Regulation 9 Schedule 2 to the 1996 Regulations: general business: revenue account and additional information

In paragraph 24 of Schedule 2 to the 1996 Regulations (underwriting year accounting), for paragraph (b) of sub-paragraph (3) substitute—

“(b)

A year is “open” with respect to any business incepting during its period if the provision for outstanding claims in respect of that business is set using the non-annual method and if so set previously has not now been replaced in accordance with the requirements of paragraph 52(4) of the shareholder accounts rules, and “closed year” and “closing a year” shall be construed accordingly.”.