{
  "url": "https://openlegislation.uk/draft-large-and-medium-sized-companies-and-groups-accounts-and-reports-regulations-2008/schedule-3/paragraph-52",
  "json_url": "https://openlegislation.uk/draft-large-and-medium-sized-companies-and-groups-accounts-and-reports-regulations-2008/schedule-3/paragraph-52.json",
  "legislation": "ukdsi/2008/9780110806303",
  "legislation_title": "The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008",
  "legislation_url": "https://openlegislation.uk/draft-large-and-medium-sized-companies-and-groups-accounts-and-reports-regulations-2008",
  "path": "schedule/3/paragraph/52",
  "kind": "paragraph",
  "number": "52",
  "heading": "Long-term business provision",
  "text": "(1) The long-term business provision must in principle be computed separately for each long-term contract, save that statistical or mathematical methods may be used where they may be expected to give approximately the same results as individual calculations.\n(2) A summary of the principal assumptions in making the provision under sub-paragraph (1) must be given in the notes to the accounts.\n(3) The computation must be made annually by a Fellow of the Institute or Faculty of Actuaries on the basis of recognised actuarial methods, with due regard to the actuarial principles laid down in Directive 2002/83/EC of the European Parliament and of the Council of 5th November 2002 concerning life assurance.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "O.J. L345 of 19th December 2002, p.1."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukdsi/2008/9780110806303/schedule/3/paragraph/52",
    "retrieved_at": "2026-10-30T15:17:10.246861+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}