# The Insurance Contracts (Tax) (Change in Accounting Standards) Regulations 2022, Regulation 2: Interpretation


In these Regulations—
“basic life and general annuity business” (abbreviated to “BLAGAB”) has the same meaning as in section 57 of the Finance Act 2012;
“contract of insurance” has the same meaning as in section 64 of the Finance Act 2012;
“first IFRS 17 balance sheet” means the pre-IFRS 17 balance sheet of the company as restated in the first accounting period in which the accounts are prepared, in accordance with generally accepted accounting practice, based on IFRS 17;
“IFRS 17” means International Financial Reporting Standard 17 (insurance contracts) issued by the International Accounting Standards Board;
“foreign permanent establishments amount” has the same meaning as in section 18A of the Corporation Tax Act 2009;
“insurance business transfer scheme” has the same meaning as in section 139(1) of the Finance Act 2012;
“insurance company” has the same meaning as in section 65 of the Finance Act 2012;
“long-term business” has the same meaning as in section 63 of the Finance Act 2012;
“non-BLAGAB long-term business” has the same meaning as in section 66(5) of the Finance Act 2012;
“pre-IFRS 17 balance sheet” means the balance sheet of the company drawn up in accordance with generally accepted accounting practice as at the accounting date immediately before the first accounting period in which accounts are prepared based on IFRS 17;
“transitional amount” has the meaning given in regulation 3(6);
“transitional period” has the meaning given in regulation 6(1).

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Source: https://www.legislation.gov.uk/uksi/2022/1165/regulation/2 (the official version)
Page: https://openlegislation.uk/insurance-contracts-tax-change-in-accounting-standards-regulations-2022/regulation-2
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.