Guidance Note 12, relating to actuarial reports for general insurance business. It concerns formal reports on the reserves and the financial soundness of general insurance companies and Lloyd's syndicates. The accounting basis required for Companies Act accounts, which is based on the assumptions that the insurer will continue to trade as normal for the long term future. Those who wanted the UK kept within the Bundesbank's financial strait-jacket use the term Black Wednesday. See Best Advice .
Good advice is a more recent and slightly weaker version.
This is a method for placing a value on a life insurance company's liabilities that explicitly values the future office premiums payable. In addition, it usually values explicitly future discretionary benefits and future expenses. If it makes explicit allowance for future bonuses it may be referred to as a bonus reserve valuation. The valuation may be carried out using formula or cashflow techniques. A term used to reflect taxation pricing and valuation assumptions.