{
  "url": "https://openlegislation.uk/insurance-companies-accounts-and-statements-amendment-regulations-1994/regulation-9",
  "json_url": "https://openlegislation.uk/insurance-companies-accounts-and-statements-amendment-regulations-1994/regulation-9.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": "regulation/9",
  "kind": "regulation",
  "number": "9",
  "heading": "Derivative contracts",
  "text": "After regulation 22A of the 1983 Regulations insert—\n“Additional information on derivative contracts\n22B (1) Every company which is required to complete Form 13A pursuant to regulation 6(5A) above shall, in respect of each financial year, annex to the documents referred to in regulations 6, 7 and 8 above a statement comprising a summary of—\n(a) investment guidelines operated by the company during the relevant financial year for the use of derivative contracts;\n(b) the extent to which—\n(i) any of the amounts recorded in Form 13; and\n(ii) in the case of a company carrying on long term business, any of the amounts recorded in Form 45,\nwould be materially changed if assets which the company had agreed to acquire or dispose of under derivative contracts outstanding at the end of the relevant financial year (in the case of options, being only those options which it is prudent to assume will be exercised) had been so acquired and disposed of;\n(c) where a summary required by sub-paragraph (b) above would have been materially different if the requirement had applied to derivative contracts outstanding at any other time during the relevant financial year, the extent of that difference;\n(d) the maximum loss which would be incurred by the company (its “exposure”) in the event of failure by any one other person to fulfil its obligations under derivative contracts outstanding at the end of the relevant financial year, both under existing market conditions and in the event of other foreseeable market conditions, together with an assessment of whether such exposure would have been materially different at any other time during the relevant financial year; and\n(e) the circumstances surrounding the use of any instrument which—\n(i) is (wholly or in part) a derivative contract or a contract having equivalent effect; and\n(ii) does not fall within regulation 55(3) of, or (where appropriate) paragraph 15 of Schedule 10 to, the Insurance Companies Regulations.\n(2) For the purposes of this paragraph, any reference to “the relevant financial year” shall mean, in the case of a financial year of the company ending on or before 30th June 1995, the period from 1st July 1994 to the end of the relevant financial year only.”",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1994/1515/regulation/9",
    "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."
}