In this Part of this Schedule—

• “the 2012 balance sheet”, in relation to an insurance company, means—

  1. a

     an actual balance sheet of the company drawn up as at the end of 31 December 2012 in accordance with generally accepted accounting practice, or

  2. b

     a deemed balance sheet of the company under paragraph 3, and

• “the 2012 periodical return”, in relation to an insurance company, means—

  1. a

     an actual periodical return of the company covering a period ending immediately before 1 January 2013, or

  2. b

     a deemed periodical return of the company under paragraph 4.