Label: |
Outstanding Claims Liability Surplus/Deficit |
Concept Guidance: |
This is the amount, as at the relevant date, by which the outstanding claims liability (OCL), determined in accordance with accounting standards exceeds (or is in deficit of) the equivalent figure determined in accordance with prudential standards. OCL relates to all claims incurred in the relevant accident or underwriting year prior to the valuation date, whether or not they have been reported to the insurer. The value of the OCL must include an amount in respect of the expenses that the insurer expects to incur in settling these claims. The value of OCL must not include any Government charges imposed such as levies, duties and taxes.
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