# The Insurance Companies Regulations 1994, Paragraph 1


In this Schedule—
“gross premiums”, in relation to an insurance company and a financial year—
(a) means premiums after deduction of discounts, refunds and rebates of premium but before deduction of premiums for reinsurance ceded and before deduction of commission payable by the company, and
(b) includes premiums receivable by the company under reinsurance contracts accepted by the company;
“receivable”, in relation to an insurance company, a financial year and a premium, means recorded in the company’s books as due to the company in respect of—
(a) a contract commencing in that year, or
(b) a contract not accounted for in an annual revenue account of the company prior to that year, even though the contract commenced in an earlier financial year,
whether or not the company has received the premium;
“recoverable”, in relation to an insurance company and a financial year, means recorded in the company’s books as due in that year, whether or not the company has received any payment.

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Source: https://www.legislation.gov.uk/uksi/1994/1516/schedule/3/paragraph/1 (the official version)
Page: https://openlegislation.uk/insurance-companies-regulations-1994/schedule-3/paragraph-1
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.