{
  "url": "https://openlegislation.uk/insurance-companies-accounts-and-statements-regulations-1996/schedule-2/paragraph-27",
  "json_url": "https://openlegislation.uk/insurance-companies-accounts-and-statements-regulations-1996/schedule-2/paragraph-27.json",
  "legislation": "uksi/1996/943",
  "legislation_title": "The Insurance Companies (Accounts and Statements) Regulations 1996",
  "legislation_url": "https://openlegislation.uk/insurance-companies-accounts-and-statements-regulations-1996",
  "path": "schedule/2/paragraph/27",
  "kind": "paragraph",
  "number": "27",
  "heading": "Discounting",
  "text": "(1) Sheet 2 of Form 30 need only be completed if the provision for claims outstanding being discounted (before deduction for discounting) exceeds 25 per cent. of the total provision for claims outstanding (before deduction for discounting).\n(2) Where in accordance with sub-paragraph (1) above no Sheet 2 is prepared—\n(a) lines 21 and 29 of Sheet 1 need not be completed; and\n(b) lines 11 to 20 need only be completed in respect of those currencies for which the provision for claims outstanding being discounted (before deduction for discounting) exceeds 25 per cent. of the total provision for that currency for claims outstanding (before deduction for discounting).\n(3) For the purposes of Form 30 a major currency is a currency in respect of which the provision for claims outstanding (before deduction for discounting) is not less than 10 per cent. of the total provision for claims outstanding (before deduction for discounting).\n(4) In Form 30 the value of an asset or liability which would be treated as an asset or liability in a particular currency for the purposes of regulation 27 of the Insurance Companies Regulations (disregarding regulation 32(1)) shall be shown in that currency.\n(5) The following shall be stated by way of supplementary note to Form 30—\n(a) the risk groups and business categories where adjustments for discounting have been made; and\n(b) in respect of each such risk group or business category—\n(i) the methods used in calculating the deduction for discounting;\n(ii) the rate of interest used for the calculation of present values;\n(iii) the expected average interval between the date for settlement of claims being discounted and the end of the financial year in question; and\n(iv) the criteria adopted for estimating the period that will elapse before claims are settled.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [
    {
      "type": "amended",
      "affecting": "uksi/1997/2911",
      "affecting_title": "The Insurance Companies (Accounts and Statements) (Amendment) Regulations 1997"
    },
    {
      "type": "amended",
      "affecting": "uksi/1997/2911",
      "affecting_title": "The Insurance Companies (Accounts and Statements) (Amendment) Regulations 1997"
    },
    {
      "type": "amended",
      "affecting": "uksi/1997/2911",
      "affecting_title": "The Insurance Companies (Accounts and Statements) (Amendment) Regulations 1997"
    },
    {
      "type": "rev.in pt.",
      "affecting": "uksi/1997/2911",
      "affecting_title": "The Insurance Companies (Accounts and Statements) (Amendment) Regulations 1997"
    },
    {
      "type": "amended",
      "affecting": "uksi/1997/2911",
      "affecting_title": "The Insurance Companies (Accounts and Statements) (Amendment) Regulations 1997"
    },
    {
      "type": "amended",
      "affecting": "uksi/1997/2911",
      "affecting_title": "The Insurance Companies (Accounts and Statements) (Amendment) Regulations 1997"
    },
    {
      "type": "substituted",
      "affecting": "uksi/1997/2911",
      "affecting_title": "The Insurance Companies (Accounts and Statements) (Amendment) Regulations 1997"
    },
    {
      "type": "amended",
      "affecting": "uksi/1998/2996",
      "affecting_title": "The Insurance Companies (Amendment) Regulations 1998"
    },
    {
      "type": "added",
      "affecting": "uksi/1998/2996",
      "affecting_title": "The Insurance Companies (Amendment) Regulations 1998"
    },
    {
      "type": "amended",
      "affecting": "uksi/1998/2996",
      "affecting_title": "The Insurance Companies (Amendment) Regulations 1998"
    }
  ],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1996/943/schedule/2/paragraph/27",
    "retrieved_at": "2026-10-29T12:46:26.922464+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."
}