The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 No. 410

SCHEDULE 3 INSURANCE COMPANIES: COMPANIES ACT INDIVIDUAL ACCOUNTS

PART 2 ACCOUNTING PRINCIPLES AND RULES

SECTION E RULES FOR DETERMINING PROVISIONS

Provisions for claims outstanding

Long-term business

55.  The amount of the provision for claims must be equal to the sums due to beneficiaries, plus the costs of settling claims.