OpenLegislation

Paragraph 12 Projections

Original text. Later amendments are not shown.

For each of the first three financial years following authorisation—

(a)

a forecast balance sheet (on both optimistic and pessimistic bases);

(b)

a plan (on both optimistic and pessimistic bases) setting out detailed estimates of income and expenditure in respect of direct insurance business and reinsurance cessions; and

(c)

estimates relating to the financial resources intended to cover underwriting liabilities and the required margin of solvency.