under any contract the effecting of which constitutes the
        carrying on of long term business; and

   (b)  determined by reference to the value of, or the income from, property
        of any description (whether specified in the contract or not);

"securities" (證券) includes shares, debentures, treasury bills, tax reserve
certificates and certificates of tax deposit;

"share" (股份) includes stock;

"valuation date" (估值日期), in relation to an actuarial investigation,
means the date to which the investigation relates. (Enacted 1995)

"asset" (資產)

"deposit back arrangement" (回存安排)

"equity share" (權益股)

"equity share capital" (權益股本)

"fixed interest securities" (定息證券)

"index linked benefits" (與指數相連的利益)

"linked assets" (相連資產)

"long term business assets" (長期業務資產)

"long term liabilities" (長期負債)

"property linked benefits" (與財產相連的利益)

"securities" (證券)

"share" (股份)

"valuation date" (估值日期)