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Regulation 12 Schedule 3

Original text. Later amendments are not shown.

(1)

Paragraph 1 of Schedule 3 to the 1994 Regulations (general business solvency margin first method of calculation) shall be amended as follows.

(2)

After the definition of “gross premiums” insert—

  • ““incepted” refers to the time when the liability to risk of a company under a contract of insurance commenced and, for this purpose, a contract providing continuous cover shall be deemed to commence on each anniversary date of the contract;.”

(3)

For the definition of “receivable” substitute—

  • ““receivable” in relation to an insurance company, a financial year and a premium means due to the company in respect of contracts of insurance incepted during that financial year, whether or not the premium is received during that financial year.”.