Regulation 16 Long term business: revenue account and additional information

(1)

In Schedule 3 to the 1983 Regulations (long term business: revenue account and additional information), in Form 45—

(a)

in Instruction 2—

(i)

for the words “Regulation 59(5) of the Insurance Companies Regulations 1981” substitute the words “regulation 69(5) of the Insurance Companies Regulations 1994”; and

(ii)

for the words “Regulation 59(6)” substitute the words “regulation 69(7)”; and

(b)

after Instruction 5 insert—

“6

Where the yield in column 3 for a type of asset shown in line 4, 5, 6, 8, 9, 10 or 11 above (assumed to be zero for assets in line 11) is significantly different from the weighted average of the yields for each asset of that type determined in accordance with regulation 69(6) of the Insurance Companies Regulations 1994, then the latter yield figure shall be shown in a note to this Form. For this purpose, the weighted average of the yields means an average yield weighted by the value of each asset of that type as entered in column 1.”

(2)

In Instruction 1 in Form 46 in that Schedule—

(a)

for the words “Regulation 59(3) and (4) of the Insurance Companies Regulations 1981” substitute the words “regulation 69(3) and (4) of the Insurance Companies Regulations 1994”; and

(b)

for the words “Regulation 59(6)” substitute the words “regulation 69(7)”.

(3)

In Form 49 in that Schedule, after Instruction 2 insert—

“3

The value of rights under derivative contracts (shown separately for asset and liability positions) held by each internal linked fund shall be stated in a note.”