Paragraph 27 Particulars of businessI1

United Kingdom

(1)

As regards long term business, the society must disclose:

(a)

gross premiums written; and

(b)

the reinsurance balance.

(2)

Subject to sub-paragraph (3) below:

(a)

gross premiums written must be broken down between those written by way of direct insurance and those written by ways of reinsurance; and

(b)

gross premiums written by way of direct insurance must be broken down:

(i)

between individual premiums and premiums under group contracts;

(ii)

between periodic premiums and single premiums; and

(iii)

between premiums from non-participating contracts, premiums from participating contracts and premiums from contracts where the investment risk is borne by members or policy holders.

(3)

Disclosure of any amount referred to in sub-paragraph (2)(a) or (2)(b)(i), (ii) or (iii) above must not be required if it does not exceed 10 per cent. of the gross premiums written or (as the case may be) of the gross premiums written by way of direct insurance.

Annotations

Commencement

I1: Sch. 4 para. 27 in force at 1.9.1994, see reg. 1