Paragraph 14

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

Sch.10, paras.1,2 substituted by Insurance Companies 1996 reg.13(2)(3)
Sch.10, para.15(1)(b) amended by Insurance Companies 1996 reg.13(4)
Sch.10, para.15A added by Insurance Companies 1996 reg.13(5)
Sch.10, para.16(a)(b) amended by Insurance Companies 1996 reg.13(6)(7)
Sch.10, para 5(b) substituted by Insurance Companies 1994 reg.15(2)
Sch.10, para 5(c) revoked by Insurance Companies 1994 reg.15(2)
Sch.10, para 14(a)(v) added by Insurance Companies 1994 reg.15(3)
Sch.10, para 14(b) substituted by Insurance Companies 1994 reg.15(4)
Sch.10, para 16(c)(d) added by Insurance Companies 1994 reg.15(6)
Sch.10 substituted by Insurance Companies 1995 reg.19, Sch.1
Sch. 10 para. 14(b) words substituted by Banking Consolidation Directive 2000 reg. 12(4)(e)
Sch. 10 para. 15 extended by Insurance Companies (Accounts and Statements) 1996 reg. 23(2)

For the purposes of this Schedule, “approved index” means either—

(a)

an index which is—

(i)

calculated independently;

(ii)

published at least once every week;

(iii)

based on constituents, each of which is property falling within paragraphs 1 to 8 or 10 above; and

(iv)

calculated on a basis which is made available to the public and which includes both the rules for including and excluding constituents and the rules for valuation which must use an arithmetic average of the value of the constituents; or

(b)

an index in respect of which a derivative contract is listed.