Search Legislation

The Insurance Companies (Accounts and Statements) Regulations 1996

 Help about what version

What Version

  • Latest available (Revised)
  • Original (As made)

More Resources

Status:

This is the original version (as it was originally made). This item of legislation is currently only available in its original format.

  1. Introductory Text

  2. 1.Citation and commencement

  3. 2.Application

  4. 3.Interpretation

  5. 4.Value of assets and amount of liabilities

  6. 5.Content and form of accounts

  7. 6.Balance sheet

  8. 7.Profit and loss account

  9. 8.Revenue account

  10. 9.Additional information on general business (accounting classes and discounting)

  11. 10.Business categories for general business (reinsurance treaties accepted)

  12. 11.Additional information on general business (reinsurance treaties accepted)

  13. 12.Risk groups for general business

  14. 13.Additional information on general business (direct and facultative business)

  15. 14.Additional information on general business (direct and facultative reconciliation business)

  16. 15.Currencies other than sterling

  17. 16.Additional information on prescribed general business

  18. 17.Additional information on long term business

  19. 18.Forms prepared pursuant to regulations 9, 11 and 13 to 17

  20. 19.Additional information on general business: major treaty reinsurers

  21. 20.Additional information on general business: major facultative reinsurers

  22. 21.Information on major general business reinsurance cedants

  23. 22.Provisions supplemental to regulations 19 to 21

  24. 23.Additional information on derivative contracts

  25. 24.Additional information on shareholder controllers

  26. 25.Periodic actuarial investigation

  27. 26.Additional information on general business ceded

  28. 27.Signature of documents

  29. 28.Certificates

  30. 29.Audit and auditor’s report

  31. 30.Qualification of actuary

  32. 31.Information on appointed actuary

  33. 32.Qualifications of auditor

  34. 33.Transitional provisions

  35. 34.Amendments of the 1983 Regulations

  36. 35.Revocations

  37. Signature

    1. SCHEDULE 1

      BALANCE SHEET AND PROFIT AND LOSS ACCOUNT

      1. (Forms 9 to 17)

        1. 1.(1) All the Forms included in the part of the...

        2. 2.Completion of Forms

        3. 3.(1) The company registration number to be entered in every...

        4. 4.Currency

        5. 5.(1) The amount of any income or expenditure shall be...

        6. 6.Presentation of amounts

        7. 7.Where in any Form an amount which is shown as...

        8. 8.(1) Except to the extent permitted by sub-paragraph (2) of...

        9. 9.All amounts are to be shown to the nearer £1,000....

        10. 10.Premiums

        11. 11.Counterparty exposure

        12. 12.Provision for adverse changes

        13. 13.Liabilities

        14. 14.Reconciliation

        15. 15.Derivative contracts

        16. 16.Where, in respect of any derivative contract included in Form...

        17. 17.If— (a) the aggregate value of rights under contracts or...

    2. SCHEDULE 2

      GENERAL BUSINESS: REVENUE ACCOUNT AND ADDITIONAL INFOR MATION

      1. (Forms 20 to 39)

        1. 1.All the Forms included in the part of the return...

        2. 2.The provisions of paragraph 1(2) and paragraphs 2 to 7...

        3. 3.Currency

        4. 4.All amounts shown in sterling shall be shown to the...

        5. 5.(1) Where premiums are written by a company or claims...

        6. 6.Accounting classes

        7. 7.Where a company includes business in another accounting class under...

        8. 8.Boxes marked “Accounting class” shall be completed so as to...

        9. 9.Premiums

        10. 10.In Forms 24, 25, 28, 29 and 34—

        11. 11.For the purposes of paragraphs 10 and 14 of this...

        12. 12.In all Forms to which this Schedule relates, amounts required...

        13. 13.Claims

        14. 14.In Forms 24, 25, 28, 29 and 34, where an...

        15. 15.In all Forms to which this Schedule relates, amounts required...

        16. 16.UK and overseas business

        17. 17.Transfers of general business

        18. 18.Unearned premiums

        19. 19.Provision for unexpired risks

        20. 20.(1) Where the amount included at column 3 line 19...

