Paragraph 5

In Schedule 3 to the Insurance Companies Regulations 1994, for the definition of “gross premiums” in paragraph 1 there shall be substituted the following definition—

• ““gross premiums”—

  1. (a)

     means premiums (including premiums under contracts of reinsurance accepted) after deductions of discounts, refunds and rebates and after deduction of commission payable but before deduction of premiums for reinsurance ceded; but

  2. (b)

     excludes amounts receivable under contracts of reinsurance to close accepted.”