# The Insurance Companies Regulations 1994, Paragraph 2


If a company has not been in existence long enough to acquire a reference period, this Schedule shall be deemed to give a lower result than that given by Schedule 3 and shall otherwise not apply to the company.

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Source: https://www.legislation.gov.uk/uksi/1994/1516/schedule/4/paragraph/2 (the official version)
Page: https://openlegislation.uk/insurance-companies-regulations-1994/schedule-4/paragraph-2
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.