The Insurance Companies (Accounts and Statements) Regulations 1996

Additional information on general business: major facultative reinsurers

20.—(1) Subject to the provisions of regulation 22 below, a company which carries on general business shall annex to the documents referred to in regulations 6, 7 and 8 above, and relating to the financial year in question, for each major facultative reinsurer of—

(a) its full name and the address of the registered office or of the principal office in the country where it is incorporated (or, in the case of an unincorporated body, of the principal office);

(b) whether (and, if so, how) the company was at any time in the financial year connected with such reinsurer;

(c) the amount of the reinsurance premiums payable in the financial year;

(d) the amount of any debt to the company included at line 75 of Form 13;

(e) the amount of any deposit received as included at line 31 of Form 15; and

(f) the amount of any anticipated recoveries to the extent that such recoveries have been taken into account by the company in determining the reinsurers' share of technical provisions in respect of claims outstanding as shown at line 61 of Form 13; except that, in respect of claims incurred but not reported, such recoveries need only be included to the extent that they are in respect of any specific occurrences for which provisions have been allocated by the company,

or a statement that it has no major facultative reinsurer.

(2) For the purposes of this regulation, a major facultative reinsurance contract is a contract under which general business has been ceded by the company on a facultative basis—

(a) under which the total amount of premiums payable to any reinsurer (a “major facultative reinsurer”) is equal to not less than ½ per cent. of the gross premiums receivable by the company in respect of general business; or

(b) in relation to which, in respect of any reinsurer (a “major facultative reinsurer”) the aggregate of amounts in sub-paragraphs (1)(d) and (e) above exceeds one per cent. of the company’s general business amount (as calculated in accordance with the Insurance Companies Regulations).