Companies (1986 Order) (Insurance Companies Accounts) Regulations (Northern Ireland) 1994

Regulation 5

SCHEDULE 2 MINOR AND CONSEQUENTIAL AMENDMENTS OF 1986 ORDER

1.  In Article 236(2)(b) of the 1986 Order(1) (exemption for parent companies included in accounts of a larger group), after the words “the Bank Accounts Directive (86/635/EEC)” there shall be inserted the words “or the Insurance Accounts Directive (91/674/EEC)”.

2.  In Article 262(3) of the 1986 Order(2) (exemption from requirements to deliver accounts and reports), after the word “banking”, in both places where it occurs, there shall be inserted the words “or insurance”.

3.  Article 263C of the 1986 Order(3) (directors' report where accounts prepared in accordance with special provisions) shall be omitted.

4.  In Article 268(6) of the 1986 Order(4) (participating interests), for the words “and in Chapter I of Part I of Schedule 9” there shall be substituted the words “, Chapter I of Part I of Schedule 9 and Chapter I of Part I of Schedule 9A”.

5.  In the index of defined expressions set out in Article 270A of the 1986 Order(5)—

(a) there shall be inserted at the appropriate places the following entries—

“the 1982 Act (in Schedule 9A)

paragraph 81 of Part I of that schedule”

“general business (in Schedule 9A)

paragraph 81 of Part I of that Schedule”

“long term business (in Schedule 9A)

paragraph 81 of Part I of that Schedule”

“long term fund (in Schedule 9A)

paragraph 81 of Part I of that Schedule”

“policy holder (in Schedule 9A)

paragraph 81 of Part I of that Schedule”

“provision for unexpired risks (in schedule 9A)

paragraph 81 of Part I of that Schedule”;

(b) in the entry relating to “historical cost accounting rules”, there shall be inserted at the appropriate place the words—

“—in Schedule 9A

paragraph 20(b) of Part I of that Schedule”;

(c) for so much of the entry relating to “lease, long lease and short lease” as relates to Schedule 9A there shall be substituted the words—

“—in Schedule 9A

paragraph 81 of Part I of that Schedule”;

(d) for so much of the entry relating to “listed investment” as relates to Schedule 9A there shall be substituted the words—

“—in Schedule 9A

paragraph 81 of Part I of that Schedule”;

(e) in the entry relating to “pension costs”, there shall be inserted at the appropriate place the words—

“—in Schedule 9A

paragraph 85(b) and c) of Part I of that Schedule”;

(f) for so much of the entry relating to “provision” as relates to Schedule 9A there shall be substituted the words—

“—in Schedule 9A

paragraph 84 of Part I of that Schedule”;

(g) in the entry relating to “social security costs”, there shall be inserted at the appropriate place the words—

“—in Schedule 9A

paragraph 85(a) and c) of Part I of that Schedule”.

6.  In Article 276(1) of the 1986 Order (realised profits of insurance company with long term business), for paragraph (a) there shall be substituted the following paragraph—

“(a) any amount included in the profit and loss account of the company which represents a surplus in the fund or funds maintained by it in respect of that business and which has not been allocated to policy holders under section 30 of that Act, and”.

7.  Schedule 10 to the 1986 Order(6) (directors' report where accounts prepared in accordance with special provisions for insurance companies or groups) shall be omitted.

8.  In Schedule 11 to the 1986 Order(7) (modifications of Part IX where company’s accounts prepared in accordance with special provisions for banking or insurance companies), for paragraphs 7 to 13(8) there shall be substituted the following paragraphs—

“Modifications where accounts prepared in accordance with special provisions for insurance companies

7.   Article 272(2) shall apply as if the reference to paragraph 88 of Schedule 4 were a reference to paragraph 84c) of Part I of Schedule 9A.

8.   Article 277 shall apply as if the reference to paragraph 20 of Schedule 4 in paragraph (2)(b) were a reference to paragraph 35 of Part I of Schedule 9A.

9.   Article 278(2) and 283 shall apply as if the references to paragraphs 87 and 88 of Schedule 4 were references to paragraph 84 of Part I of Schedule 9A.

10.   Articles 280 and 281 shall apply as if the references in Article 280(3) to Article 234 and Schedule 4 were references to Article 263 and Part I of Schedule 9A.

11.   Article 284 shall apply as if the references to paragraphs 12(a) and 34(3)(a) of Schedule 4 were references to paragraphs 16(a) and 29(3)(a) of Part I of Schedule 9A.”.

9.  In Schedule 21 to the 1986 Order (provisions applying to unregistered companies), in the entry relating to Part VIII(9), in column 1, the words from “except paragraphs 2(a) to 2d)” to “paragraph 10(1)c)” shall be omitted.

(1)

Article 236 was inserted into the 1986 Order by Article 7 of the Companies (Northern Ireland) Order 1990 in place of an existing Article of that number, and was amended by regulation 3 of the Companies (1986 Order) (Disclosure of Branches and Bank Accounts) Regulations (Northern Ireland) 1993 (S.R. 1993 No. 199)

(2)

Article 262(3) was inserted into the 1986 Order by Article 19 of the Companies (Northern Ireland) Order 1990 in place of an existing Article of that number, and was amended by paragraph 1 of Schedule 2 to the Companies (1986 Order) (Bank Accounts) Regulations (Northern Ireland) 1992 (S.R. 1992 No. 258) and by regulation 10 of the Partnerships and Unlimited Companies (Accounts) Regulations (Northern Ireland) 1994 (S.R. 1994 No. 133)

(3)

Article 263C was inserted into the 1986 Order by Article 20 of the Companies (Northern Ireland) Order 1990, and was amended by regulation 4 of the Companies (1986 Order) (Bank Accounts) Regulations (Northern Ireland) 1992

(4)

Article 268 was inserted into the 1986 Order by Article 24 of the Companies (Northern Ireland) Order 1990 in place of an existing Article of that number, and was amended by paragraph 2 of Schedule 2 to the Companies (1986 Order) (Bank Accounts) Regulations (Northern Ireland) 1992

(5)

Article 270A was inserted into the 1986 Order by Article 24 of the Companies (Northern Ireland) Order 1990, and was amended by paragraph 3 of Schedule 2 to the Companies (1986 Order) (Bank ` Accounts) Regulations (Northern Ireland) 1992

(6)

Schedule 10 to the 1986 Order was substituted by Article 20(5) of, and Schedule 8 to, the Companies (Northern Ireland) Order 1990, and amended by regulation 6 of, and paragraph 5 of Schedule 2 to, the Companies (1986 Order) (Bank Accounts) Regulations (Northern Ireland) 1992

(7)

Schedule 11 has been amended by Article 25 of, and paragraph 24 of Schedule 10 to, the Companies (Northern Ireland) Order 1990, and by regulation 7 of, and Schedule 3 to, the Companies (1986 Order) (Bank Accounts) Regulations (Northern Ireland) 1992

(8)

Paragraphs 1 to 7 of Schedule 11 were numbered 7 to 13 and amended by regulation 7 of, and paragraph 1(3) of Schedule 3 to, the Companies (1986 Order) (Bank Accounts) Regulations (Northern Ireland) 1992

(9)

The entry in Schedule 21 relating to Part VIII was amended by regulation 7 of, and paragraph 2 of Schedule 3 to, the Companies (1986 Order) (Bank Accounts) Regulations (Northern Ireland) 1992