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2(1)Section 431(2) of ICTA is amended as follows.
(2)Insert the following definition at the appropriate place—
““the Integrated Prudential Sourcebook” means the Integrated Prudential Sourcebook made by the Financial Services Authority under the Financial Services and Markets Act 2000;”.
(3)For the definition of “liabilities” substitute—
““liabilities”, in relation to an insurance company, means—
(a)the mathematical reserves of the company as determined in accordance with chapter 7.3 of the Integrated Prudential Sourcebook, and
(b)liabilities of the company (whose value falls to be determined in accordance with chapter 1.3 of that Sourcebook) which arise from deposit back arrangements;
and for this purpose “deposit back arrangements” has the same meaning as in that Sourcebook;”.
(4)Omit the definition of “long-term liabilities”.
(5)For the definition of “value” substitute—
““value”, in relation to an asset of an insurance company, means the value of the asset as determined in accordance with chapter 1.3, as read with chapter 3.2, of the Integrated Prudential Sourcebook;”.
(6)The amendments made by this paragraph have effect in relation to periods of account ending on or after 31st December 2004.
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