{
  "url": "https://openlegislation.uk/insurance-companies-accounts-and-statements-regulations-1996/schedule-4/paragraph-6",
  "json_url": "https://openlegislation.uk/insurance-companies-accounts-and-statements-regulations-1996/schedule-4/paragraph-6.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/6",
  "kind": "paragraph",
  "number": "6",
  "heading": null,
  "text": "(1) The general principles and methods adopted in the valuation, including specific reference to the following—\n(a) the method by which account has been taken of derivative contracts or contracts or assets having the effect of derivative contracts in the determination of the amount of the long term liabilities;\n(b) the method by which due regard has been given to the reasonable expectations of policyholders, as required by regulation 64 of the Insurance Companies Regulations, and by which account has been taken of the custom and practice of the company in the manner and timing of the distribution of profits or the grant of discretionary additions over the duration of each policy, as required by regulation 65(6) of the Insurance Companies Regulations;\n(c) where the net premium method has been used, whether and to what extent it has been modified, for what purposes any such modification has been made and whether any modifications on account of zillmerising conform to regulation 68 of the Insurance Companies Regulations;\n(d) whether any negative reserves arose and the steps taken to ensure that no contract of insurance was treated as an asset, as required by regulation 73 of the Insurance Companies Regulations;\n(e) whether any specific reserve has been made for future bonuses and, if so, at what rate or rates;\n(f) the basis of the provision made for any prospective liability to taxation on unrealised capital gains;\n(g) in the case of linked contracts and contracts falling within sub-paragraphs (a) and (b) of paragraph 4(1) above, the basis of the reserve made for any investment performance guarantees; and\n(h) the basis of the reserve made for any guarantees and options (other than investment performance guarantees included in sub-paragraph (g) above).\n(2) For the purposes of this paragraph where, in determining the provisions referred to in sub-paragraph (f) above or the reserves referred to in sub-paragraph (7) or (8) of paragraph 7 below, account has been taken of the fact that the fund has been brought into Form 58 at book value in accordance with regulation 45(6) of the Insurance Companies Regulations, that fact should be stated.",
  "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": "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/6",
    "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."
}