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Location: Central Bank of Bahrain Volume 3—Insurance > Part B > Glossary of Defined Terms > [ N ]
  • [ N ]

    • Net asset value per share

      (of a company, unit trust, mutual or managed fund) — the excess of assets over liabilities divided by the number of shares or units outstanding as per the latest published audited accounts of the company, unit trust, mutual or managed fund.

    • Net assets

      (as defined under Paragraph CA-1.2.8 (g) and CA-1.3.5)

      For purposes of Module CA, net assets means the excess of assets over liabilities. The minimum net assets value is to be determined by excluding all intangible assets and in accordance with accounting principles generally accepted in Bahrain.

    • Net claims incurred (NCI)

      In relation to an insurance firm and a financial year means outstanding claims at the end of the year plus claims paid during the year less outstanding claims at the beginning of the year in each case after deduction for the claim amounts payable by the reinsurers as their share.

    • Net premium valuation method

      The standard actuarial procedure for valuing liabilities where the actual stream of premiums due under a policy is replaced by a notional stream of premiums calculated according to the rates of interest and rates of mortality and morbidity used in the process of valuation, which would have been sufficient at the outset to provide for the benefits under the contract according to the contingencies upon which they are payable, exclusive of any additions for profits, expenses or other charges.

    • Non-executive director

      Means any director who is not an executive directorG .

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