Can someone maybe give me a good definition for 'Statutory returns' as used in the 'Uses for data' list? Is it just mandatory information that needs to be provided to the regulator? And what exactly are the main goals of this. To prove solvency or just to see whether regulation is being adhered to? Struggling to find a definition for this. Thank you
Yes statutory returns relates to information that the insurer needs to provide to the regulator. What needs to be provided will vary between territories but would be expected to include demonstration that adequate provisions and capital are held to back the business.
