Regulation 20 Interpretation

(1)

In this Part—

“date of receipt”, in relation to any premium, means the date on which apart from the operation of the scheme the premium is received or taken to be received by the provisions of the Act
“initial period” means the first of the accounting periods which begin on or after the date specified in a notification made under regulation 21(1)
“premium written date”, in relation to any premium, means the date as at which the insurer makes an entry in his accounts showing the premium as due to him.

(2)

Any reference in this Part to the accounts of any person shall be construed as a reference to—

(a)

the books, accounts or other similar records which he maintains in whatever form for the purpose of enabling him to show the premiums receivable by him in the revenue account he is required to prepare by section 17(1) of the Insurance Companies Act 1982^f1; and “premiums receivable” has the same meaning as in regulation 3 of the Insurance Companies (Accounts and Statements) Regulations 1983^f2; or

(b)

where he is not required to prepare the revenue account referred to in sub-paragraph (a) above, any books, accounts or other records which would enable him to prepare one.

(3)

Any reference in this Part to a premium shall be construed as including a reference to anything that, although not actually received by or on behalf of an insurer, would be a premium if it were so received.

(4)

In deciding whether and (if it does) how the scheme applies to an accounting period of an insurer to whom the scheme has previously applied as regards one or more accounting periods ending before the beginning of the initial period specified in a notification he has made under regulation 21(1), the fact of such previous application of the scheme shall be ignored.

Annotations

Footnotes

f1: 1982 c. 50.
f2: S.I. 1983/1811; regulation 3 was amended by S.I. 1990/1181.