{
  "url": "https://openlegislation.uk/insurance-companies-accounts-and-statements-regulations-1996/schedule-4/paragraph-5",
  "json_url": "https://openlegislation.uk/insurance-companies-accounts-and-statements-regulations-1996/schedule-4/paragraph-5.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/4/paragraph/5",
  "kind": "paragraph",
  "number": "5",
  "heading": null,
  "text": "(1) Subject to sub-paragraph (3) below, for each category of linked contract—\n(a) the name given to that category;\n(b) the type of contract, classified according to the categories set out in instructions 3 to 8 of the instructions for completion of Forms 51, 52, 53 and 54;\n(c) a statement of the frequency of premiums;\n(d) a brief description of the benefits under the contract, including any eligibility to participate in profits, any guarantees and any material options;\n(e) details of any guaranteed investment returns;\n(f) a description of the way in which the company recovers out of policies its costs (including acquisition expenses and commission, renewal expenses and commission and the costs attributable to the provision of policy benefits). Where the policy provides for the allocation of units, the annual rate of any management charges shall be given. Where the amount of premiums deemed to be invested after allowing for the effect of any charges is greater than the amount of the premiums, an explanation shall be given;\n(g) details of any restrictions on increases in charges;\n(h) the method used to calculate surrender or transfer values;\n(i) whether benefits are (or may be) determined (whether wholly or in part) by reference to the value of an internal linked fund, or to the value of assets or an index. Where the link is to the value of assets or an index, those assets or that index shall be specified and details of the relationship between their value and benefits payable to policyholders shall be given;\n(j) a brief description of any other features of the contract not disclosed above which are material to the method and basis of valuation;\n(k) whether the contract was open to new business in the year to the valuation date; and\n(l) any increases in the rates of charges applied generally to contracts during the report period, including charges for the provision of policy benefits met by the cancellation of units notionally allocated to contracts.\n(N.B. Where the terms and conditions and the method and basis for determining the amount of the long term liabilities are not materially different for a number of categories of contract, only one description need be given pursuant to this sub-paragraph, provided that the name of each such category is given in the company’s response to sub-paragraph (a) above).\n(2) For each category of linked contract which contains a with-profits option, the information required by paragraph 4(1)(a) above shall also be given.\n(3) Information required under sub-paragraphs (1)(a) to (k) and (2) above need not be provided for any category of contract—\n(a) where no contracts were effected by the company during the report period; and\n(b) which has been included under the miscellaneous heading in Form 53 or 54.\n(4) A description of the method, or if there is more than one method of the methods and the types of unit to which each applies, used for the creation and cancellation of units in internal linked funds and determining unit prices for the allocation of units to, and the cancellation of units from, policies.\n(5) A description of the method, or if there is more than one method of the methods and the types of unit to which each applies, used to determine the provision for tax on realised and unrealised capital gains and the percentage or percentages of these gains deducted or provided for during the report period.\n(6) Wherever units of the type referred to in paragraph 5 of Part I of Schedule 10 to the Insurance Companies Regulations are held by an internal linked fund, or where property linked benefits are linked to such units, the rate of discount, commission or other allowance made to the insurance company on the purchase, sale or holding of units and the extent to which the policy holder benefits from such discount, commission or other allowance.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "S.I. 1994/1516."
    }
  ],
  "outstanding_effects": [
    {
      "type": "amended",
      "affecting": "uksi/1997/2911",
      "affecting_title": "The Insurance Companies (Accounts and Statements) (Amendment) Regulations 1997"
    },
    {
      "type": "renumbered (as para.15(1))",
      "affecting": "uksi/1997/2911",
      "affecting_title": "The Insurance Companies (Accounts and Statements) (Amendment) Regulations 1997"
    },
    {
      "type": "added",
      "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": "renumbered (as para.20(1))",
      "affecting": "uksi/1997/2911",
      "affecting_title": "The Insurance Companies (Accounts and Statements) (Amendment) Regulations 1997"
    },
    {
      "type": "added",
      "affecting": "uksi/1997/2911",
      "affecting_title": "The Insurance Companies (Accounts and Statements) (Amendment) Regulations 1997"
    },
    {
      "type": "added",
      "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": "amended",
      "affecting": "uksi/1998/2996",
      "affecting_title": "The Insurance Companies (Amendment) Regulations 1998"
    },
    {
      "type": "amended",
      "affecting": "uksi/2000/1231",
      "affecting_title": "The Insurance Companies (Amendment) Regulations 2000"
    }
  ],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1996/943/schedule/4/paragraph/5",
    "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."
}