SCHEDULES
SCHEDULE 9AForm and Content of Accounts of Insurance Companies and Groups
CHAPTER IIINOTES TO THE ACCOUNTS
Information supplementing the profit and loss account
Separate statement of certain items of income and expenditure73
1
Subject to the following provisions of this paragraph, each of the amounts mentioned below shall be stated.
2
The amount of the interest on or any similar charges in respect of—
a
bank loans and overdrafts,F2. . . ; and
b
loans of any other kind made to the company.
This sub-paragraph does not apply to interest or charges on loans to the company from group undertakings, but, with that exception, it applies to interest or charges on all loans, whether made on the security of debentures or not.
Sub-paras. (3)-(5) rep. by SR 1997/314
Particulars of tax74
Sub-paras. (1) rep. by SR 1997/314
2
Particulars shall be given of any special circumstances which affect liability in respect of taxation of profits, income or capital gains for the financial year or liability in respect of taxation of profits, income or capital gains for succeeding financial years.
3
The following amounts shall be stated—
a
the amount of the charge for United Kingdom corporation tax;
b
if that amount would have been greater but for relief from double taxation, the amount which it would have been but for such relief;
c
the amount of the charge for United Kingdom income tax; and
d
the amount of the charge for taxation imposed outside the United Kingdom of profits, income and (so far as charged to revenue) capital gains.
Those amounts shall be stated separately in respect of each of the amounts which is shown under the following items in the profit and loss account, that is to say item III.9 (tax on profit or loss on ordinary activities) and item III.14 (tax on extraordinary profit or loss).
Particulars of business75
1
As regards general business a company shall disclose—
a
gross premiums written,
b
gross premiums earned,
c
gross claims incurred,
d
gross operating expenses, and
e
the reinsurance balance.
2
The amounts required to be disclosed by sub-paragraph (1) shall be broken down between direct insurance and reinsurance acceptances, if reinsurance acceptances amount to 10 per cent. or more of gross premiums written.
3
Subject to sub-paragraph (4), the amounts required to be disclosed by sub-paragraphs (1) and (2) with respect to direct insurance shall be further broken down into the following groups of classes—
a
accident and health.
b
motor (third party liability),
c
motor (other classes),
d
marine, aviation and transport,
e
fire and other damage to property,
f
third-party liability,
g
credit and suretyship,
h
legal expenses,
i
assistance, and
j
miscellaneous,
where the amount of the gross premiums written in direct insurance for each such group exceeds 10 million ECUs.
4
The company shall in any event disclose the amounts relating to the three largest groups of classes in its business.
76
1
As regards long term business, the company shall disclose—
a
gross premiums written, and
b
the reinsurance balance.
2
Subject to sub-paragraph (3) below—
a
gross premiums written shall be broken down between those written by way of direct insurance and those written by way of reinsurance; and
b
gross premiums written by way of direct insurance shall be broken down—
i
between individual premiums and premiums under group contracts;
ii
between periodic premiums and single premiums; and
iii
between premiums from non-participating contracts, premiums from participating contracts and premiums from contract where the investment risk is borne by policy holders.
3
Disclosure of any amount referred to in sub-paragraph (2)(a) or (2)(b)(i), (ii) or (iii) shall not be required if it does not exceed 10 per cent of the gross premiums written or (as the case may be) of the gross premiums written by way of direct insurance.
77
1
Subject to sub-paragraph (2) there shall be disclosed as regards both general and long term business the total gross direct insurance premiums resulting from contracts concluded by the company—
a
in the member State of its head office,
b
in the other member States, and
c
in other countries.
2
Disclosure of any amount referred to in sub-paragraph (1) shall not be required if it does not exceed 5 per cent of total gross premiums.
Commissions78
There shall be disclosed the total amount of commissions for direct insurance business accounted for in the financial year, including acquisition, renewal, collection and portfolio management commissions.
Para. 79 rep. by SR 2004/496
Miscellaneous matters80
1
Where any amount relating to any preceding financial year is included in any item in the profit and loss account, the effect shall be stated.
2
Particulars shall be given of any extraordinary income or charges arising in the financial year.
3
The effect shall be stated of any transactions that are exceptional by virtue of size or incidence though they fall within the ordinary activities of the company.