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Regulation 6 Amendments to the 1983 Regulations

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

The 1983 Regulations shall be amended as follows–

(a)

in paragraph (1) of regulation 3,

(i)

after the definition of “contract of insurance” there shall be inserted the following definition–

  • ““credit insurance business” has the meaning given in the Insurance Companies (Credit Insurance) Regulations 1990;”;

(ii)

after the definition of “direct and facultative” there shall be inserted the following definition–

  • ““equalisation reserve” has the meaning given in the Insurance Companies (Credit Insurance) Regulations 1990;”;

(iii)

in paragraph (b) of the definition of “premiums receivable”, for the words “in any other case, the premiums recorded” there shall be substituted the words “except as provided for in paragraph (c) below, in any other case the premiums recorded”;

(iv)

after paragraph (b) of the definition of “premiums receivable” there shall be inserted the following paragraph–

“(c)

for the purposes of preparing Form 29A or 29B as required by regulation 22A, the premiums recorded in the company’s books in respect of a financial year as due to it in respect of contracts relating to credit insurance business commencing in that year or commencing in earlier financial years but not accounted for in the company’s revenue account prior to that financial year, whether or not received by the company during that financial year, after deducting discounts, refunds and rebates of premiums as re corded in respect of the same period and after deducting premiums for reinsurance ceded in respect of that period; and for the purpose of determining whether a premium is due no account shall be taken of any credit arrangements made in respect thereof;”;

(b)

after regulation 22 there shall be inserted the following:–

“Additional information on direct credit insurance business accepted

22A

Without prejudice to regulation 9 above, every company which carries on credit insurance business shall, in accordance with the requirements of Schedule 2 below, prepare Form 29A or, where it elects to account for any business on a three-year basis, 29B, in respect of each financial year commencing on or after 1 July 1990 and where a financial year commenced before and ends after 1 July 1990 in respect of that part of the financial year falling after that date.”;

(c)

in Schedule 1, for Form 15 there shall be substituted the Form 15 set out in Schedule 2 to these Regulations;

(d)

in Schedule 2:–

(i)

in the rubric after “22” there shall be inserted “,22A”;

(ii)

after Form 29 there shall be inserted Forms 29A and 29B as set out in Schedule 3 to these Regulations.