OpenLegislation

Regulation 15 Balance sheet and profit and loss account

Original text. Later amendments are not shown.

(1)

For paragraph 3(2) of Schedule 1 to the 1983 Regulations (balance sheet and profit and loss account) substitute—

“(2)

Boxes marked “Global/UK/CM” or “Global/UK” shall be completed by inserting—

(a)

“UK” in the case of a Form which is—

(i)

prepared by an EFTA company or an EEA deposit company in respect of long term or general business carried on through a branch in the United Kingdom; or

(ii)

prepared by an external company (other than a pure reinsurer) in respect of long term or general business carried on through a branch in the United Kingdom; or

(iii)

prepared by a Swiss general insurance company in respect of general business carried on through a branch in the United Kingdom; or

(b)

“CM” in the case of a Form which is prepared by a United Kingdom deposit company in respect of long term or general business carried on through branches in the EEA States concerned; or

(c)

“GL” in any other case.”

(2)

In paragraph 8(5) of that Schedule, for the words “Part III of Schedule 8” substitute the words “Part II of Schedule 12”.

(3)

In Form 9 in that Schedule, for the words “regulation 10(4) of the Insurance Companies Regulations 1981”, in both places where they occur, substitute the words “regulation 23(5) of the Insurance Companies Regulations 1994”.

(4)

In Form 10 in that Schedule—

(a)

for the words “Regulation 10 of the Insurance Companies Regulations 1981” substitute the words “regulation 23 of the Insurance Companies Regulations 1994”; and

(b)

at the end insert—

“Instruction

  • The entry at line 54 shall include—

    1. (a)

      cumulative preference share capital, to the extent that liabilities in respect of such capital are left out of account in accordance with regulation 23(3) of the Insurance Companies Regulations 1994; and

    2. (b)

      subordinated loan capital where, and to the extent that, the Secretary of State has, in accordance with section 68 of the Act (power to modify Part II in relation to particular companies), directed that the company may count such capital towards its required minimum margin,

    and the amounts so included shall be stated in a note.”

(5)

In Form 13 in that Schedule—

(a)

in line 23, for the entry “Holdings in authorised unit trust schemes” substitute the entry “Holdings in authorised unit trust schemes and recognised schemes within the meaning of the Financial Services Act 1986f1”,

(b)

in line 35, for the entry “Share options and debenture options” substitute the entry “Rights under derivative contracts”;

(c)

in lines 43 and 44, for the entry “Deposit and current accounts with approved financial institutions, and deposits with local authorities and Building Societies” substitute the entry “Deposits and current accounts with approved credit institutions and approved financial institutions, and deposits with local authorities”;

(d)

in line 87, insert the entry “Deduction for inadmissible assets”;

(e)

in Instruction 3, for the words “member States”, in each place where they occur, substitute the words “EEA States”;

(f)

in Instruction 5, for the words “Regulation 47 of the Insurance Companies Regulations 1981” substitute the words “regulations 49(2) and 54 of the Insurance Companies Regulations 1994”; and

(g)

after Instruction 5 insert—

“6

In line 87, “deduction for inadmissible assets” means the value of assets left out of account pursuant to regulation 57(2)(b) of the Insurance Companies Regulations 1994.

7

Assets consisting of rights under a stock lending transaction shall be shown in the line appropriate to the security to which title has been transferred under the relevant agreement and not as a debt. In this Instruction, “stock lending transaction” has the same meaning as in regulation 44(1) of the Insurance Companies Regulations 1994.”

(6)

After Form 13 in that Schedule insert Form 13A as set out in the Schedule to these Regulations.

(7)

In Form 14 in that Schedule, for the words “Part V of the Insurance Companies Regulations 1981” substitute the words “Part VIII of the Insurance Companies Regulations 1994”.

(8)

In Form 15 in that Schedule, at the end insert—

“Instructions

1

The entry at line 43 shall exclude subordinated loan capital where, and to the extent that, the Secretary of State has, in accordance with section 68 of the Insurance Companies Act 1982, directed that the company may count such capital towards its required minimum margin.

2

The entry at line 46 shall exclude cumulative preference share dividends accrued to the extent that liabilities in respect of such dividends are left out of account in accordance with regulation 23(3) of the Insurance Companies Regulations 1994 and the amount so excluded shall be stated in a note.”

Annotations

Footnotes

f1

1986 c. 60.