{
  "url": "https://openlegislation.uk/insurance-companies-regulations-1994/schedule-10/paragraph-15",
  "json_url": "https://openlegislation.uk/insurance-companies-regulations-1994/schedule-10/paragraph-15.json",
  "legislation": "uksi/1994/1516",
  "legislation_title": "The Insurance Companies Regulations 1994",
  "legislation_url": "https://openlegislation.uk/insurance-companies-regulations-1994",
  "path": "schedule/10/paragraph/15",
  "kind": "paragraph",
  "number": "15",
  "heading": null,
  "text": "(1) For the purposes of this Schedule, “permitted derivative contract” means a derivative contract to which sub-paragraph (2) below applies—\n(a) which is held for the purposes of reduction of investment risks or efficient portfolio management, and which—\n(i) is held in connection with property falling within paragraphs 1 to 8 or 10 above for such purposes; or\n(ii) has the equivalent effect to such a contract held in connection with such assets for such purposes;\n(b) in respect of which, having regard to its assets and liabilities, the insurer will have, so far as can reasonably be foreseen, and in the appropriate fund maintained by it, assets at the settlement date which match its obligations under that contract and from which it will fulfil those obligations; and\n(c) which—\n(i) is listed; or\n(ii) the insurer has entered into with an approved counterparty and which it reasonably believes may be readily closed out by entering into a further permitted derivative contract with an approved counterparty.\n(2) This sub-paragraph applies to—\n(a) a contract for differences under which the amount payable by either party is calculated by reference to fluctuations in the value of any property falling within paragraphs 1 to 10 of Part I above or in an approved index; or\n(b) a futures contract or option, in each case providing for the acquisition or disposal of property, all of which is property falling within paragraphs 1 to 10 of Part I above.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [
    {
      "type": "substituted",
      "affecting": "uksi/1996/942",
      "affecting_title": "The Insurance Companies (Amendment) Regulations 1996"
    },
    {
      "type": "amended",
      "affecting": "uksi/1996/942",
      "affecting_title": "The Insurance Companies (Amendment) Regulations 1996"
    },
    {
      "type": "added",
      "affecting": "uksi/1996/942",
      "affecting_title": "The Insurance Companies (Amendment) Regulations 1996"
    },
    {
      "type": "amended",
      "affecting": "uksi/1996/942",
      "affecting_title": "The Insurance Companies (Amendment) Regulations 1996"
    },
    {
      "type": "substituted",
      "affecting": "uksi/1994/3133",
      "affecting_title": "The Insurance Companies (Amendment No. 2) Regulations 1994"
    },
    {
      "type": "revoked",
      "affecting": "uksi/1994/3133",
      "affecting_title": "The Insurance Companies (Amendment No. 2) Regulations 1994"
    },
    {
      "type": "added",
      "affecting": "uksi/1994/3133",
      "affecting_title": "The Insurance Companies (Amendment No. 2) Regulations 1994"
    },
    {
      "type": "substituted",
      "affecting": "uksi/1994/3133",
      "affecting_title": "The Insurance Companies (Amendment No. 2) Regulations 1994"
    },
    {
      "type": "added",
      "affecting": "uksi/1994/3133",
      "affecting_title": "The Insurance Companies (Amendment No. 2) Regulations 1994"
    },
    {
      "type": "substituted",
      "affecting": "uksi/1995/3248",
      "affecting_title": "The Insurance Companies (Amendment) Regulations 1995"
    },
    {
      "type": "words substituted",
      "affecting": "uksi/2000/2952",
      "affecting_title": "The Banking Consolidation Directive (Consequential Amendments) Regulations 2000"
    },
    {
      "type": "extended",
      "affecting": "uksi/1996/943",
      "affecting_title": "The Insurance Companies (Accounts and Statements) Regulations 1996"
    }
  ],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1994/1516/schedule/10/paragraph/15",
    "retrieved_at": "2026-10-29T13:31:36.830993+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."
}