        21. 21.Cessation of business

        22. 22.Claims management costs

        23. 23.Acquisition costs

        24. 24.Underwriting year accounting

        25. 25.Business managed together

        26. 26.Application of accounting practice

        27. 27.Discounting

        28. 28.Reinsurance

        29. 29.Risk groups

        30. 30.Continuation sheets

    3. SCHEDULE 3

      LONG TERM BUSINESS: REVENUE ACCOUNT AND ADDITIONAL INFORMATION

      1. (Forms 40 to 45)

        1. 1.All the Forms included in the part of the return...

        2. 2.The provisions of paragraph 1(2) and paragraphs 3 to 7...

        3. 3.For the purposes of this Schedule, a contract shall be...

        4. 4.(1) Where a company maintains more than one long term...

        5. 5.Where arrangements have been made for the provision of management...

    4. SCHEDULE 4

      ABSTRACT OF VALUATION REPORT PREPARED BY THE APPOINTED ACTUARY

      1. (Forms 46 to 61)

        1. 1.The date to which the investigation relates (the “valuation date”)....

        2. 2.The date to which the latest previous investigation under section...

        3. 3.A statement that the valuation has been made in conformity...

        4. 4.(1) Subject to sub-paragraph (2) below, for each category of...

        5. 5.(1) Subject to sub-paragraph (3) below, for each category of...

        6. 6.(1) The general principles and methods adopted in the valuation,...

        7. 7.(1) Unless shown in Form 51, 52, 53 or 54,...

        8. 8.In respect of non-linked contracts— (a) where appropriate, the proportion...

        9. 9.For each category of linked contract— (a) all assumptions made...

        10. 10.(1) The assumed levels of inflation of expenses and the...

        11. 11.(1) A schedule of the sum of the mathematical reserves...

        12. 12.(1) For long term business ceded on a facultative basis...

        13. 13.Where any rights of any policy holders to participate in...

        14. 14.(1) The principles on which the distribution of profits among...

        15. 15.Particulars of the bonus allocated to each category of contract,...

        16. 16.A statement of the practice regarding any bonus payments (in...

        17. 17.Separate statements in the form set out in Forms 46...

        18. 18.Separate statements in the form set out in Forms 47...

        19. 19.(1) Separate statements of assets covering long term liabilities (other...

        20. 20.Separate statements in the form set out in Forms 51,...

        21. 21.(1) Separate statements in the form set out in Form...

        22. 22.Separate statements of the results of the valuation in the...

        23. 23.A statement of the required minimum margin for long term...

    5. SCHEDULE 5

      GENERAL BUSINESS: ADDITIONAL INFORMATION ON BUSINESS CEDED

      1. 1.Subject to paragraph 2 below, for each contract entered into...

      2. 2.(1) Where a contract of reinsurance has been modified during...

      3. 3.For every contract reported pursuant to paragraph 1 above, whether...

      4. 4.(1) For each business category or risk group, or part...

      5. 5.For each accounting class and separately for contracts of facultative...

    6. SCHEDULE 6

      CERTIFICATES BY DIRECTORS AND ACTUARY AND REPORT OF THE AUDITORS

      1. PART I

        1. 1.Certificate by directors etc.

        2. 2.Subject to paragraph 7 below, the certificate required by regulation...

        3. 3.Subject to paragraph 7 below, the certificate required by regulation...

        4. 4.Subject to paragraph 7 below, if the company carries on...

        5. 5.Subject to paragraph 7 below, where the directors are satisfied...

        6. 6.Except in the case of a company whose head office...

        7. 7.(1) Where, in the opinion of those signing the certificate,...

      2. PART II

        1. 8.Certificate by appointed actuary

        2. 9.If the appointed actuary considers it necessary, such qualification, amplification...

      3. PART III

        1. 10.Auditors' report

        2. 11.To the extent that the information and explanations they have...

        3. 12.Where the auditors refer in their report or in any...

    7. SCHEDULE 7

  38. Explanatory Note

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources