Regulation 9 Additional information on general business (accounting classes and discounting)
Every company which carries on general business shall, in accordance with the requirements of Schedule 2 below, prepare in respect of each accounting class—
Forms 21, 22 and 23 for business accounted for on an accident year basis; and
Forms 24 and 25 for business accounted for on an underwriting year basis.
For the purposes of paragraph (1) above, business shall be taken to be accounted for on an underwriting year basis where it relates to risks—
which have been reported previously under these Regulations on Forms 24 and 25;
in respect of which the claims outstanding for such business is set using the method described in paragraph 52 of the shareholder acounts rules; or
which have not previously been reported on any Form under these Regulations and which the company accounts for on an underwriting year basis,
and business not accounted for on an underwriting year basis shall be taken to be accounted for on an accident year basis.
Every company which, in respect of any financial year, includes in Form 22 or 25 amounts relating to adjustments for discounting shall prepare Form 30 in accordance with the requirements of Schedule 2 below.