Paragraph 35 Elimination of group transactions

For sub-paragraph (4) of paragraph 6 substitute—

“(4)

Sub-paragraphs (1) and (2) need not be complied with—

(a)

where a transaction has been concluded according to normal market conditions and a policyholder has rights in respect of the transaction, or

(b)

if the amounts concerned are not material for the purpose of giving a true and fair view.

(5)

Where advantage is taken of sub-paragraph (4)(a) that fact must be disclosed in the notes to the accounts, and where the transaction in question has a material effect on the assets, liabilities, financial position and profit or loss of all the undertakings included in the consolidation that fact must also be so disclosed.”.