Paragraph 51 Accounting on a non-annual basis

Northern Ireland

(1)

Either of the methods described in paragraphs 52 and 53 may be applied where, because of the nature of the class or type of insurance in question, information about premiums receivable or claims payable (or both) for the underwriting years is insufficient when the accounts are drawn up for reliable estimates to be made.

(2)

The use of either of the methods referred to in sub-paragraph (1) shall be disclosed in the notes to the accounts together with the reasons for adopting it.

(3)

Where one of the methods referred to in sub-paragraph (1) is adopted, it shall be applied systematically in successive years unless circumstances justify a change.

(4)

In the event of a change in the method applied, the effect on the assets, liabilities, financial position and profit or loss shall be stated in the notes to the accounts.

(5)

For the purposes of this paragraph and paragraph 52, “underwriting year” means the financial year in which the insurance contracts in the class or type of insurance in question commenced.

Notes on the whole Order

Textual amendments

F1: Order revoked (1.1.2007 for the revocation of arts. 39(4), 52, 656A(1), 658, 660, 20.1.2007 for the revocation of arts. 206-228, 246(4A)-(4E), 247(2A)(2B), 259(2A)-(2E), 261(2A), 270 and 270A (for specified purposes), 374A(3A)(6), 377(5)-(11), 380(2A)(2B)(6A), 387A(2B)-(2F)(6), 6.4.2007 for the revocation of arts. 51, 301, 302, 319, 331-337, 351, 352, 432(2)(8) (for specified purposes), 432(3)(7), 446(2)(b), 669, 677, Sch. 13 Pts. 2-4, Sch. 22, 6.4.2007 for the revocation of arts. 2 (for specified purposes), 421-423F, Sch. 7 paras. 2, 2A, 2B, 1.10.2007 for the revocation of arts. 9, 135(6), 242(1) (for specified purposes), 242ZZB, 249 (for specified purposes), 254(4)(a) (for specified purposes), 254A(2A), 260, 261, 290, 293, 300, 311, 312, 317, 318 (for specified purposes), 320-324, 326-330, 330B, 338-355, 364, 365 (for specified purposes), 374-387, 387A91)(b)-(e), 388(1)(4)(a)(c)-(m), 389-391, 392 and 393 (for specified purposes), 393A, 394, 395-396A (for specified purposes), 401, 451-454, Sch. 13 Pt. 1, Sch. 15A, Sch. 23 (for specified purposes), 6.4.2008 for the revocation of art. 2 (for specified purposes), 10A-10C, 46A(2)(4)-(6), 46A93) (for specified purposes), 68, 91, 127, 128, 192(1)(b), 193-205, 229-242ZZA, 242ZA-259, 262-289, 291, 292, 294, 318, 360(6)(7), 388(4)(b), 392, 393, 395-396A, 397A-400A, 401A, 401B, 418-420A, 680-680B, Schs. 4-11, 15B, 23 (for specified purposes), 1.10.2008 for the revocation of arts. 161-163 and 165-168 (for specified purposes), 313, 325, 356, 357, 359, 675, Sch. 23 (for specified purposes) and 1.10.2009 in so far as not already in force) by Companies Act 2006 (c. 46), ss. 1284(2), 1300(2), Sch. 16; S.I. 2006/3428, art. 2(2)(h), 3(2)(e), 4(2), 7(a)(b)(c), Sch. 1 Pt. 2, Sch. 3 Pt. 2, Sch. 4 Pt. 2 (with arts. 6, 8(2), Sch. 1 paras. 7, 8, 15, Sch. 5 Pt. 2 (which transitional provisions in Sch. 1 are revoked (1.10.2009) by S.I. 2008/2860, arts. 1(2), 6(1)(a) (with arts. 5, 8, Sch. 2)); S.I. 2007/1093, art. 5, Sch. 2 Pt. 2 (with arts. 4, 11(1), Sch. 6 paras. 1, 5); S.I. 2007/2194, arts. 2(4), 8, Sch. 2 Pt. 2 (with arts. 7, 12(2), Sch. 3) (as amended: (30.9.2007) by S.I. 2007/2607, arts. 1, 4(2)(3); (31.12.2007) by S.I. 2007/3495, arts. 2(6)(a), 11, Sch. 5 para. 2(6); and (14.1.2008) by S.I. 2007/3495, arts. 2(6)(b), 11, Sch. 5 para. 2(2)(7) (as itself amended (6.4.2008) by S.I. 2008/674, arts. 2(3), 5, Sch. 3 para. 7)); S.I. 2007/3495, art. 5(2), 8(a)(b), Sch. 2 Pt. 2, Sch. 3 Pt. 2 (with arts. 7, 9, 12, Sch. 4) (as amended (6.4.2008) by S.I. 2008/674, arts. 2(3), 5, Sch. 3 para. 6); S.I. 2008/2860, art. 3(z), 4, Sch. 2 Pt. 2 (with arts. 7, 8, 63(5), Sch. 2 paras. 1, 114 (which transitional provisions in Sch. 2 are amended (1.10.2009) by S.I. 2009/2476, arts. 1(3), 2(3)(4) and by S.I. 2009/1802, arts. 1, 18, Sch.)) (as amended (1.10.2009) by S.I. 2009/1941, arts. 1(2), 13); and with further savings and transitional provisions (1.10.2009) in S.I. 2009/1801, reg. 1(2), Sch. 8 and S.I. 2009/1804, reg. 2(3), Schs. 1, 2