# The Insurance Companies (Accounts and Statements) Regulations 1996, Regulation 8: Revenue account


The revenue account to be prepared by every company under section 17(1) of the Act—
(a) in the case of a company carrying on general business, shall comply with the requirements of Schedule 2 below and shall be in Form 20 so, however, that every such company shall prepare a separate account in Form 20 in respect of each accounting class and a summary account in that Form in respect of the whole of the general business carried on by it; and
(b) in the case of a company carrying on long term business, shall comply with the requirements of Schedule 3 below and shall be in Form 40 so, however, that—
(i) every such company shall prepare a separate account in Form 40 in respect of each long term business fund maintained by it; and
(ii) where there is more than one fund for ordinary long term insurance business or for industrial assurance business, the company shall also prepare a summary Form 40 for ordinary long term insurance business or for industrial assurance business, as the case may require.

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Source: https://www.legislation.gov.uk/uksi/1996/943/regulation/8 (the official version)
Page: https://openlegislation.uk/insurance-companies-accounts-and-statements-regulations-1996/regulation-8
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.