Set out in Chapter 5 of IPRU (INS). The liabilities, as calculated, are set against the assets as valued (Valuation of Assets Rules) for required minimum margin (RMM) purposes. Liabilities for general insurance business are calculated along the lines of general accounting principles and practices, but long-term business liabilities are subject to complex rules calculated by the appointed actuary guided by his professional body and the Government Actuary’s Department.