{
  "url": "https://openlegislation.uk/insurance-companies-amendment-regulations-1996/regulation-8",
  "json_url": "https://openlegislation.uk/insurance-companies-amendment-regulations-1996/regulation-8.json",
  "legislation": "uksi/1996/942",
  "legislation_title": "The Insurance Companies (Amendment) Regulations 1996",
  "legislation_url": "https://openlegislation.uk/insurance-companies-amendment-regulations-1996",
  "path": "regulation/8",
  "kind": "regulation",
  "number": "8",
  "heading": "Derivative contracts",
  "text": "For paragraph (1) of regulation 55 (derivative contracts), substitute—\n“(1) The value of rights (other than rights to recover assets transferred by way of initial margin) under a derivative contract to which this regulation applies shall be—\n(a) in the case of a listed derivative contract, the market value; and\n(b) in the case of an unlisted derivative contract, the amount which would reasonably be paid by way of consideration for closing out that contract\nin either case taking into account the market value of any assets which, at the relevant date, have been transferred by way of variation margin.”.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "Regulation 55 was substituted by S.I. 1995/3248, reg.10."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1996/942/regulation/8",
    "retrieved_at": "2026-10-29T12:46:27.554569+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."
}