# The Insurance Companies Regulations 1994, Paragraph 14


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.

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Source: https://www.legislation.gov.uk/uksi/1994/1516/schedule/10/paragraph/14 (the official version)
Page: https://openlegislation.uk/insurance-companies-regulations-1994/schedule-10/paragraph-14
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.