# The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Paragraph 52: Long-term business provision


(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.
(2) A summary of the principal assumptions in making the provision under sub-paragraph (1) must be given in the notes to the accounts.
(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.

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Source: https://www.legislation.gov.uk/ukdsi/2008/9780110806303/schedule/3/paragraph/52 (the official version)
Page: https://openlegislation.uk/draft-large-and-medium-sized-companies-and-groups-accounts-and-reports-regulations-2008/schedule-3/paragraph-52
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.