Label: |
Outstanding Claims Liabilities |
Concept Guidance: |
This is the value, as at the relevant date, of the outstanding claims liability (OCL), determined in accordance with relevant prudential standards. OCL relates to all claims incurred 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 directly imposed on the insurer such as levies, duties and taxes, but must be gross of input tax credit recoveries.
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