Paragraph 6 Accounting classes

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)

Direct insurance and facultative reinsurance business shall be included in the return in accordance with the accounting classes, save that—

(a)

where a company only undertakes business in accounting class 4 in respect of risks relating to hovercraft, it may include such business in accounting class 3 if it also undertakes business in that class;

(b)

a company may include in accounting class 5 business covering liability for loss of, or damage to, goods in transit which would otherwise be included in accounting class 2, provided that the policy does not cover damage to vehicles except as a related and subsidiary provision within the meaning of section 1(2) and (4) of the Act; and

(c)

a company may include in accounting class 1 business falling within general business class 1(p).

(2)

Non-proportional treaty reinsurance business shall be included in accounting class 9 and proportional treaty reinsurance shall be included in accounting class 10 save that—

(a)

a company may include in accounting class 11 treaty business falling within general business classes 1(p), 5, 6, 7, 11 and 12; and

(b)

a company shall include in accounting class 9 proportional retrocessions of non-pro portional treaty reinsurance business.