Paragraph 3 Currency

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

Sch.2, para.11 amended by Insurance Companies (Accounts and Statements) 1997 reg.6(1)
Sch.2, para.13(4) amended by Insurance Companies (Accounts and Statements) 1997 reg.6(2)
Sch.2, para.17(1)(b) amended by Insurance Companies (Accounts and Statements) 1997 reg.6(3)
Sch.2, para.19(1) rev.in pt. by Insurance Companies (Accounts and Statements) 1997 reg.7(2)
Sch.2, para.19(2) amended by Insurance Companies (Accounts and Statements) 1997 reg.7(3)
Sch.2, para.20 amended by Insurance Companies (Accounts and Statements) 1997 reg.8
Sch.2, para.24(3)(b) substituted by Insurance Companies (Accounts and Statements) 1997 reg.9
Sch.2, para.3(4)(b) amended by Insurance Companies 1998 reg.6(2)
Sch.2, para.3(6) added by Insurance Companies 1998 reg.6(3)
Sch.2, para.5(1)(a) amended by Insurance Companies 1998 reg.7

(1)

Notwithstanding the provisions of paragraph 2 above, amounts on Forms 26 to 29 submitted in accordance with regulation 11 above and on Forms 31, 32 and 34 submitted in accordance with regulation 13 above in respect of business carried on in any country other than the United Kingdom shall be shown in the currency of the country concerned, except that figures shall be shown in sterling in those columns and lines which the Forms indicate are always to contain figures expressed in sterling.

(2)

For every currency other than sterling in which amounts are shown on the Forms referred to in sub-paragraph (1) above an entry shall be made on Form 36 to show the rate used to convert those amounts to sterling for inclusion elsewhere in the returns.

(3)

Notwithstanding the provisions of paragraph 2 above, all amounts included in—

(a)

columns 1, 2, 3 and 11 of all Forms 23, 26 and 27;

(b)

columns 3 and 10 of any Form 31 or 32 prepared in respect of United Kindom or home foreign business,

(c)

columns 1 and 8 of any Form 34 prepared in respect of United Kingdom or home foreign business; or

shall be expressed in sterling as if conversion of every major currency had taken place at the closing middle rate on the last day for which the appropriate rate is available in the financial year in question.

(4)

For the purposes of sub-paragraph (3) above, a major currency is—

(a)

in the case of any business carried on in any overseas country, the currency of that country;

(b)

in the case of any other business, United States dollars, Canadian dollars and any other currency which the company elects to treat as a major currency.

(5)

A company need not apply sub-paragraph (3) above to amounts shown in any line of any of the Forms mentioned in that sub-paragraph representing an accident year or underwriting year ending before 23rd December 1996.