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The Insurance Companies (Accounts and Statements) (Amendment) Regulations 1997
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- 1997 No. 2911
- Regulation 9
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Schedule 2 to the 1996 Regulations: general business: revenue account and additional information
9. In paragraph 24 of Schedule 2 to the 1996 Regulations (underwriting year accounting), for paragraph (b) of sub-paragraph (3) substitute—
“(b)A year is “open” with respect to any business incepting during its period if the provision for outstanding claims in respect of that business is set using the non-annual method and if so set previously has not now been replaced in accordance with the requirements of paragraph 52(4) of the shareholder accounts rules, and “closed year” and “closing a year” shall be construed accordingly.”.
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