Are free assets just: assets - liabilities or is it: assets - liabilities - MCR Or is one of those 'different practitioners use different definitions' and one should just define clearly what they mean in the exam?
As with pretty much everything in general insurance, it's one of those "different practitioners use different definitions" cases. ;-) In other words, you have to define precisely what you mean. I think it says as much in the notes somewhere, but I forget which chapter...
I always take it to mean the excess of admissible assets over technical reserves and current liabilities!
