Regulation 3 Consequential amendment of the 1996 Regulations

In Schedule 4 to the Insurance Companies (Accounts and Statements) Regulations 1996 (abstract of valuation report prepared by the appointed actuary), under the heading “Instructions for completion of Forms 51, 52, 53 and 54”, the following paragraph shall be added after paragraph 14:

“14A

Where a net premium method of valuation is not used for contracts reported on Form 51 then, notwithstanding paragraph 14—

(a)

columns 7 and 8 shall be left blank;

(b)

if the method used does not separately identify suitable values to be entered in columns 9 and 10, the total mathematical reserve shall be entered in columns 9 and 12, and columns 10 and 11 shall be left blank; and

(c)

if the method used does separately identify suitable values to be entered in columns 9 and 10, then the entry in column 11 shall be the amount entered in column 10 less the amount reserved for future expenses, so that the amount in column 12 equals the amount in column 9 less the amount in column 11.”.