# The Insurance Companies (Amendment) Regulations 1996, Regulation 12: Schedule 3


(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.”.

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Source: https://www.legislation.gov.uk/uksi/1996/942/regulation/12 (the official version)
Page: https://openlegislation.uk/insurance-companies-amendment-regulations-1996/regulation-12
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.