Regulation 12 Provisions supplementing regulations 9 and 10: determination of member’s share of provisionsI1
United Kingdom
For the purposes of regulations 9(3)(b) and 10(2), a member’s share of the amounts referred to in those regulations shall be determined by reference to the member’s proportionate entitlement to participate in the underwriting business of the syndicate.
For the purposes of regulations 9(3)(b)(iii) and 10(2)(c), in determining the amount referred to in those provisions, regulations 5 to 8 shall apply with the following modifications—
a reference to “the general insurer’s general business” shall be treated as a reference to the general business of the syndicate;
the reference in regulation 5(1) to “the general insurer’s accounts” shall be treated as a reference to the syndicate’s accounts;
references in regulations 5(3), 7(3) and 8(8) to “the general insurer” shall be treated as a reference to the syndicate;
regulation 6(1) shall be treated as omitted;
the reference in regulation 6(4) and (5) to the “general insurer’s company tax return” shall be treated as a reference to the syndicate return which relates to the period of account;
the reference in regulation 6(5) to “general insurer” shall be treated as a reference to the syndicate’s managing agent;
regulation 6(6) shall be treated as omitted;
the reference in regulation 7(2) to “the general insurer’s undiscounted best estimate” shall be treated as a reference to the best estimate of the syndicate’s managing agent;
regulation 8(3)(b) shall be treated as omitted; and
for regulation 8(9) there shall be treated as substituted—
“(9)A reference in this Part to the time at which technical provisions are adopted is a reference to the time at which the syndicate’s managing agent approves the syndicate’s profit or loss accounts for the period of account by signing them.”.