This is the value, as at the relevant date, of the outstanding claims liability (OCL), net of any recoveries that relate to the gross OCL, determined in accordance with relevant reporting standards.OCL relates to all claims incurred prior to the valuation date, whether or not they have been reported to the reporting party. The value of the OCL must include an amount in respect of the expenses that the reporting party expects to incur in settling these claims. The value of OCL must not include any Government charges directly imposed on the reporting party such as levies, duties and taxes.The OCL will be measured as the present value of the future expected net payments, i.e. discounted for future investment income, plus a risk margin determined in accordance with relevant reporting standards.