The Insurance Companies (Reserves) Regulations 1996

  1. Introductory Text

  2. PART I PRELIMINARY

    1. 1.Citation, commencement and application

    2. 2.Interpretation

    3. 3.Scope

  3. PART II BUSINESS OTHER THAN CREDIT INSURANCE BUSINESS

    1. 4.Application: Part II

    2. 5.Equalisation reserve: Part II

    3. 6.Business groups

    4. 7.Transfers to and from the equalisation reserve

    5. 8.Transfers of business by insurance company

    6. 9.Transfers of business to insurance company

    7. 10.Transfers from equalisation reserve where net premiums written fall below specified limits

  4. PART III

    1. 11.Application: Part III

    2. 12.Equalisation reserve: Part III

  5. PART IV MISCELLANEOUS AND SUPPLEMENTAL

    1. 13.Consequential amendment

    2. 14.Regulations 76 to 78 of, and Schedule 14 to, the...

  6. Signature

    1. SCHEDULE 1

      METHODS OF CALCULATING THE EQUALISATION RESERVE

      1. PART I

        1. 1.Methods of calculating transfers in

        2. 2.For business falling within a business group, the amount to...

        3. 3.The table referred to in paragraph 2 above is as...

      2. PART II

        1. 4.Methods of calculating transfers out

        2. 5.For business falling within a business group which is accounted...

        3. 6.For business falling within a business group which is accounted...

        4. 7.For the purposes of paragraphs 5 and 6 above, if...

        5. 8.The table referred to in paragraphs 5 and 6 above...

        6. 9.The abnormal loss for each business group accounted for on...

        7. 10.If the abnormal loss in respect of any business group...

      3. PART III

        1. 11.Method of calculating business group maximum

        2. 12.(1) The business group maximum at the end of a...

        3. 13.Method of calculating the maximum reserve

    2. SCHEDULE 2

      METHOD OF CALCULATING THE EQUALISATION RESERVE FOR CREDIT INSURANCE BUSINESS

      1. 1.The company shall maintain a credit insurance equalisation reserve to...

      2. 2.(1) Subject to sub-paragraphs (2) and (4) below, such reserve...

      3. 3.For the purposes of this Schedule, technical surplus or technical...

      4. 4.In determining any technical surplus referred to in paragraph 2(1)...

  8. Explanatory Note