{
  "url": "https://openlegislation.uk/insurance-companies-accounts-and-statements-amendment-regulations-1994/note",
  "json_url": "https://openlegislation.uk/insurance-companies-accounts-and-statements-amendment-regulations-1994/note.json",
  "legislation": "uksi/1994/1515",
  "legislation_title": "The Insurance Companies (Accounts and Statements) (Amendment) Regulations 1994",
  "legislation_url": "https://openlegislation.uk/insurance-companies-accounts-and-statements-amendment-regulations-1994",
  "path": "note",
  "kind": "note",
  "number": null,
  "heading": "Explanatory note",
  "text": "(This note is not part of the Regulations)\nThese Regulations, which come into force on 1st July 1994, amend the Insurance Companies (Accounts and Statements) Regulations 1983 (S.I. 1983/1811) (“the 1983 Regulations”), made under the Insurance Companies Act 1982 (“the Act”) and amended under the Act and section 2(2) of the European Communities Act 1972 (“the 1972 Act”). The 1983 Regulations prescribe the form and contents of the annual returns which insurance companies carrying on business in the United Kingdom are required to make to the Secretary of State.\nThe Act is to be amended, with effect from 1st July 1994, by the Insurance Companies (Third Insurance Directives) Regulations 1994 (S.I. 1994/1696) (“the Third Directives Regulations”) to implement Council Directives 92/49/EEC (O.J. No. L228, 11.8.92, p.1) and 92/96/EEC (O.J. No. L360, 9.12.92, p.1) (“the Third Directives”).\nThe primary purpose of these Regulations, made under powers contained in the Act and section 2(2) of the 1972 Act, is to implement the Third Directives to the extent that they affect the form and contents of the annual returns. In addition, the Regulations contain amendments which are consequent upon the consolidation of the Insurance Companies Regulations 1981 (S.I. 1981/1654) by the Insurance Companies Regulations 1994 (S.I. 1994/1516).\nThe principal changes made by these Regulations are:\nto exclude EC companies from the requirement to submit an annual return to the Secretary of State (regulation 2);\nto require additional information to be given in respect of derivative contracts, subordinated loan capital and cumulative preference share capital (regulations 4, 9, 13 and 15 to 17);\nto require information to be given in respect of shareholder controllers of the company (regulation 10);\nto require additional certificates to be given by the directors and the appointed actuary (regulation 18).\nRegulation 1 contains citation, commencement and interpretation provisions.\nRegulation 2 amends the application of the Regulations so that they do not apply to an EC company except where the Secretary of State has issued a direction pursuant to paragraph 7 of Part I of Schedule 2F to the Act.\nRegulations 2 to 8, 11, 12 and 14 to 18 take account of the effect of the European Economic Area Act 1993 on the 1983 Regulations, contain further interpretative provisions and make consequential amendments arising mainly in relation to the Third Directives Regulations and the Insurance Companies Regulations 1994.\nRegulations 4, 9, 13 and 15 to 17 provide for additional information to be given in relation to derivative contracts, subordinated loan capital and cumulative preference share capital; this includes an analysis of derivative contracts in new Form 13A set out in the Schedule, to be accompanied by a statement of additional information required by new regulation 22B, and amendments to existing forms. Regulation 17 additionally requires the abstract of the valuation report by the appointed actuary to describe the investment guidelines of the long term fund, including the use of derivative contracts and the method by which allowance has been made for derivative contracts in the determination of the long term liabilities.\nRegulation 10 provides for information to be given in relation to shareholder controllers; the information required is the name of any person who has been at any time during the year a shareholder controller of the company and, in the case of any person who is a shareholder controller at the end of each financial year, a statement of the percentage of shares that he holds and the percentage of the voting power that he is entitled to exercise.\nRegulation 18 requires additional certificates to be given by the directors of the company stating, by way of a list, any published guidance with which the company’s internal systems of control comply, and by the appointed actuary stating his opinion that premiums for contracts entered into during the financial year are sufficient to enable the company to meet its commitments in respect of those contracts.\nRegulation 19 contains transitional provisions.\nRegulation 20 provides for the case where another member State fails to implement (whether fully or substantially) the Third Directives before 1st July 1994. In that circumstance, a company whose head office is in a member State will be treated (pending such full or substantial implementation) as if its head office were in an EFTA State.\nA Compliance Cost Assessment is available, copies of which have been placed in the libraries of both Houses of Parliament. Copies are also available from the Insurance Division of the Department of Trade and Industry, Room 817, 10-18 Victoria Street, London SW1H 0NN. A similar assessment was provided with the draft Insurance Companies (Third Insurance Directives) Regulations 1994 laid before Parliament on 24th May 1994 for approval by resolution of each House.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1994/1515/note",
    "retrieved_at": "2026-10-29T13:31:37.476153+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}