# The Insurance Companies (Accounts and Statements) (Amendment) Regulations 1994, Regulation 18: Certificate by directors etc.


(1) In paragraph 1 of Schedule 6 to the 1983 Regulations (certificate by directors etc.)—
(a) in sub-paragraph (a)(i), for the words “accounts and records” substitute the words “accounting records”; and
(b) in sub-paragraph (d)—
(i) for the words “Regulation 27” substitute the words “regulation 32”; and
(ii) for the words “Regulations 25 and 26” substitute the words “regulations 27 and 31”.
(2) In paragraph 4 of that Schedule—
(a) in sub-paragraph (a)(ii), for the words “Regulation 10(4)” substitute the words “regulation 23(5)”;
(b) for sub-paragraph (b) substitute—
“(b) in the case of—
(i) an EFTA company and of an EEA deposit company, that the value of the admissible assets of the long term business or of the general business carried on by the company through a branch in the United Kingdom was maintained at not less than the amount of the liabilities of that business; and
(ii) a Swiss general insurance company, that the value of the admissible assets of the general business carried on by the company through a branch in the United Kingdom was maintained at not less than the amount of the liabilities of that business;”;
(c) in sub-paragraph (c)(i), for the words “an agency or branch” substitute the words “a branch”;
(d) in sub-paragraph (c)(i)(bb), for the words “Regulation 10(4)” substitute the words “regulation 23(5)”;
(e) in sub-paragraph (c)(ii), for the words “member States” substitute the words “EEA States”;
(f) in sub-paragraph (c)(iii), for the words “Regulation 14” substitute the words “regulation 7”;
(g) in sub-paragraph (d)(i), for the words “agencies and branches in the member States” substitute the words “branches in the EEA States”;
(h) in sub-paragraph (d)(i)(aa), for the words “required Community minimum margin” substitute the words “required EEA minimum margin”;
(i) in sub-paragraph (d)(i)(bb), for the words “Regulation 10(4)” substitute the words “regulation 23(5)”;
(j) in sub-paragraph (d)(ii)—
(i) for the words “required Community minimum margin” substitute the words “required EEA minimum margin”; and
(ii) for the words “member States”, in each place where they occur, substitute the words “EEA States”;
(k) in sub-paragraph (d)(iii), for the words “Regulation 14” substitute the words “regulation 7”.
(3) After paragraph 6 of that Schedule insert—
“6A Subject to paragraph 8 below, the certificate required by regulation 26(a) shall also state, by way of a list, any published guidance with which the systems of control established and maintained by the company in respect of its business comply, or in accordance with which the return has been prepared.”
(4) In paragraph 7 of that Schedule—
(a) for the words “a Community company”, substitute the words “an EFTA company or a Swiss general insurance company”; and
(b) for the words “an agency or branch” substitute the words “a branch”.
(5) In paragraph 9 of that Schedule—
(a) in sub-paragraph (a)(iii)—
(i) for the words “Part VI” substitute the words “Part IX”; and
(ii) for the words “Part V” substitute the words “Part VIII”; and
(b) at the end of sub-paragraph (a)(iv) insert—
“(v) that, in his opinion, premiums for contracts entered into during the financial year and the income earned thereon are sufficient, on reasonable actuarial assumptions, and taking into account the other financial resources of the company that are available for the purpose, to enable the company to meet its commitments in respect of those contracts and, in particular, to establish adequate mathematical reserves; and”; and
(c) in sub-paragraph (b), for the words “required Community minimum margin” substitute the words “required EEA minimum margin”.
(6) In paragraph 11 of that Schedule—
(a) at the beginning of sub-paragraph (b)(ii), insert the words “subject to paragraph 12 below,”;
(b) in sub-paragraph (c)(i), for the words “required Community minimum margin” substitute the words “required EEA minimum margin”; and
(c) in sub-paragraph (c)(ii), for the words “Regulation 10(4)” substitute the words “regulation 23(5)”.
(7) After paragraph 11 of that Schedule insert—
“12 To the extent that the information and explanations they have received do not allow the auditors to express an opinion on whether it was reasonable for the persons giving the certificate required to be signed in accordance with regulation 26(a) above to have made the statement required by paragraph 6A above, the auditors shall add to their report such qualification, amplification or explanation as may be appropriate.”

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Source: https://www.legislation.gov.uk/uksi/1994/1515/regulation/18 (the official version)
Page: https://openlegislation.uk/insurance-companies-accounts-and-statements-amendment-regulations-1994/regulation-18
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.